You are viewing a single comment's thread from:
RE: US Tax Considerations – A Quick Update on Newly Adopted W3C Payments Standard, Pending Legislation and an App to Track Crypto Tax Liabilities
Thank you for sharing this information. You earned a new follower. Unless that piece of legislation gets passed, I don't see cryptocurrency being used as a 'currency' by mainstream any time soon. It seems cryptocurrency right now is anything but a currency lol
@hswick glad to have you come onboard as a follower. I appreciate the follow and the upvote.
Not sure what the future of this legislation is. Honestly, the heat being felt by politicians over the Coinbase issue has been the genesis of this bill. I think it will get through the House, the Senate is another issue all together.
Truthfully, if this does manage to get passed into law, it will ease the reporting requirements for most transactions, but for larger transactions, an individual would still need records to justify their cost-basis in the event of an audit. So, if an individual opts to record their cost basis on a First In First Out Basis, you would still need a fairly comprehensive history. At least it's a first step in the right direction.
As cryptos become more widely used I think eventually Congress will be forced into tax reform for cryptos and eventually acknowledging the tax treatment of them as equivalent to fiat currency.