MultiversX Tracker is Live!

Reporting staking rewards when no other transactions in 2023

All Cryptocurrencies

by COINS NEWS 82 Views

Any thoughts on whether or not I will need to report about USD $90 in crypto staking rewards for 2023 taxes? Per Coinbase, I did not receive a 1099 form since the amount was less than $600. Also, if I do need to report the $90, is it done as a single transaction or split across the 3 tokens that I have staked? Staking is something that I started in early 2023 and therefore I am not familiar with how things work from a tax perspective. I have not "unstaked" the assets and presume that the staking rewards just get added to my account for the respective coins that are staked. Further, I have not withdrawn any funds from my account during 2023, nor have I traded any coins for other coins.

If this topic has already been addressed, then please forgive me for this posting and point me in the right direction. Just looking for suggestions from the community on where I can get some definitive answers about this.

Thanks!

submitted by /u/Ribbit765
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments