Question about tax implications for staking or interesting from lending

Hey Pub!

Hope all is well with you! I was wondering if anyone thought about how staking or interest gained from platforms like blockfi, celcius, stablecoin lending would affect your taxes.

For example Icon (ICX) staking rewards. How do you even report that and all the times you receive them. All these gains, and I wouldn’t want any trouble.

Thanks in advance,
Elo

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Bump and Happy Friday!

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In terms of staking, I believe it’s taxed similar to income (I deduced this from how mining via proof of stake is taxed). I’m currently identifying the income when I collect the stake (usually done monthly).

Regarding interest, I don’t know how you’d pay taxes on this. Maybe it’s paid like taxes on a savings account??

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yeah some insight or clarification on this would help! With all this staking is coming out, it would be great to be on the safe side

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