By Anthony • December 27, 2024 8:22 am •
The IRS has made a new change to its cryptocurrency taxation rules.
The IRS has decided cryptocurrency holders who stake their cryptocurrency will have to pay taxes as soon as they hit their wallet.
In a December 20 court filing, the IRS stated“staking a cryptocurrency should induce a tax liability as soon as it is done.”
The filing by the IRS comes after a couple in Tennessee who are arguing that staking rewards should not be taxed until they are sold.
IRS says crypto staking is taxable. pic.twitter.com/NKmBAwqL5i
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) December 23, 2024
Per Yahoo Finance:
The U.S. Internal Revenue Service (IRS) has doubled down on its stance that crypto staking is taxable, stating
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