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White House Crypto Report Suggests Major Changes to US Crypto Tax
White House Crypto Report Suggests Major Changes to US Crypto Tax
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BTCCSquare news:
The White House has released a report on the crypto industry, covering regulatory structures, stablecoin dominance, and tax recommendations. Surprisingly, despite Trump's laissez-faire stance, the report focuses on closing tax loopholes, including the wash sale loophole, which allows traders to write off losses while rebuying the same asset.
The report advocates for expanded SAFE harbor programs and urges the Treasury and IRS to publish guidance on unrealized gains and losses for crypto assets. This MOVE could significantly impact crypto traders and investors, aligning crypto tax rules more closely with those governing traditional securities.
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