Wednesday, January 5, 2022

[US] -- Taxes -- Cro rewards, reimbursements, defi, etc

Sorry if this has been answered elsewhere.

Are Cro rewards for staking, purchases, reimbursements (like spotify) etc -- is this considered income? As I've gathered elsewhere, staking and defi token rewards are generally considered income, like mining. Further, if I use crypto for purchases, say Bitcoin for example, every time that spurs a taxable event? This seems like a huge impossible hurdle to using this card for anything.

This may be a very harsh interpretation of this, but as far as I can see it's pretty grim. I hope I'm wrong.


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