We will need to wait and see how this unwinds. BTW this bill that is up for passage for sale of BTC for cash or stablecoin
Has a $200 gains exception this is a federal bill.
https://www.lummis.senate.gov/wp-content/uploads/Lummis-Gillibrand-Responsible-Financial-Innovation-Act-Final.pdfI read it a a real boost to btc
"SEC. 201. GAIN OR LOSS FROM DISPOSITION OF VIRTUAL CURRENCY.
(a) In General.—Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139I the following new section:
“SEC. 139J. GAIN OR LOSS FROM DISPOSITION OF VIRTUAL CURRENCY.
“(a) In General.—Gross income shall not include gain or loss from the disposition of virtual currency in a personal transaction (as such term is defined in section 988(e)) for the purchase of goods or services.
“(b) Limitation.—
“(1) IN GENERAL.—The amount of gain or loss excluded from gross income under subsection (a) with respect to a disposition shall not exceed $200.
“(2) AGGREGATION RULE.—For purposes of this subsection, all dispositions which are part of the same transaction (or a series of related transactions) shall be treated as one disposition.
“(3) OTHER DISPOSITIONS.—For purposes of this subsection, subsection (a) shall not include dispositions in which virtual currency is sold or exchanged for cash, cash equivalents, digital assets (as defined in section 9801, title 31, United States Code), or other securities or commodities."
Quoted from link aboveSo if I buy a 1000 dollar miner using 801 worth of btc that went to up to 1000 it is a tax free gain.
Means a lot of book keeping.
It could also be I buy 800 worth of btc it goes to 999 and I buy a gpu.
It counts as no gain of the 199.
I could also have 400 in purchased btc and pay 599 for pc also no tax on that gain.
This is a big encouragement to making more purchases with btc.
Obviously you need to track the value of the btc you spend.
Now that paypal lets you pull btc from its account it will encourage spending some btc.
I am going to buy 100 in btc today on my paypal account knowing that if it goes up to 299 and I spend it it is a non taxable event.
back on topic we are + increase oh well.
https://www.bitrawr.com/difficulty-estimator...
Latest Block: 739800 (12 minutes ago)
Current Pace: 100.4800% (1945 / 1935.71 expected, 9.29 ahead)Previous Difficulty: 31251101365711.12
Current Difficulty: 29897409688833.63
Next Difficulty: between 30054644256756 and 30054840549180
Next Difficulty Change: between +0.5259% and +0.5266%
Previous Retarget: May 25, 2022 at 10:54 AM (-4.3317%)
Next Retarget (earliest): Tomorrow at 9:17 AM (in 0d 11h 46m 36s)
Next Retarget (latest): Tomorrow at 9:17 AM (in 0d 11h 46m 43s)
Projected Epoch Length: between 13d 22h 23m 41s and 13d 22h 23m 48s
...