Category: gross income

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Crypto Staking in the Crosshairs: IRS Unveils New Tax Guidance

August 1, 2023

The U.S. Internal Revenue Service (IRS) has issued a decree stating that American citizens drawing income from cryptocurrency staking services must categorize the value of those digital assets as gross income, the moment they officially take possession of the staking reward. IRS Clarifies Cryptocurrency Staking Income, Leaves Questions Unanswered Under fresh tax directives from the…
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Crypto staking rewards are taxable once received: IRS

August 1, 2023

The U.S. tax department will be requiring taxpayers to count staking rewards as gross income at the time they gain “dominion” over the tokens. United States crypto investors must report crypto staking rewards as gross income in the year it was received, according to a new ruling from the country’s top tax authority. On July…
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