US Bitcoin investors find interesting ways to avoid taxes. The US administration is trying to prevent this method, which causes a leak in tax revenues.
US Bitcoin investors blew the Donkey’s ears!
Bipartisan There are two important parties in the USA, which is governed by a system: Democrats and Republicans.. Biden, the candidate of the Democratic Party, was elected to the US administration in the presidential election in November 2020.. The symbol of the Democrats is the donkey, the symbol of the Republicans is the elephant.. In the headline, we draw attention to the crypto money regulations and tax monitoring report prepared by the Democratic Party when we say “watering the donkey’s ear”.
Bitcoin increased from 10 thousand dollars to 64 thousand dollars in the period of November 2020-April 2021. Profits made by US Bitcoin investors during this period will be taxed in the 2021 tax period.. Some Bitcoin investors will pay taxes of up to 50% on profits made on Bitcoin and cryptocurrencies.. In this way, they reset the tax season.. US Bitcoin investors, who sell Bitcoins in the band of approximately 30 thousand dollars, will calculate their profits at this price and pay their taxes. US taxpayers will pay taxes next season for Bitcoins purchased in the $30,000 band.
Please See: US Bitcoin investors they found a big gap in the law!
The above method, called the wash sale, has been on the radar of the Biden administration.. Along with the Wash Sale, regulation studies continue in many areas, especially taxation, terrorist financing and money laundering.
A second regulation issue concerns the US Department of Environment.. Energy consumption caused by the Bitcoin blockchain is also under scrutiny. Bitcoin blockchain consumes more energy than countries like Netherlands, Philippines, and Argentina. Greener and more sustainable ways to operate the Bitcoin blockchain are being explored.