topic Interest from crypto under $600 in Investors & landlords

Interest from crypto under $600

aship005 — Wed, 02 Feb 2022 18:12:22 GMT

If I am staking my certain crypto's on blockchains, as well as earning interest with others on centralized exchanges, do I have to report the income If the earned income is less than $600 for the year. As an example, I have staked Cardano last year and it's toal earned from each epoch is less than that amount. As well, I earned less than $100 on Blockfi interest accounts. Should all this be treated cumulatively over $600 or separate b/c they are in separate exchanges or chains? Or do I need to record nothing b/c it’s less than the $600 threshold.

Re: Interest from crypto under $600

JohnB5677 — Wed, 02 Feb 2022 18:44:30 GMT

Yes, you should report all of your crypto staking and other interest on your tax return.

Staking will generate passive income. This is similar to getting interest in a checking account.

Staking will be taxed in the year that you receive it (Taxed as USD)
Posted to Wages & Income
Less Common Income
Miscellaneous Income, 1099-A, 1099-C
Income from renting out personal property (not rental real estate or farm rentals)

You can choose to post the cumulatively, or separately. Be sure to maintain all documentation.