This week the hosts of LTB! discuss the US tax treatment of "Virtual Currencies" and how scams find a home wherever opportunity exists, at least for a while.
\nThis episode of Let's Talk Bitcoin! is sponsored by Brave.com, eToro.com and Purse.io.
\nDuring our first segment, we'll discuss:
\nVirtual Currency Tax Fairness Act of 2020: The proposed legislation would exempt capital gains taxes if any individual transaction results in a capital gain of $200 or less. Previous versions of the bill proposed a $600 cap. If passed, it would take effect in the 2020 tax year. Link - H.R. 5635
\nThe IRS has a question for you: Tax filers in the U.S. are being asked if At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Link -IRS Form 1040
\nYang proposes "Digital Asset Regulation": U.S. Presidential Candidate Andrew Yang wants to Clarify the tax implications of owning, selling, and trading digital assets. Yang says clear policy will allow businesses to invest and innovate in the area without fear of a regulatory shift. Link - Yang 2020
\nLater on, we'll dig into the "why" of scams as we begin a longer conversation on the topic.
\nThree main points on scams:
\nLinks:
\n\nThis episode of Let's Talk Bitcoin! is sponsored by Brave.com, eToro.com and Purse.io.
\nPhoto by Fernando Venzano on Unsplash
\nThis episode was produced by AP's Don and Ned. It featured discussion by Adam B. Levine, Stephanie Murphy, and Jonathan Mohan.
\nMusic for today's episode was provided by Jared Rubens, From Ether and Gurty Beats, with editing by Jonas.
\nWould you like to Sponsor a future episode of the Let's Talk Bitcoin! show? Do you have any questions or comments? Email adam@ltbshow.com