Less Tax Paperwork for Digital Asset Owners Act

This bill changes federal tax rules for digital assets such as cryptocurrency. It says no taxable gain or loss is counted when a person uses a digital asset to pay a network fee of $10 or less to validate a transaction, with exceptions for traders, brokers, dealers, and people with more than 5,000 transactions in the prior year. It lets taxpayers choose a simplified yearly method for figuring gain or loss on widely traded digital assets, with results treated as short-term capital gain or loss. It sets rules so that qualified U.S. dollar stablecoins bought or sold near their redemption value are generally valued at that redemption value for tax purposes, and it changes what brokers must report for these transactions.

Full text and official record on Congress.gov

Sponsors

• Rudy Yakym III Republican sponsor
• 0 cosponsors