S.4171

Virtual Currency Tax Fairness Act excludes de minimis gains or losses from virtual currency sales or exchanges from gross income.

The Virtual Currency Tax Fairness Act amends the Internal Revenue Code to exclude from gross income de minimis gains or losses from certain sales or exchanges of virtual currency. This applies to transactions exceeding $200 in value or where the gain or loss exceeds $200. The bill defines virtual currency as a digital representation of value that functions as a unit of account, store of value, or medium of exchange, but is not a representation of the U.S. dollar or any foreign currency.