<ul><li>The US Internal Revenue Service (IRS) has reiterated its stance that staking rewards are taxable income upon receipt, rejecting claims that they should be treated as new property and taxed only upon sale.</li><li>The IRS claims that staking rewards must be reported as income based on their fair market value at the time the taxpayer gains the ability to sell or otherwise dispose of them.</li><li>The agency cited Revenue Ruling 2023-14 as the foundation for its position, stating that staking rewards should be reported as income at their fair market value.</li><li>This clarification comes amidst a legal challenge from Joshua and Jessica Jarrett, who argue that staking rewards should not be taxed until they are sold or exchanged.</li></ul>

IRS Reaffirms Staking Rewards Are Taxable, Says They Are Not New Property

Discover more