Celsius is a cryptocurrency lending company. The primary service offered was a staking service. Users could deposit cryptocurrency into a Celsius wallet and earn a yield on the deposit (similar to a bank offering a term deposit). Celsius also offered…
Category: Staking Cryptocurrency
Unrealised Gains from Staking Rewards – IRS Case
Last week there was hype about an American cryptocurrency tax case. “IRS will not tax unsold staked crypto as income” was the headline of the article. Unfortunately, we cannot make an conclusion this case, and we recommend the status quo…
Earning Staking Rewards – Cryptocurrency Tax Treatment
This article outlines the income tax treatment of cryptocurrency staking income. It includes examples of how cryptocurrency staking rewards are taxed as well as disposing of the underlining crypto. Staking cryptocurrency is becoming more popular with specific providers such as…
Read More Earning Staking Rewards – Cryptocurrency Tax Treatment
Cryptocurrency Purchased to Earn an Income – Part 2
Update (March 2021): We have recently submitted binding rulings with IRD on the position outlined below (further reading here). At this point in time, tax-free capital gains from cryptocurrency are unlikely. A potential tax-free position requires the taxpayer to show…
Read More Cryptocurrency Purchased to Earn an Income – Part 2
Cryptocurrency Purchased to Earn an Income – Part 1
Update (March 2021): We have recently submitted binding rulings with IRD on the position outlined below (further reading here). At this point in time, tax-free capital gains from cryptocurrency are unlikely. A potential tax-free position requires the taxpayer to show…
Read More Cryptocurrency Purchased to Earn an Income – Part 1