This Bill Would Finally Let You Make Cryptocurrency Purchases Without Paying Capital Gains Taxes

This Bill Would Finally Let You Make Cryptocurrency Purchases Without Paying Capital Gains Taxes

7 years ago
Anonymous $wKBR2uNMvM

https://motherboard.vice.com/en_us/article/mbb8jv/lawmakers-introduce-bill-that-will-let-you-buy-coffee-with-bitcoin-without-paying-capital-gains-taxes

Despite its sky-high value, there are many barriers to using Bitcoin for normal things like buying a coffee or groceries. Some of these obstacles are technical, and some social, but a big one has always been the question of taxes.

Right now, every single Bitcoin transaction in the US, no matter how small, must be recorded and later reported to the government in order to pay a capital gains tax. This tax is normally incurred when selling property, stocks, or precious metals—not domestic currency.