Israeli Draft Bill Would Nix Hefty Capital Gains Taxes on Bitcoin
The draft bill would define bitcoin and other cryptos as "currency" instead of an "asset" for tax purposes.
Cash App will make the DIY tax-prep software available for free to its 30 million monthly users.
Instead of the troublesome 1099-K form, Coinbase will send the 1099-MISC to users of its interest-bearing products. Regular traders may not receive any forms at all.
Uncertainty is leading many to take short-term profit, according to the "Coinbase Premium" indicator.
U.S. Treasury department officials are wrangling with how to focus a coming set of crypto tax rules.
The tax framework may address questions surrounding wallet providers and income not derived from crypto sales.