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Build Back Better Act would close tax loophole for crypto investors
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cnbc.comProposed legislation unveiled Thursday as part of Democrats' $1.75 trillion social and climate spending plan would close a tax loophole for cryptocurrency investors.
The Build Back Better Act would subject crypto transactions to «wash sale» rules, an anti-abuse measure that currently applies to stocks, bonds and other securities, according to an outline published by the House Rules Committee.
As a result, bitcoin, ethereum, dogecoin and other crypto would be subject to the rules. They prevent investors from claiming tax benefits from an investment loss then quickly buying back that same asset, effectively retaining ownership.
The new proposal would apply after Dec. 31.
The Rules Committee proposed its near-final legislative draft after the
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