The new digital assets bill from Senator Lummis and Senator Gillibrand includes a section that provides a de minimis exclusion of up to $200 per transaction from a taxpayer’s gross income for use of virtual currency for payment for goods and services, under specified conditions.
This means that every transaction using Litecoin under $200 dollars would not trigger any capital gains.
If the Bill is approved the effective date would include all transactions using Litecoin after December 31, 2022.
Here is the section 201 on the Gain or Loss from Disposition of Virtual Currency:
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