The House Ways and Means Committee will consider legislation Wednesday that would exempt some crypto transaction fees from capital-gains calculations and apply new federal tax rules to stablecoins, staking, mining and digital ***** et trading.
Committee Chairman Jason Smith, R-Mo., introduced the 114-page Digital ***** et Tax Certainty Act, or H.R. 10357. The committee has scheduled its markup for 10 a.m. Eastern on Sept. 16.
During a markup, committee members debate a bill, propose amendments, and decide whether to advance it to the full House.
The legislation would create a "de minimis" exemption for qualifying network or transaction fees of $10 or less. De minimis refers to an amount considered too small to require standard tax treatment.
Paying a blockchain fee with crypto can create a taxable event because the IRS treats digital ***** ets as property. The exemption would allow taxpayers to disregard gains or losses on eligible fees.
#committee #digital #asset
Committee Chairman Jason Smith, R-Mo., introduced the 114-page Digital ***** et Tax Certainty Act, or H.R. 10357. The committee has scheduled its markup for 10 a.m. Eastern on Sept. 16.
During a markup, committee members debate a bill, propose amendments, and decide whether to advance it to the full House.
The legislation would create a "de minimis" exemption for qualifying network or transaction fees of $10 or less. De minimis refers to an amount considered too small to require standard tax treatment.
Paying a blockchain fee with crypto can create a taxable event because the IRS treats digital ***** ets as property. The exemption would allow taxpayers to disregard gains or losses on eligible fees.
#committee #digital #asset
2 months ago
