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The IRS has clarified that cryptocurrency staking rewards are taxable as income upon receipt, rejecting claims that they represent "new property." This decision stems from a legal dispute involving Tennessee residents who argued for delayed taxation until the rewards were sold. The ongoing case may set a significant precedent for the taxation of staking rewards in the U.S.
[Bloomberg]
The IRS has reaffirmed that staking rewards are taxable income upon receipt, rejecting a legal challenge from Joshua and Jessica Jarrett, who argue that these rewards should be treated as property and taxed only upon sale. Their ongoing dispute stems from taxes on Tezos tokens earned in 2019 and 2020, with the couple seeking a legal precedent for the treatment of staking rewards in the U.S. The IRS maintains that block rewards are classified as income based on their fair market value at the time of receipt.
Jessica Jarrett
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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