IRS Comments on Tax Implications of Staking
On July 31, 2023, the U.S. Internal Revenue Service (the “IRS”) released an updated ruling on the tax implications of staking cryptocurrencies that operate on the proof-of-stake model.[1] With reference to the IRS’ evolving definitions of cryptocurrency and digital assets, cash-method taxpayers who hold and stake cryptocurrencies such as Ethereum, Cardano, and Solana, may be […]