House crypto tax bill offers $10 fee exemption, tightens wash sale rules

The House Ways and Means Committee has released a 114-page crypto tax package that would exempt certain network fees under $10 from tax while extending wash-sale rules to digital assets ahead of a Sept. 16 committee markup. Summary The House crypto tax package would exempt qualifying blockchain network and transaction fees under $10 from tax, with users making more than 5,000 annual transfers excluded. Wash sale and constructive sale rules would be extended to digital assets, while qualified U.S. dollar stablecoins would remain exempt. Mining and staking tax deferral remains a key point of dispute, with House Republicans considering whether to retain, remove or limit the proposed treatment. The House Ways and Means Committee is scheduled to consider the Digital Asset Tax Certainty Act during its Sept. 16 markup. Bloomberg Government reported on Sept. 15 that committee Chair Jason Smith, a Missouri Republican, released the Digital Asset Tax Certainty Act on Monday night after lawmakers spent months working on separate proposals covering the tax treatment of digital assets. The package incorporates provisions developed through earlier Republican proposals and bipartisan legislation f...