IRS Declares Crypto Staking Rewards Taxable Upon Receipt
The IRS has made its crypto taxation rules simple: pay taxes on staking rewards when you get them . This new rule affects how every crypto tax guide handles staking rewards tax for U.S. investors. If you stake crypto, you need to know these changes. Also Read: Crypto Fuels Russia’s De-Dollarization — Global Power Shift Looms IRS Crypto Tax Rules: What You Need to Know About Staking Rewards Source: Watcher Guru The New Rules The IRS now taxes your crypto-staking rewards when they hit your wallet. “Understanding the rules can save you a lot of trouble with the IRS,” tax expert Scott Martin explains. You can’t wait to pay taxes until you sell these rewards anymore. The Legal Fight Joshua and Jessica Jarrett are fighting these cryptocurrency tax rules in court. They want their $12,179 back from taxes on 8,876 Tezos tokens. Their point? Staking rewards should be like growing crops – you pay taxes when you sell them and not when you grow them. Their case from 2021 cou...