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If we instead consider staking rewards to be payment for services, we will look at §61(a)(1), which says that compensation for services is included in gross income. Generally speaking, compensation for services is paid in cash (i.e. a paycheck). However, staking rewards are paid in crypto. No matter, §83(a) tells
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sponsored Looking to kick start a crypto journey? It’s never too late to sign up for a Bybit account to join a global community of traders. Not only does ByBit offer beginner-friendly products and services, but a person can also earn up to $20 worth of BTC when they register
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The IRS’s recent decision to refund $3,000 to a Nashville couple does not protect staking rewards from future taxation. Source
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Everyone might be a genius during a bull market, but the real stars begin to shine when the waters get choppy. The same can be said for crypto projects and developers and once the pump is over, it's easier for investors to separate the pump and dump projects from those
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In 2019, Joshua Jarrett paid income tax on 8,876 Tezos tokens he earned through staking. In 2020, Jarret asked the IRS to return the taxes he paid, arguing that the tokens were not income, but rather “created property.” The IRS currently treats digital assets as property for tax purposes, but
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A Nashville couple’s lawsuit over taxes they paid on unclaimed and unsold Tezos staking rewards is coming to an end with the Internal Revenue Service (IRS) agreeing to issue them a refund.The decision may set a precedent for future guidance on how crypto rewards earned through staking are taxed. At
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StackOS, the decentralized cloud computing protocol, recently announced its visionary node program which is truly unlike any other. The unstoppable cross-chain cloud computing protocol that allows users to deploy full-stack applications, decentralized apps (dApps), blockchain privatenets, and mainnet nodes, found a way to combine two of the hottest crypto topics:
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A groundbreaking five-year study into whether crypto token incentives can improve health outcomes for patients with HIV/AIDS will be launched in Kenya by the end of the year.On Nov 1, the blockchain-powered healthcare ecosystem Immunify.Life and the Masinde Muliro University of Science and Technology (MMUST) announced they had secured the
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Grubhub, an American online food delivery platform, has come up with an exciting new way to engage its users. The company has partnered with Bitcoin rewards company Lolli to allow its users to earn Bitcoin (BTC) on every order. Integrating crypto into a simple routine activity – like ordering food online,
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The crypto space is becoming more and more interoperable, developers in search of great adoption and success will need to embrace this trend. Amongst the ruling blockchains, Polkadot and its unique approach to governance and interoperability are quickly becoming the hub for the projects that could usher the future of
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