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How do I report crypto staking rewards
AI accountant’s answer:
When it comes to reporting crypto staking rewards on your tax return, you'll need to report them as income. Here's a general outline of how to do it: 1. Determine the fair market value (FMV) in USD of the staking rewards at the time you received them. Many crypto platforms or exchange services can provide this information. 2. Keep a record of the cryptocurrency you received as a staking reward, the date it was received, and its FMV in USD. 3. Report the FMV of the staking rewards as ordinary income on your tax return. Usually, you'll include this amount on Schedule 1 (Form 1040), Line 8z "Other income" or in some cases, Schedule C (Form 1040) if you're engaged in a trade or business related to cryptocurrencies. 4. If you eventually sell or exchange the cryptocurrency that you received as a staking reward, you'll need to report a capital gain or loss on your tax return. Your basis in the staked cryptocurrency will be its FMV at the time you received it. Keep in mind that this is a general overview, and your specific situation may vary. It's important to maintain accurate records and consult a tax professional if you have any questions regarding your unique tax situation.
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Michael Eaton, CPA
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Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

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File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

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Ask an AI Accountant

A free tool by

Question
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AI accountant’s answer:

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Comment from reviewer
This is some text inside of a div block.

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Not Correct.
Icon check
Looks good

Keeper’s AI Accountant

This AI accountant is powered by GPT-4, but has up-to-date knowledge of tax law. It’s been trained on federal and state tax updates for 2023. With credentialed tax professionals fact-checking its responses, it applies IRS rules to real-world situations.

Find write-offs.
File taxes.

Keeper helps independent contractors and freelancers discover tax deductions and file taxes.

Get started