The U.S. Internal Revenue Service (IRS) has issued a decree stating that American citizens drawing income from cryptocurrency staking services must categorize the value of those digital assets as gross income, the moment they officially take possession of the staking reward.
IRS Clarifies Cryptocurrency Staking Income, Leaves Questions Unanswered
Under fresh tax directives from the IRS, staking rewards in cryptocurrency become taxable income within the United States immediately upon their acquisition by the taxpayer. The instant an owner is granted units of digital assets as incentives for validation, the fair market value of these rewards is to be incorporated into the taxpayer’s gross income during the taxable year in which the individual secures the staking rewards.
“The fair market value is determined as of the date and time the taxpayer gains dominion and control over the validation rewards,” the IRS discloses. The revenue directive was penned by Alina Lewandowski of the Off
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