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IRS: Frozen Crypto Rewards Taxable Despite Account Lockdowns
2.11.2024
Crypto rewards received before an account freeze are taxable in the year they’re received, even if holders can’t access their funds later, the IRS says. IRS Clarifies Tax Rules for Digital Assets in Locked Accounts The Internal Revenue Service (IRS) issued a memorandum in October, addressing...
Are crypto cashback rewards taxable?
30.5.2024
Unsure if your crypto cashback rewards trigger tax obligations? Learn how to navigate them for stress-free crypto earning
Digital Asset Investors Should Report Crypto Staking Rewards as Taxable Income: IRS
1.8.2023
The US Internal Revenue Service (IRS) has outlined the latest tax guidance that classifies earnings from crypto staking as taxable income.
Per the Revenue Ruling of 2023-14, issued Monday by the IRS, crypto investors must report rewards earned from staking digital assets as gross income, in...
Crypto staking rewards are taxable once received: IRS
1.8.2023
The U.S. tax department will be requiring taxpayers to count staking rewards as gross income at the time they gain "dominion" over the tokens
IRS: Crypto Staking Rewards Taxable Once Investor Gets Hands on Tokens
31.7.2023
A cryptocurrency investor rewarded assets for validation activity on a proof-of-stake network should count the rewards as income in the year the investor gets control of those tokens, according to a ruling issued Monday by the Internal Revenue Service (IRS)
Bitcoin Profits Deemed Taxable by Denmark’s Supreme Court
1.4.2023
Profits from the sale of cryptocurrencies like bitcoin are taxable, according to two rulings by the Supreme Court of Denmark. The verdicts in the cases, which involve crypto purchases and payments as well as income received from bitcoin mining, uphold decisions of lower courts. Denmark’s High Court...
Bitcoin profits are taxable in certain cases, says Denmark's supreme court
30.3.2023
The country's supreme court released two decisions for cases in which different crypto users gained profits from sales of BTC “made for the purpose of speculation” and mining
IRS Considers Treating NFTs as Taxable Collectibles, Raising Concerns for Digital Asset Owners
22.3.2023
NFT holders are on edge following an announcement by the IRS that they're reaching final rules surrounding the taxation of NFT assets.
The central proposal is to treat NFTs in the same way as collectibles such as fine wine, art, or stamps according to the document published by the US Internal...
Buenos Aires to Tax Cryptocurrency Mining in 2023
23.12.2022
The province of Buenos Aires in Argentina will begin taxing cryptocurrency mining and possibly staking, in 2023. A new proposal modifies the tax law to introduce cryptocurrency mining as a taxable activity that will levy 4% on the income calculated via these operations. However, it is still unclear...
Tax expert says buying crypto is not a taxable event
14.3.2022
Purchasing crypto with fiat or any “unrealized appreciation” are not taxable events according to Thomas Shea, an EY crypto tax executive
South Korea financial authority rules that NFTs are taxable
23.11.2021
Korean lawmakers plan to impose taxes on NFTs after classifying them as virtual assets
South Korean Taxman to Be Granted Right to Search Crypto Tax Evaders’ Homes
25.9.2021
oins could be liquidated – and bailiffs could be sent to search their houses.Crypto is not yet taxable in South Korea, but as of January 1, 2022, all crypto profits above USD 2,100 will need to be declared, and traders will be
Authorities Seize USD 5.2m in Crypto from ‘Tax Dodgers’
15.9.2021
tax crackdown on suspected cases of unreported or underreported taxable income by studying customer data they were handed by the nation’s four largest crypto exchanges
South African Tax Body Updates Crypto Tax Guidance, Confusion Persists
2.9.2021
In late August, the South African Revenue Service (SARS) released new guidelines that clarify the correct treatment of taxable crypto events. The new guidance, which was published on the revenue collector’s webpage, explains how cryptocurrency-related income should be disclosed in...
Philippines Tax Agency Targets Axie Infinity Players — ‘It’s Taxable, Subject to Income Tax’
25.8.2021
According to a regional report, the Philippines Bureau of Internal Revenue (BIR) is focusing on the blockchain-powered game Axie Infinity over tax concerns. Finance Undersecretary Antonette Tionko explained to the press that BIR is looking into methods aimed at capturing Axie Infinity players...
IRS Modifies Crypto Question on Tax Form — Now Focusing on Taxable Cryptocurrency Transactions
24.7.2021
The U.S. Internal Revenue Service (IRS) has modified the crypto question asked on the main U.S. tax form. Reducing the scope of the question, the IRS now focuses on taxable cryptocurrency transactions. New Crypto Question on Tax Form 1040 The IRS published a draft Form 1040 for the tax year 2021...
Australian Tax Office to Prompt 400,000 Crypto Holders to Report Their Gains
29.5.2021
Australia’s revenue service has reminded a growing number of crypto investors about their tax obligations. Rejecting the common misconception that crypto gains are only taxable when coins are cashed back into dollars, the tax office is going to prompt hundreds of thousands of taxpayers...
Bitcoin Cash From Hard Fork Is Taxable Income - IRS
12.4.2021
Bitcoin cash (BCH), received after the Bitcoin (BTC) hard fork in 2017, constitutes taxable gross income, according to a memorandum released by the US Internal Revenue Service (IRS).
The IRS claims the document, dated March 22, cannot be cited as precedent, and it was drafted in response to...
Blockchain Bites: Ethereum Classic Attacked, Electrum Wallet Drained and Taxable Microtasks
31.8.2020
Signature Bank gave out dozens more PPP loans to crypto firms than previously known, Ethereum Classic has suffered another 51% attack and a digital yuan wallet went live and disappeared
Crypto Earnings from Microtasks Still Taxable in the US - IRS
31.8.2020
Cryptocurrency is “a substitute for real currency,” and any “convertible virtual currency received is taxable as ordinary income,” a recently published memo from the US Internal Revenue Service (IRS) has declared.
The new clarification by the IRS was made in response to a request for clarification...