Morrison Foerster is an international law firm with lawyers practicing throughout the United States, Asia, and Europe. Click to discover more.

mofo_share_image.jpg

Morrison Foerster

favicon.ico

favicon-16x16.png

favicon-32x32.png

apple-touch-icon.png

MoFo Favicons

Terms / Notices

Cookies

Privacy Policy

Attorney Advertising

Secure Login

Alumni

  Facebook

MoFo Facebook

  Linkedin

MoFo LinkedIN

Twitter

MoFo Twitter

YouTube

MoFo Youtube

Morrison Foerster - Footer

You have not solved the recaptcha challenge yet or session expired, try again.

Disclaimer

Unsolicited e-mails and information sent to Morrison & Foerster will not be considered confidential, may be disclosed to others pursuant to our <a href="https://www.mofo.com/about/privacy-policy.html">Privacy Policy</a>, may not receive a response, and do not create an attorney-client relationship with Morrison & Foerster. If you are not already a client of Morrison & Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.

Feedback

mofo-logo-2022.svg

People

Capabilities

Resources

About

Culture

Offices

Careers

Stay Connected

Rebecca Balinskas spoke to Law360 about how a lack of IRS guidance on cryptocurrency "staking," in which a user receives virtual currency in exchange for holding tokens for a period of time, could cause confusion over when to report the currency as being obtained for tax purposes.

Confusion on Crypto "Staking" May Lead to Reporting Woes

About Morrison Forester

people-default-header-desktop.jpg

people-default-header-mobile.jpg

Default Meta Data

Rebecca Balinskas spoke to Law360 about how a lack of IRS guidance on cryptocurrency "staking," in which a user receives virtual currency in exchange for holding tokens for a period of time, could cause confusion over when to report the currency as being obtained for tax purposes.According to Rebecca, receiving staking coin from simply holding cryptocurrency in a wallet may further complicate tax reporting because the coin may be more like dividend interest than miscellaneous income.If a holder is passively involved and just keeps cryptocurrency in a wallet, the staked cryptocurrency may be perceived the same way as money held in a bank in exchange for a bonus, which would look more like a dividend, she said, adding that if a holder is more actively involved in the creation of the coin, however, that may look more like mining and be perceived as ordinary income."This is why IRS guidance would be really helpful," Rebecca said.Read the <a href="https://media2.mofo.com/v3/assets/blt5775cc69c999c255/blt9dd634ca4b9c473d/627321367198441d81b3a8bf/200626-crypto-reporting-woes.pdf" target="_blank">full article</a>.