IRS won’t tax unsold collateralized cryptocurrencies as income

time:2022-02-03 05:30 source:Internet

On February 3, the IRS (Internal Revenue Service) may not tax unsold staking cryptocurrencies as income in the future, the decision is a response to the fight to classify staking rewards as property rather than taxable income. an important step forward. On May 26, 2021, Joshua and Jessica Jerrett filed a legal complaint in the U.S. District Court for the Middle District of Tennessee, seeking a refund of $3,293 in income tax paid in 2019 for the receipt of 8,876 Tezos tokens. According to people familiar with the matter, the IRS has approved a full refund of their taxes on the tokens they acquired through staking.

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