US IRS Faces New Lawsuit Over Crypto Staking Tax Policy

Quick Summary:

On October 10, 2024, Josh Jarrett filed a new lawsuit with support of Coin Center and against the agency’s approach of taxing block rewards as income at the time of receipt.

The US Internal Revenue Service (IRS) is again under legal pressure in relation to taxation of cryptocurrency staking rewards.

He points out that such tokens must not be considered as income at the moment they are received, as they are new property that cannot be considered as earnings until they are sold.

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Article Details

Author / Journalist: Kelvin Munene Murithi

Category: Crypto

Markets: India

Topics: Regulation News IRS Crypto staking 24/7 Cryptocurrency News

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-10 @ 21:08:07 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 608 words

Reading Time: 4 minutes read

Sentences: 34 lines

Sentence Length: 18 words per sentence (average)

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

Copyright Owner: © CoinGape

News ID: 22985972

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Main Topics: Crypto

Official Website: coingape.com

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