This week the hosts of LTB! discuss the US tax treatment of "Virtual Currencies" and how scams find a home wherever opportunity exists, at least for a while.
This episode of Let's Talk Bitcoin! is sponsored by Brave.com, eToro.com and Purse.io.
During our first segment, we'll discuss:
Virtual Currency Tax Fairness Act of 2020: The proposed legislation would exempt capital gains taxes if any individual transaction results in a capital gain of $200 or less. Previous versions of the bill proposed a $600 cap. If passed, it would take effect in the 2020 tax year. Link - H.R. 5635
The IRS has a question for you: Tax filers in the U.S. are being asked if At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency? Link -IRS Form 1040
Yang proposes "Digital Asset Regulation": U.S. Presidential Candidate Andrew Yang wants to Clarify the tax implications of owning, selling, and trading digital assets. Yang says clear policy will allow businesses to invest and innovate in the area without fear of a regulatory shift. Link - Yang 2020
Later on, we'll dig into the "why" of scams as we begin a longer conversation on the topic.
Three main points on scams:
Links:
This episode of Let's Talk Bitcoin! is sponsored by Brave.com, eToro.com and Purse.io.
Photo by Fernando Venzano on Unsplash
This episode was produced by AP's Don and Ned. It featured discussion by Adam B. Levine, Stephanie Murphy, and Jonathan Mohan.
Music for today's episode was provided by Jared Rubens, From Ether and Gurty Beats, with editing by Jonas.
Would you like to Sponsor a future episode of the Let's Talk Bitcoin! show? Do you have any questions or comments? Email adam@ltbshow.com
--- Send in a voice message: https://podcasters.spotify.com/pod/show/originalltb/messageSOB #486.5 Why Cryptoization Scares the IMF (Part II)
SOB #486 Why Is the IMF Afraid of Cryptozation?
SOB #485 The Sure Thing, the Force Multiplier, and the Underdoge
SOB #484 A Brief History of Bitcoin Tipping (and Where Twitter Fits in it)
SOB #483 Exit, Voice & Bitcoin
SOB #482 Life on Bitcoin (2021 Edition)
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SOB #480 Is Axie Infinity's Play-to-Earn Economic Empowerment or Exploitation?
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SOB #479 Ethereum, Bitcoin; Hard Fork, Soft Fork: How Decentralized Change Is Made
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SOB #475 Emergent Complexity and Building Systems We Don’t Understand
SOB #474 - Bitcoin Neutrality
SOB #473 - The New Renaissance
SOB #472 Wisdom of Crowds and the Information Disease
SOB #471 How and Why Governments Lie About Inflation
SOB #470 Challenges Towards a Post-Scarcity World (and the Bullshit Economics of Star Trek)
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