ST Alpha - "Nah, they’re just requiring reporting for crypto transactions like you do for stocks. If you’re paying taxes on your transactions this will help you. " (Reading a Post)

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In response to "btw, the Senate pretty much botched crypto in the Infrastructure bill -- (link)" by oblique

Nah, they’re just requiring reporting for crypto transactions like you do for stocks. If you’re paying taxes on your transactions this will help you.

Posted by spamlet Aug 10 '21, 05:37

Instead of having to figure it out yourself, you’ll get a 1099.

The people fighting it…probably weren’t paying taxes on their crypto transactions from the fights I saw on Twitter.

Responses:

Unfortunately it isn't that simple. They have a vague definition of "broker" which has implications for miners, transaction validators, and other - oblique Aug 10, 05:45 3
- It sounds like they have an amendment that will be attached to another bill. - spamlet Aug 10, 05:51 2
  - I don't believe anything is left to be done in the Senate. Sounds like the next step is fixing it in the House version -- nm - oblique Aug 10, 05:57 1
    - And if that doesn’t work, simply buying off the people in charge of writing the actual regulations will fix the problem. -- nm* - znufrii Aug 10, 06:51
Right, they don't want any regulations or taxes on crypto at all. That's a fantasy that was never going to happen. -- nm - Inigo Aug 10, 05:41
looks like the correct answer -- nm - budice Aug 10, 05:40

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Nah, they’re just requiring reporting for crypto transactions like you do for stocks. If you’re paying taxes on your transactions this will help you.

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