**WEB Virtual Currency Tax Fairness Act: Up to $200 Gain Exclusion** The WEB Virtual Currency Tax Fairness Act of 2022, introduced by Reps. Pat Toomey and Ron Wyden, amends the Internal Revenue Code to exclude up to $200 of gain from the sale or other disposition of virtual currency from gross income for income tax purposes. This exclusion aims to reduce the tax burden on individuals engaged in small-scale virtual currency transactions. The bill recognizes that many taxpayers are using virtual currency for personal or small business purposes, rather than as a primary source of income. By excluding up to $200 of gain from taxation, the WEB Act provides much-needed tax relief to individuals who may otherwise face significant tax consequences for engaging in small-scale virtual currency transactions. The bill also includes a provision that extends the current exclusion of digital assets under the Internal Revenue Code. This exclusion ensures that individuals are not taxed on the appreciation of digital assets held as investments, until they are sold or disposed of. The WEB Virtual Currency Tax Fairness Act is a step towards creating a fairer and more equitable tax system for individuals engaged in virtual currency transactions. By providing a reasonable exclusion for small-scale gains, the bill reduces the tax burden on taxpayers and encourages the adoption of virtual currency in the United States.
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