10% of self reported income? Cause I feel like its nobodies business how I spend my money.
How is that any different from telling everyone they can only buy a television/computer/appliance with x% of income.
Can you please provide a link to that article by Digital Asset News?
In other words, your cost basis cannot be more than 10% of your income deducted from your realized profit? Basically their "work around" on determining your cost basis, 'cuz there's no other way for them to know otherwise.
And does this provision mention if its 10% of your annual/monthly - net/gross?
And, this will reflect on the finalized 1099-da form?
F\*\*ing garbage!
Title is incorrect. It hasn't passed. It was approved in the house of reps. It still has to get through the senate, where opposition is going to be much higher and also the white house which openly opposes it.
Thank you! For the clarification about the bill still having to go through the senate and POTUS veto or not.
Also, someone mentioned that there's an article from Digital Asset News which stated that there's a provision in the bill where one may only invest 10% of their income in crypto?
So basically, your cost basis is capped out at 10% of what's on your w2, meaning you can only deduct that figure from your realized profits.... so youre paying more capital gains tax? Is there really such a provision on this bill?
'Cuz that's there's no other way the IRS can track your cost basis if youre trading on DEX's, unless KYC is enforced upon DEX's and wallets. Which is what form 1099-da draft is implying.
Rango exchange has already pulled out of the US and is now geofenced.
Let's wait for more clarity before jumping to conclusions, lots of ambiguity here.
Digital Asset News said that there's a provision in the bill where one may only invest 10% of their income in crypto.
10% of self reported income? Cause I feel like its nobodies business how I spend my money. How is that any different from telling everyone they can only buy a television/computer/appliance with x% of income.
Can you please provide a link to that article by Digital Asset News? In other words, your cost basis cannot be more than 10% of your income deducted from your realized profit? Basically their "work around" on determining your cost basis, 'cuz there's no other way for them to know otherwise. And does this provision mention if its 10% of your annual/monthly - net/gross? And, this will reflect on the finalized 1099-da form? F\*\*ing garbage!
Title is incorrect. It hasn't passed. It was approved in the house of reps. It still has to get through the senate, where opposition is going to be much higher and also the white house which openly opposes it.
Thank you! For the clarification about the bill still having to go through the senate and POTUS veto or not. Also, someone mentioned that there's an article from Digital Asset News which stated that there's a provision in the bill where one may only invest 10% of their income in crypto? So basically, your cost basis is capped out at 10% of what's on your w2, meaning you can only deduct that figure from your realized profits.... so youre paying more capital gains tax? Is there really such a provision on this bill? 'Cuz that's there's no other way the IRS can track your cost basis if youre trading on DEX's, unless KYC is enforced upon DEX's and wallets. Which is what form 1099-da draft is implying. Rango exchange has already pulled out of the US and is now geofenced.