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Some cryptocurrency information that is downloaded may qualify as ordinary income (native or liquid) on the Federal 1040 tax return.
The IRS has ruled that staking rewards only become taxable once the taxpayer "acquires the ability to transfer, sell, exchange, or otherwise dispose of the cryptocurrency."
A capital gain or loss will result from the disposal of cryptocurrency:
- As payment for goods or services received
- In exchange for cash
- In exchange for a different cryptocurrency - If liquid staking has an exchange for a different currency, you would report it as a capital gain.
Cryptocurrency Guide
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