Oral arguments began on July 26 for an appeals case on a complaint a Tennessee couple filed against the United States Internal Revenue Service (IRS) on calculating their taxes based on earnings from staking tokens.
Joshua and Jessica Jarrett received a refund check from the IRS in 2021 after filing a lawsuit arguing the IRS had no right to tax income or profit from staked Tezos (XTZ), as the tokens were “created” and not sold. The couple originally reported the staked crypto as “other income” on their 2019 tax returns, resulting in a payment from them of $9,407. Later, they requested a partial refund as well as a tax credit from the IRS based on their income.
Following the initial complaint, the IRS paid the Jarretts a roughly $4,000 refund, resulting in the case ending in September 2022. However, they refused to accept the check, which has since expired. The pair filed an appeal in November 2022, aimed at obtaining a ruling that would protect them from similar actions by the IRS in filing future returns.
Are you up-to-date on your cryptocurrency tax filings? Learn about the regulations and requirements in the , , and with our informative guide. https://t.co/DovIimtcyV
— Cointelegraph (@Cointelegraph) July 18, 2023
Related: IRS reminds taxpayers of crypto income reporting ahead of 2022 filing
In the first oral arguments heard on July 26, Chief Judge Jeffrey Sutton of the U.S. Court of Appeal
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Author: Turner Wright
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