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Level 1
posted Apr 6, 2022 10:40:49 PM

Crypto Staking however not redeeming earned interest

Hello, I am staking my cryptocurrency and earn interest on it however I did not redeem the interest that was earn. Would this be something that I would have to report? If so where? 

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3 Replies
Expert Alumni
Apr 7, 2022 4:46:03 AM

Staking awards are taxable once the taxpayer "acquires the ability to transfer, sell, exchange, or otherwise dispose of the cryptocurrency."

 

To report your interest or awards, please read the instructions in this TurboTax Help topic.

Level 1
Apr 7, 2022 10:25:10 AM

Hi thank you for your reply because I only made 0.3 in DOGE interest equating to 0.03 in USD. The crypto broker I use did not give me a 1040 or 8949, is this ok? 

Expert Alumni
Apr 7, 2022 11:00:48 AM

Yes, it is okay not to report this. While this is generally taxable even if the broker doesn't supply a tax form, it doesn't need to be reported due to the amounts involved. I wouldn't worry about anything that doesn't at least round up to $1.