Crypto Stakers’ Rewards Count as Gross Income, IRS Says (1)

August 02, 2023

Cryptocurrency stakers should include the value of the rewards they earn from the practice as part of their gross income, the IRS said Monday. Such a receipt of property counts as gross income when a taxpayer gets “undisputed possession” of it, and so the rewards are gross income in the taxable year in which the taxpayer gets complete control, the agency said in new guidance (Rev. “It probably is what most people expected the IRS to say, which is that it’s income upon receipt,” said Miles Fuller, head of of government solutions at TaxBit and a ...

The source of this news is from TaxBit