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Financial Impact of New Crypto Tax Law on Staking/Mining Earnings
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Financial statements and tax filings of companies involved in crypto
Story
U.S. Bill Introduced to Clarify Taxation of Crypto Staking, Mining Rewards
May 1, 2024, 03:02 PM
U.S. Representatives Drew Ferguson and Wiley Nickel have introduced a bill aimed at clarifying tax laws concerning digital assets, specifically targeting the taxation of staking and mining rewards. The proposed legislation, supported by advocacy groups like TeamPOSA and Coin Center, seeks to treat these rewards as 'created property,' which would not be taxable until they are sold. This approach aims to reflect the economic reality of digital asset acquisition through processes like mining and staking, where rewards are generated by maintaining open-source software. The bill stipulates that these rewards, including gas fees and those earned through delegated staking, would be treated as capital gains upon sale.
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