Profit from staking will be taxed in the USA

The rewards that will be received due to the blocking of tokens in Proof-of-Stake blockchains must be entered into the calculation of tax deductions from profits. This is indicated in the draft amendments to the rules established by the IRS — the American Tax Service.

What else does the document say

The rules state that the fair market price of the remuneration received for validation is included in the gross profit of the taxpayer in the corresponding year. The process starts as soon as control over such payments is obtained.

The decision of the tax service was formed immediately after the SEC sent its claims to local cryptocurrency exchanges. They touched upon the legality of staking programs.

Recall that at the end of winter Kraken was able to settle the charges that were brought by the regulator to such services. At the same time, they did not register. The cryptocurrency exchange had to pay a fine in the amount of $ 30 million.

Last month, an American court demanded that the crypto exchange transfer user data to the tax service. The platform must provide all personal information on persons who made transactions in the total amount exceeding 20 thousand dollars per year.

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