Karlton Dennis
@karltondennis·1.1M subscribers·2.1K videos
What are the Taxes for Staking Crypto? (CAUTION to Investors)
Posted
June 10, 2022
Views
4,452
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201
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4.51%
June 10, 2022
4,452
201
4.51%
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Staking cryptocurrencies to earn crypto rewards can be very profitable and exciting whether you are doing it as a business or as a hobby. Some people hesitate to get started with it just because they are concerned with the lack of absolute regulatory clarity from the IRS.
The bottom line for crypto rewards when it comes to taxes is that yes, you do have to pay taxes on them. Crypto rewards do not count as capital gains, they are ordinary income. However, there is still a lack of clarity from the IRS about whether crypto rewards are taxable at the time of receipt or at the time of sale.
Most likely, due to the rise of popularity of staking, clarity from the IRS will be coming in the near future. If not, then the IRS could be forced to deal with more lawsuits from people like the Tennessee couple who took the IRS to court over being taxed at the time of receipt for Tezos rewards.
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*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
#taxes #taxfreeliving #taxexpert #taxreduction #llc
#taxes #taxfreeliving #taxexpert #taxreduction
*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.
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