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On July 31, the Internal Revenue Service (IRS) released new guidelines explaining how they will tax cryptocurrency staking rewards.The Internal Revenue Service (IRS) issued <a href="https://www.irs.gov/pub/irs-drop/rr-23-14.pdf" rel="noopener noreferrer nofollow">new guidelines on July 31</a> regarding the taxation of cryptocurrency staking rewards.According to the new rules, taxpayers who participate in staking on proof-of-stake blockchains and earn additional cryptocurrency as rewards must include the value of these rewards in their gross income in the same taxable year they receive them.This rule applies specifically to cash-method taxpayers. It states that the value to be reported is the fair market value of the cryptocurrency at the time when the taxpayer gains “dominion and control” over the rewards. <a href="https://cryptosheadlines.com/irs-clarifies-crypto-staking-rules/" rel="noopener noreferrer nofollow">Read More...</a>Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a> and <a href="https://www.threads.net/&#64;cryptosheadlines" rel="noopener noreferrer nofollow">Threads App</a>

IRS Clarifies Crypto Staking Rules

CryptosHeadlines.com

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