Confusion On Crypto 'Staking' May Lead To Reporting Woes
Law360 (June 26, 2020, 1:43 PM EDT) -- A lack of IRS guidance on cryptocurrency "staking," in which a user receives virtual currency in exchange for holding tokens for a period of time, could sow confusion over when to report the currency as being obtained for tax purposes.
While the Internal Revenue Service has issued guidance on virtual currencies, practitioners still have questions about "staking," in which a user locks up tokens or coins as stakes in exchange for the potential to receive new cryptocurrency. (AP) Staking is a less well-known method of obtaining virtual currency than mining, in which computers use vast amounts of processing power to crunch algorithms to...
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