Crypto Staking Classified As Taxable By IRS Amid Legal Dispute

Quick Summary:

The US tax regulator, the Internal Revenue Service (IRS), has restated its stance on cryptocurrency staking, clarifying that rewards generated from staking activities are taxable as soon as they are received.

The IRS added that staking rewards do not constitute new property, and are therefore subject to immediate taxation upon generation.

This case is ongoing and may have broader implications for how crypto staking rewards are taxed in the US.

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Article Details

Author / Journalist: Ash Tiwari

Category: Crypto

Markets: HungaryMali

Topics: IRS Crypto tax Btc Bitcoin Crypto regulation Internal Revenue Service US Tezos Cryptocurrency BTCUSDT Crypto regulation XTZ

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-25 @ 02:00:28 (20 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 643 words

Reading Time: 4 minutes read

Sentences: 55 lines

Sentence Length: 12 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 24653947

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About Bitcoinist

Main Topics: Crypto

Official Website: bitcoinist.com

Update Frequency: 6 posts per day

Year Established: 2014

Headquarters: Hungary

News Last Updated: 8 hours ago

Coverage Areas: Hungary

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