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What are the Taxes for Staking Crypto? (CAUTION to Investors)
The IRS has ruled that rewards received by a cash-method taxpayer �staking� cryptocurrency in connection with validating blockchain. WASHINGTON � The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question. The Revenue Ruling holds that the two units of cryptocurrency received through staking constitute income for US federal income tax purposes.

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calendar_month 04.07.2021

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Depending on the form, the digital assets question asks this basic question, with appropriate variations tailored for corporate, partnership or estate and trust taxpayers: At any time during , did you: a receive as a reward, award or payment for property or services ; or b sell, exchange, or otherwise dispose of a digital asset or a financial interest in a digital asset? Once Bob gains dominion and control of these five X tokens meaning he has the ability to sell or dispose of them , Bob must include the fair market value of those X as of such date in his gross income for that taxable year. Basis of Assets, Publication � for more information on the computation of basis. Page Last Reviewed or Updated: Jan