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United States crypto investors must report crypto staking rewards as gross income in the year it was received, according to a new ruling from the country’s top tax authority.On July 31, the Internal Revenue Service (IRS) issued Revenue Ruling 2023-14, giving clarification about how income earned from staking digital assets should
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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 Considers Crypto Gains Taxable
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The supreme court of Denmark in a recent judgment ruled that profits obtained from the sale of bitcoin were taxable, with the ruling applying to investors and miners. Investors and miners are to be taxed for gains on BTC sale The ruling which was given on March 30, 2023, involved two cases
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The Justices of the Supreme Court of Denmark have handed down two judgements on whether the sale of Bitcoin under certain circumstances qualifies as a taxable event.In a March 30 notice, Denmark’s Supreme Court said a party who gained profits from selling Bitcoin (BTC) acquired through several purchases and donations
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While many refer to crypto as the “Wild West,” some believe that this may only continue for a little longer.Thomas Shea, crypto tax leader at EY Financial Services, told Cryptox that taxation for crypto is an evolving area and new regulations may be implemented soon. “There is new legislation that
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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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South Korea’s Financial Services Commission, or FSC, announced Tuesday that nonfungible tokens, or NFTs, will be taxed starting next year. According to The Korea Herald, this tax law amendment would impose a 20% tax on income from virtual assets that exceed 2.5 million won ($2,102) as of Jan. 1, 2022. The
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Signature Bank gave out dozens more small business PPP loans to crypto firms than previously known, Ethereum Classic has suffered another 51% attack and a digital yuan wallet went live and disappeared this weekend. You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and
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The U.S. tax department has provided guidance around crypto revenue earned from microtasks via crowdsourcing platforms, and yes, such income is taxable. Source
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