Question

Crypto Staking however not redeeming earned interest

Forum|Forum|4 years ago
April 7, 2022
1 reply
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Hello, I am staking my cryptocurrency and earn interest on it however I did not redeem the interest that was earn. Would this be something that I would have to report? If so where?

TurboTax Premier Online

M

MinhT1

Staking awards are taxable once the taxpayer "acquires the ability to transfer, sell, exchange, or otherwise dispose of the cryptocurrency."

To report your interest or awards, please read the instructions in this TurboTax Help topic.

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R

rmill123Author

Hi thank you for your reply because I only made 0.3 in DOGE interest equating to 0.03 in USD. The crypto broker I use did not give me a 1040 or 8949, is this ok?

R

RaifH

Yes, it is okay not to report this. While this is generally taxable even if the broker doesn't supply a tax form, it doesn't need to be reported due to the amounts involved. I wouldn't worry about anything that doesn't at least round up to $1.