IRS Rules Crypto Staking Rewards Taxable In Ongoing Lawsuit

Quick Summary:

According to IRS guidelines released in 2023, block rewards from staking or mining are considered taxable income as soon as they are created, with tax liabilities determined by their market value at the time of creation.

So I refused the government’s offer to pay me a refund,” Jarrett stated.

The legal battle was filed in October of this year and could have massive consequences.

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Article Details

Author / Journalist: Nidhi Kolhapur

Category: Crypto

Markets: United States

Topics: News Crypto news

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-23 @ 19:35:36 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: coinpedia.org

Language: English

Article Length: 383 words

Reading Time: 3 minutes read

Sentences: 14 lines

Sentence Length: 28 words per sentence (average)

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

Copyright Owner: © Coinpedia

News ID: 24605251

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About Coinpedia

Main Topics: Crypto

Official Website: coinpedia.org

Update Frequency: 23 posts per day

Year Established: 2016

Headquarters: United States

News Last Updated: 11 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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Publisher ID: #112

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