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1 thought on “wholesale costume jewelry nyc broadway Will Bitcoin transactions in the new US tax reform bill cancel the tax exemption of Bitcoin transactions?”
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redwood jewelry wholesale On the morning of December 22, according to the latest tax reform plan of the United States Republican Party, investors of Bitcoin and other virtual currencies will lose a attractive tax discount.
If experts said that the new restrictions in the bill will prohibit virtual currency holders from transactioning a virtual currency transaction into another, delay the payment of capital income tax, thereby closing the gray area in the current tax law.
The capital income is considerable. In 2010, Bitcoin's initial transaction price was less than 1 cents, and the price was about $ 1,000 after 2017, and this week briefly exceeded $ 19,000. Many traders fall back and forth between Bitcoin and other virtual currencies, such as Ethereum.
GOODWIN PROCTER Lawyer's tax lawyer Kelsey Lemaster said this is a bad news for investors in virtual currencies. "Every time you turn one digital currency transaction into another, this will become a taxable activity."
, but the partner of the Freidman Law Firm, Brian, a partner in charge of digital currency services, ) It is believed that this adjustment will not scare the trader. These traders chose to enter the venue without studying digital currencies, let alone taxation on digital currencies.
If according to the current US tax law, such transactions are protected by one clause, allowing investors to delay paying capital income tax in the so -called "similar transactions". "Similar transactions" traditionally refer to the transactions of real estate, art, horse racing and aircraft. If the asset owner replace the assets he holds into the same type of assets, then the tax can be delayed. The usual period is 180 days