The IRS will not tax unsold cryptocurrency tokens, which is a huge relief for cryptocurrency traders and miners.

Crypto staking and mining enthusiasts can finally exhale a sigh of relief, as the IRS has decided not to tax unrealized gains from crypto staking or mining digital assets. This is a huge relief because many crypto supporters have been speaking out against these proposed taxes over the last few months.

Blockworks' Casey Wagner was the first to report on this storey. She claims that a Nashville couple will receive a tax refund for unsold Tezos tokens staked on the blockchain network. This clarifies how cryptocurrencies that have been staked are taxed.

According to people familiar with the situation, the IRS has offered the couple a refund for earned but unredeemed rewards.

According to a legal complaint filed on May 26, 2021, Joshua and Jessica Jerrett requested a refund of $3,293 in income tax paid in 2019 for the receipt of 8,876 Tezos tokens in May 2021 with the US District Court for the Middle District of Tennessee. In addition, the couple requested a $500 increase in tax credits for lost income.

The couple argued in their defence that token rewards obtained through PoS protocols are 'taxpayer-created property.' As a result, they are not subject to taxation until they are sold, according to the IRS code and regulations. According to Blockworks, official court filings will be made public on Thursday, February 3.

The Current State of Crypto Taxation Around the Globe

Despite the fact that cryptocurrencies are traded all around the world, different governments have varied approaches to cryptocurrency taxation. During its recent budget session on February 1, India announced a 30% tax on cryptocurrency. Indian Prime Minister Narendra Modi has also requested that the G20 nations work together to control digital assets and establish a uniform framework.

Following a public outcry, Thailand opted to cancel a 15% capital gains tax on crypto on the same day that India imposed high levies on the cryptocurrency. In addition, according to a recent report, cryptocurrencies will be tax-free in Portugal.

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