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US lawmakers reintroduce bill to stop IRS from taxing crypto transactions under $200

Published 02/03/2022, 12:30 PM
Updated 02/03/2022, 02:00 PM

A bill previously introduced by Washington Representative Suzan DelBene aims to exempt crypto users from paying taxes on transactions under $200.

According to a Tuesday draft of the Virtual Currency Tax Fairness Act of 2022, Washington Representative Suzan DelBene is seeking to amend the Internal Revenue Code of 1986 to exclude gains from certain personal transactions of virtual currency. If signed into law, the bill could stop the Internal Revenue Service, or IRS, from requiring U.S. filers to pay taxes on capital gains from crypto transactions of $200 or more.

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