IRS Guidance Declares That Taxpayers Must Include Staking Rewards in Gross Income

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On July 31, 2023, the Internal Revenue Service (IRS) released Revenue Ruling 2023-14, which concludes that the fair market value of staking rewards received by a cash-method taxpayer is includible in the taxpayer’s gross income for the tax year in which the taxpayer gains “dominion and control” over the staking rewards. In this article, we explore several tax considerations for taxpayers who are engaged in cryptocurrency staking activities….
By: McDermott Will & Emery
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