Re:The IRS Sets a Trap for Cryptocurrency Tax Cheats
by gamblor956 on Saturday September 26, 2020 @11:39PM
(#24604057)
Congress could easily delegate additional discretion to the IRS, they just haven't yet as they have been unprepared for this outcome.
Congress has considered this matter already, and they have chosen not to treat cryptocurrency as a domestic currency by refusing to consider bills that would classify cryptocurrency as a domestic currency.
Non-domestic currency (i.e., foreign currency) is treated as an asset under US tax law, and as a currency not issued by the US government, cryptocurrency is a non-domestic currency and is thus subject to the same tax treatment.
Re:The IRS Sets a Trap for Cryptocurrency Tax Cheats
by vmception on Sunday September 27, 2020 @12:05AM
(#24604150)
They havent chosen they havent gotten out of committee, like thousands of other bills per session. I would agree with you if the full house actually voted and failed.
Congress has considered this matter already, and they have chosen not to treat cryptocurrency as a domestic currency by refusing to consider bills that would classify cryptocurrency as a domestic currency.
Non-domestic currency (i.e., foreign currency) is treated as an asset under US tax law, and as a currency not issued by the US government, cryptocurrency is a non-domestic currency and is thus subject to the same tax treatment.
All of that other stuff you said is irrelevant.