The IRS ruled that whenever you receive your crypto rewards for staking is the point at which it becomes taxable income for you. jesseahamilton reports
“The fair market value of the validation rewards received is included in the taxpayer's gross income in the taxable year in which the taxpayer gains dominion and control over the validation rewards,” according to the legal analysis, which says that value should be figured as of the moment the U.S. taxpayer gains control of the tokens.
The rule also holds true for investors staking tokens through a crypto exchange, according to the agency, if “the taxpayer receives additional units of cryptocurrency as rewards as a result of the validation.” The IRS legal guidance comes as other federal and state regulators – especially the U.S. Securities and Exchange Commission – have gone after staking services from crypto exchanges as
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