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534 sats \ 1 reply \ @freetx 7 Feb \ on: If spending btc is a "taxable event", what's the future of these websites/apps? bitcoin
There are proposals in congress for a "de minimis" exemption clause to be added to IRS for Crypto:
https://www.coincenter.org/congress-takes-a-step-toward-a-de-minimis-exemption-for-everyday-cryptocurrency-transactions-2022/
This is similar to what happens with Forex or if you receive and inbound shipment from foreign country. For example, if you went on a trip to Mexico and bought $1000 of pesos and then when you came back traded the extra back in....without a "de minimis" exemption you would be liable for cap gains....however you are given a $200 per day exemption in this case....