From Yahoo Finance · · 1m 10s
House Passes Crypto Tax Bill
House advances crypto tax bill with bipartisan vote.
In brief
House advances crypto tax bill with bipartisan vote. The Digital Asset Tax Certainty Act clears House Ways and Means Committee 38-5, exempting small Bitcoin transactions from capital-gains reporting while extending wash-sale rules to crypto. Originally reported by Yahoo Finance.
House clears crypto tax bill
The House Ways and Means Committee advanced the Digital Asset Tax Certainty Act 38 to 5.
Bill exempts small bitcoin transactions
The bill provides a de minimis exemption for network fees of $10 or less, not for the purchase itself.
Bill extends wash-sale rule to crypto
Selling Bitcoin at a loss and repurchasing it immediately no longer provides tax benefits under the bill.
Bill avoids ethics fight
Unlike the CLARITY Act, this bill raises Treasury revenue and carries no ethics provisions.
Senate blocked CLARITY Act
The Senate rejected the CLARITY Act on September 15, two years after industry lobbying began.
Bill has bipartisan support
The bill cleared the House Ways and Means Committee with a 38-5 bipartisan vote.
Bill may become law
The bill could reach a final tax package or face opposition from lawmakers like Representative Lloyd Doggett.
The takeaway
The Digital Asset Tax Certainty Act clears House Ways and Means Committee 38-5, exempting small Bitcoin transactions from capital-gains reporting while extending wash-sale rules to crypto.
