WASHINGTON—The U.S. House of Representatives has introduced a cryptocurrency tax bill, which is seeking to allow for the exclusion of loss or gain with virtual currencies.
Amending the internal revenue code of 1986, the bill known as Virtual Value Tax Fix Act of 2019 has been introduced by Representative Ted Budd (R-NC) and referred to the Committee on Ways and Means.
FXStreet noted the bill seeks to introduce amendments to the Internal Revenue Code of 1986, which specifically determines: “No gain or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if such real property is exchanged solely for real property of like kind which is to be held either for productive use in a trade or business or for investment.”
The bill is seeking a standard in which “the exchange of virtual currency for virtual currency of like kind shall be treated in the same manner as the exchange of real property for real property of like kind,” FXStreet said.