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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

If This Is You, You May Not Need to Report Crypto Tax Gains to the IRS

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
crypto tax law irs gains bitcoin

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It’s a new year, and this means that last year’s calendar and tax year have come to a close, and it’s time once again to start tallying up your crypto holdings, gains, and losses, to figure out exactly what you need to report to the IRS in order to comply legally with your obligation as a taxpayer.

However, a specific subset of United States taxpayers may not have to report any crypto gains in the future at all – if they fall within a certain category –according to a new tax law change proposed by the House of Representatives.

New Crypto “Fairness Act” Bill Reaches House of Representatives

It’s tax season once again. A time for stress, scrambling, and uncertainty that you’ve properly reported every penny earned or lost as accurately as humanly possible.

Things are especially complicated for crypto investors and traders, who are stuck adhering to archaic tax laws designed for the sale or trade of property, and not currencies as cryptocurrencies like Bitcoin and XRP are designed to be used for.

Related Reading | US Crypto Investors May Need To Consider Amending Past Tax Returns

Making matters worse, some crypto investors may be deemed traders by the United States Internal Revenue Service, resulting in gains falling into the income category, and not capital gains tax like other property-based assets like real estate.

However, according to a new bill proposed at the House of Representatives, some crypto investors may not have to report any gains at all in the future.

According to bill H.R. 5635, designed to amend the IRS code of 1986, to exclude gross income gain from the “disposition of virtual currencies.” The act is being dubbed the “Virtual Currency Tax Fairness Act of 2020 and was put forth by House Representatives Suzan DelBene (D-WA), David Schweikert (R-AZ),  Darren Soto (D-FL), and Tom Emmer (R-MN).

Tax Time: Only Report Gains to IRS If Earnings Exceed $200

But before the crypto community can breathe a collective sigh of relief that reporting crypto gains just got a lot easier, the new bill proposed only requires crypto investors with gains of over $200 to report them to the IRS.

Anyone with gains under $200 in a tax year, won’t have to report anything cryptocurrency related on their tax returns.

While the act is dubbed the “tax fairness act,” only offering exemption to investors with under $200 in gains is really stretching the idea of “fair.”

Unless a crypto investor bought the top of the crypto hype bubble, chances are they’ve seen some sort of gain over $200 at some point in their crypto investing career.

The rare subset of crypto investors, the HODLers that only buy and never sell, stacking sats on top of sats, are the few and far between that can take advantage of this bill, and can forget about having to report any crypto-related earnings in the future – if the bill passes, that is.

Related Reading | Overwhelming Majority of Bitcoin and Crypto Investors Refuse to Report Taxes

Taxes are serious business and can result in penalties if not properly reported. Those confused about what to report on their taxes should consult a certified public account, tax advisor, or opt for a service like Bitcoin.tax in order to ensure no gains or losses are missed, and all taxes are properly reported to the IRS. Failure to do so can result in fines, or fail time, depending on the severity of the offense.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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