The IRS Won’t Tax Crypto Staking?

“Groundbreaking ruling,” revealed… February 07, 2022 [UNSUBSCRIBE]( | [WEBSITE]( [Altucher Confidential] If there’s anything you’ve missed as part of your membership to Altucher Confidential, make sure you check out our website where you can find archives, updates, and everything else that's included in your subscription. You can access it by [clicking here now](. “Ultimately, the tax pros I spoke to said to take the conservative approach. And wait for the IRS to provide official guidance.” [HERO IMAGE] The IRS Won’t Tax Crypto Staking? By Chris Campbell Attention! Before You Read Any Further… [Read more here...]( Hey, it’s James. Before you read any further in today’s issue, an urgent situation needs your immediate attention. If you don’t plan on claiming this upgrade to your Altucher’s Investment Network subscription, you’re missing out on a huge opportunity. Right now is your chance to grab one of the biggest (and most valuable) upgrades our company has ever made to a newsletter. I’m taking Altucher’s Investment Network to an entirely new level and I’d hate to see you left behind. [To see how to claim your upgrade, just click here now.]( “The IRS Won’t Tax Crypto Staking Rewards” That was the headline of an article I saw last weekend. Something like that. It wasn’t the first article I’d seen like it. All of the articles had to do with a recent “groundbreaking ruling.” After seeking out a couple of tax professionals, here’s what I learned: They’re Wrong These articles are either clickbait or wrong. (Or both.) The story is this: Josh Jarrett sued the IRS regarding his 2019 return, requesting a refund of income tax paid on his crypto staking rewards. “Staking,” by the way, is when you earn rewards for holding certain cryptocurrencies. The IRS requires U.S. citizens to report if they’ve received money from staking or mining. But… the IRS hasn’t come out with clear guidelines on whether you should report that as income or defer your taxes until you sell, thus paying capital gains taxes. In December 2021, Jarett received a response from the IRS. Jarrett was granted a refund on the tax paid on his staking rewards. But then Jarett did the unexpected… [Urgent for February 10th 2022] The Biggest Market Crash of the last 92 Years? [Click here for more...]( 10th could mark the beginning of the biggest market crash of the last 92 years… Bigger than 2008, 1987, or even 1929. And according to one ex-government insider it all has to do with a number the Biden administration is lying about. Once this number hits the mainstream news it’s game over for America. [Click here now for the details.]( He Said No He refused the refund. Instead, he requested an official ruling on this issue from the IRS. Why? Because an official ruling would set precedent for other taxpayers. Upon writing, the trial is set for March 7, 2023. [IMG 1] What does this mean for you? Not much. Jarrett was successful in his challenge. It might mean that others could have similar success. But it doesn’t mean your staking rewards aren’t taxable as income. Jarrett’s refund, offered without any explanation, doesn’t set precedent for anyone else. According to [a tax specialist who specializes in crypto]( “The trial is currently being held in the US district court middle district of TN Nashville division, meaning that any legal decisions on this matter will apply only to other taxpayers in that district.” Ultimately, the tax pros suggest taking the conservative approach: Include your staking rewards as income in the year you receive them… And wait for the IRS to provide official guidance. We’re not tax experts. But James and I have been studying the crypto space for about 10 years each. If you want to learn more about staking — and how to earn potentially incredible returns in DeFi — we’re working something up for our Early Stage Crypto (ESC) subscribers. [Click here to see if ESC is right for you.]( Until tomorrow, [Chris Campbell] Chris Campbell For Altucher Confidential Gilder: “This Reboot Could Make You Rich” [Click here for more...]( [wealth revolution]( is coming. And it could make you very… very… rich. That’s the latest forecast from the man they call “America’s #1 futurist”… “Wall Street’s most influential technology trader”… and “a true American genius.” How so? “We’re headed for a potential $16.8 trillion reboot,” he says. “Nobody will remain untouched. 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