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Is Crypto Staking Taxable as Income or New Property?
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Subscribe26 DEC 2024 / IRS UPDATES
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A Tennessee couple, Joshua and Jessica Jarrett, are engaged in a legal battle with the IRS over taxation of cryptocurrency staking rewards, challenging the Revenue Ruling 2023-14 which stipulates that such rewards are taxable when received, not when exchanged or sold. This case could significantly influence future cryptocurrency regulation in the U.S., potentially leading to immediate tax liabilities for all proof-of-stake network participants when tokens are received.
The IRS isn’t playing around when it comes to crypto staking. In a landmark move, the agency reaffirmed that staking rewards are taxable as soon as they hit your wallet. This position, detailed in Revenue Ruling 2023-14, has sparked a high-stakes le...
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