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?
You'll need to sign in or create an account to connect with an expert.
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.
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?
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Sanctuaryrh
New Member
karlameyer
Level 1
jb_atl
New Member
annie8508
Level 1
taxman2011
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.