IRS Declares Crypto Staking Rewards Taxable Amid Lawsuit

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The story "IRS Declares Crypto Staking Rewards Taxable Amid Lawsuit" was covered 1 days ago by CoinGape, a news publisher based in India.

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IRS Declares Crypto Staking Rewards Taxable Amid Lawsuit - CoinGape

Quick Summary:

The announcement comes amid an ongoing lawsuit filed by crypto investor Joshua Jarrett. Joshua challenges the IRS’s approach to taxing staking activities.

The Internal Revenue Service (IRS) has clarified its stance on the taxation of cryptocurrency staking rewards, stating that such rewards are taxable upon receipt.

However, the IRS denies this claim, maintaining that the rewards are fully taxable because recipients gain both “dominion and control” over the tokens.