Eight members of the United States (US) Congress have now sent a letter to the Internal Revenue Service (IRS), an American tax office, urging the agency to provide clarity on cryptocurrency tax regulations. Will bitcoin finally be clearly regulated in the US in terms of taxes?
In a letter dated On December 20, signed by eight members of the US Congress, it was stated:
"We wrote [to the IRS] in April this year, calling for guidelines for taxpayers using cryptocurrencies and we are pleased that you have issued guidelines and answered many of the questions we asked. However, we are worried that the latter guidelines pose many new questions related to the topic, namely hardcore and airdrops. "
Bitcoin in the US: tax questions
The IRS ruling noted several points regarding taxation, including the tax that is charged if the cryptocurrency chain has forked or if you receive free tokens under airdrop. What's worse, the latter imposes a tax regardless of the owner's knowledge of such an airdrop or behavior of the course after it. In short, the taxpayer may not know about the "drop", but the state accuses him of the tax on the value of tokens at the time of receipt. Sounds irrational, right? Unfortunately, the same thing happens when it comes to hardcore, under which new cryptocurrencies are created (e.g. Bitcoin Cash).
The December 20 letter specified that the original IRS ruling of October 9 used hypothetical examples that are in fact inapplicable and unreliable and therefore unclear to taxpayers.
Congressmen also point to the lack of guidance under the current IRS ruling regarding various cryptographic assets, including trading futures and interest earned on digital asset-based deposits, as well as all other cryptocurrency-based income.
In addition, the letter called for decisive action on tax aspects.
The topic is developmental
At the end of the letter, members of Congress wrote:
"We are afraid that the form of the clues seems to indicate that this is a" fixed "law. We hope that the IRS recognizes this area as new and evolving and will allow a reasonable interpretation before issuing the latest guidelines. "
