A bipartisan measure (H.R. 5635) would create a de minimis exemption for low value cryptocurrency transactions, such as those used to buy nominal everyday items (e.g., a cup of coffee). In effect, the measure would treat cryptocurrency as foreign currency, meaning gross income would not include the disposition of virtual currency in a personal transaction (not exceeding $200) by reason of changes in currency rates.
New blog post today! Valentine’s Day in the Workplace: Do’s and Don’ts
Reminder: The Supplements for both tax books are available now – see my blog.