Taxes.. Last year I didn't report staking rewards as income

Question

Taxes.. Last year I didn't report staking rewards as income

after the Tezos court case, but it seems like most tax "experts" are still recommending reporting them as ordinary income upon receipt until the IRS gives guidelines.. The problem with Flexa is I earn rewards 96 times a day at different prices which makes my cost basis impossible to report accurately. Not reporting could mean being subject to both income taxes + capital gains on staking rewards in the future..

has anyone here reported them as income before?

#amp #cryptocurrency #english

0

11.02.2023

2 ответов

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HalfAGlass

n₳kism NF₳
Staking rewards are not taxable unless you realize...

IRS changed that guidance. Actually it may have never changed, but they stated differently in some official publications. the wording they used was they are taxable upon RECEIPT. Now some tax pros are saying receipt means when granted and some are saying when withdrawn from the staking product. Also not tax advise. I will get the pictures of the IRS docs and people can interpret as they wish. I personally am using the Dec 31 price on all rewards received for the year as the other income and that will be the basis used when I sell them.

0

11.02.2023

n₳kism NF₳ · Accepted Answer

n₳kism NF₳

Staking rewards are not taxable unless you realize them by selling. Not Tax Advice. I am not a CPA.

0

11.02.2023

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Taxes.. Last year I didn't report staking rewards as income

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