Virtual Currency Tax Fairness Act of 2020 This bill excludes from gross income, for income tax purposes, up to $200 of gain from the disposition of virtual currency in a personal transaction. The bill defines virtual currency as a digital representation of value that is used as a medium of exchange and is not otherwise currency.
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Ways and Means.
Introduced in House
Referred to the House Committee on Ways and Means.
Taxation
CurrencyDigital mediaIncome tax exclusionInternet and video servicesInternet, web applications, social media
Virtual Currency Tax Fairness Act of 2020
USA116th CongressHR-5635| House
| Updated: 1/16/2020
Virtual Currency Tax Fairness Act of 2020 This bill excludes from gross income, for income tax purposes, up to $200 of gain from the disposition of virtual currency in a personal transaction. The bill defines virtual currency as a digital representation of value that is used as a medium of exchange and is not otherwise currency.