Posts Tagged: Cryptocurrency

Cryptocurrency Staking Rewards are Still Taxable

On Feb. 2, the IRS conceded a lawsuit filed by Joshua and Jessica Jarrett concerning the taxability of staking rewards for cryptocurrencies. This decision was initially greeted as a victory by the crypto-community, but it appears closer to a stalemate now that the dust has settled.

The case began in 2019 when the Jarretts paid close to $3,200 in income tax on new tokens they created through staking. Believing that their tokens should only be taxed when they are sold, the Jarretts filed for a refund of the $3,200 in August 2020. The IRS originally ignored the claim, resulting in the couple taking the matter to a federal court.

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