New Tax Bill Seeks To Seek Crypto Tax Breaks

A new tax bill have been submitted in congress that is seeking to allow exclusion of gain and loss on like-kind exchanges of virtual currency.

The Virtual Value Tax Fix Act of 2019 was introduced by Representative Ted Budd (NC-R) and was submitted to the Committee on Ways and Means for deliberations.

According to the bill no gain and loss shall be recognized on the exchange of real property held for productive use in a trade or business for investment if such property is exchanged solely for property of like kind which is to be held either for productive use in a trade or business or for investment.

When and if it is signed into law it would exclude cryptocurrencies from double taxation under the Internal Revenue Code.

Earlier last month, U.S. Congressman Tom Emmer introduced once more his Safe Harbor for Taxpayers bill which he explains is not intended to eliminate taxes on hard-forked blockchain but to provide a safe harbor to investor who do not properly account for a hard fork in calculating their tax returns.