Staking and Taxes

Cryptocurrency News and Public Mining Pools

Staking and Taxes

Currently the IRS treats staking rewards as capital gains every time you receive them. This means for every time you get a staking reward (Coinbase does daily for ALGO) then you get taxed for that reward.

This seems ridiculous since when you sell corn you get taxed after you sell it, not when you’re growing it and harvesting it. Isn’t it suppose to be treated relatively similar by the tax standards?

I may be completely confused about this issue, but when Ethereum becomes PoS I believe a lot of litigation will need to happen for crypto and taxes.

submitted by /u/lightrover21
[link] [comments]