Breaking 🚨: US House unveils new crypto tax legislation.
The House Ways and Means Committee is set to review two bills on Sept. 16:
H.R. 9175 (Tax Clarity for Mining and Staking Act) lets miners/stakers elect to defer ordinary income tax on new tokens until sold (instead of taxing FMV on receipt).
H.R. 9172 extends wash-sale and constructive-sale rules to digital assets (with exceptions for stablecoins and mining/staking rewards) to block loss-harvesting loopholes.
#Crypto #blockchain #Web3
The House Ways and Means Committee is set to review two bills on Sept. 16:
H.R. 9175 (Tax Clarity for Mining and Staking Act) lets miners/stakers elect to defer ordinary income tax on new tokens until sold (instead of taxing FMV on receipt).
H.R. 9172 extends wash-sale and constructive-sale rules to digital assets (with exceptions for stablecoins and mining/staking rewards) to block loss-harvesting loopholes.
#Crypto #blockchain #Web3