US House Ways and Means Committee Advances Digital Asset Tax Clarity Act, Seeks $10 Exemption for Small Crypto Transactions
JH Kim
Summary
- The US House Ways and Means Committee approved the Digital Asset Tax Clarity Act (H.R. 10357) and sent it to the full House for consideration.
- The bill is intended to ease tax-reporting burdens for everyday small payments made with crypto and to clarify tax rules governing digital-asset income recognition, asset transfers, wash sales, mining and staking, and brokers.
- In particular, it includes a proposal to apply a $10 tax-exemption threshold to small crypto transactions, and the measure will next go before the full House.
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The US House Ways and Means Committee approved the Digital Asset Tax Clarity Act, H.R. 10357, sending the measure to the full House for consideration.
CoinDesk reported on Sept. 16 that the committee passed the bill by a 38-5 vote.
The legislation is intended to ease tax-reporting burdens for everyday small payments made with crypto. It also clarifies tax rules governing digital-asset income recognition, asset transfers, wash sales, mining and staking, and brokers.
Notably, the bill includes a proposal to apply a $10 tax-exemption threshold to small crypto transactions. The measure will next go before the full House.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.