Crypto holders in the US might no longer pay income tax on their unsold, staked tokens following a major precedent set by a Nashville couple.
The United States Internal Revenue Service could stop taxing digital assets obtained through staking. The agency added that it will refund the tax paid by a Nashville couple on tokens they had earned via staking on the Tezos network.on Thursday, the IRS noted that it will refund the $3,293 in income tax and statutory interest the couple paid on their staked 8,876 Tezos tokens.with the U.S. District Court for the Middle District of Tennessee.
In the court filing, the Jaretts noted that tokens obtained through proof-of-stake protocols should be considered “new property” created by the taxpayer, not as income. Therefore, this new property should not be taxed until it is sold or exchanged for a “readily accessible form of wealth.
However, according to confidential sources familiar with the matter, the Jaretts intend to pursue the case further in court to enable them to obtain long-term protection.This move by the couple might set a precedent for anyone who wishes to profit from the rapidly growing cryptocurrency staking industry, which is currently estimated to be worth over $18 billion.
Still on the topic of crypto taxes, the Indian government could soon drop earlier plans to ban digital currencies in the country. Instead, the nation’s authorities moved to provide
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTX Enters Japanese Crypto Market With Acquisition of Regulated Crypto Exchange – Exchanges Bitcoin NewsFTX and Liquid “expect to work together to provide products and liquidity to clients in the Japanese and global markets.” crypto cryptocurrency bitcoin $BTC
Read more »
U.S. Senator Toomey admits crypto is ‘here to stay’ and a ‘diversified portfolio should have some’The subject of whether or not members of congress should trade or purchase cryptocurrency or other financial assets has received... Continue reading
Read more »
US asks UN to meet on North Korea missile that can reach USThe United States is calling for the U.N. Security Council to meet Thursday on North Korea’s most recent test of an intermediate-range ballistic missile capable of reaching Guam.
Read more »
Billionaire Saylor's MicroStrategy Bought $25 Million In Bitcoin During Last Month's $500 Billion Crypto Market CrashMicroStrategy, which owns more bitcoin than any other corporation in the world, disclosed it purchased approximately 660 bitcoins for about $25 million in cash between December 30 and January 31
Read more »
India Confirms 'It's Not Illegal to Buy or Sell Crypto' — Government Will Consult Widely on Crypto Regulation – Regulation Bitcoin News“They are in a gray area. They are not illegal. It’s not illegal to buy or sell crypto assets in India,” said India’s finance secretary. cryptocurrency bitcoin $BTC
Read more »