31 July 2023

IRS issues guidance on when to include rewards received through cryptocurrency staking in gross income

In Revenue Ruling 2023-14, the IRS provided that a taxpayer using the cash-method of accounting must include in gross income the fair market value of rewards received through cryptocurrency staking in the year the taxpayer gains dominion and control over the rewards.

Published by NTD’s Tax Technical Knowledge Services group; Andrea Ben-Yosef, legal editor

Document ID: 2023-1339