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Crypto Staking Rewards Classified as Taxable Income by IRS: What You Need to Know

The IRS has ruled that crypto staking rewards are now taxable in the United States, with the agency categorizing them as gross income. The ruling, outlined in the Revenue Ruling of 2023-14, states that stakers must pay taxes on rewards when they have control over them. This could complicate tax filings for cryptocurrency users who often stake on multiple networks. The IRS has faced legal challenges over its taxation of staked crypto, and is also seeking information on users from the Kraken crypto exchange.

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