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Crypto couple tells court the IRS has no right to tax newly mined coinsCoins earned by staking have been “created” and are not taxable until sold according to one couple in the U.S.
A couple investing in crypto have claimed that coins gained by mining or staking are not taxable until sold, in a complaint filed to federal court.
The Tennessee couple are seeking a refund from the Internal Revenue Service (IRS) and filed a complaint with the U.S. District Court for the Middle District of Tennessee on Tuesday, May 25.
Joshua and Jessica Jarrett claim that earnings from staking are not taxable transactions because they constitute the creation of property. They compared this to a baker making a cake or an author writing a novel.
A couple has filed a complaint to a federal court over taxation on tokens that have been created and not sold.