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COINTURK NEWS > Altcoin News > Josh and Jessica Jarrett Challenge IRS Taxation on Staked XTZ Tokens
Altcoin NewsCryptocurrency Law

Josh and Jessica Jarrett Challenge IRS Taxation on Staked XTZ Tokens

In Brief

  • Josh and Jessica Jarrett filed a lawsuit against the IRS over staked XTZ tokens.

  • They argue these tokens should only be taxed when sold, not upon creation.

  • The outcome could influence cryptocurrency taxation policies for many holders.

Ömer Ergin
Ömer Ergin 8 months ago
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Josh Jarrett, the founder of Tezos, and his wife Jessica Jarrett have filed a renewed lawsuit against the IRS in the Tennessee Federal Court concerning the taxation of staked XTZ tokens. The Jarretts argue that newly created tokens obtained through staking should only be taxed upon sale, asserting that these assets should not be subject to taxation until they are sold.

Contents
Details of the LawsuitSupport from Coin Center

Details of the Lawsuit

The couple previously sued the IRS in 2021 on similar grounds, seeking a refund for taxes paid on staked XTZ tokens. This earlier lawsuit was settled with a $4,000 offer that the Jarretts rejected.

Support from Coin Center

The case is deemed significant for the future of cryptocurrencies and decentralized technologies. Coin Center has noted that the taxation issue for proof of stake applies universally.

This time, the Jarretts aim not only to address staked tokens but also to permanently stop the IRS from classifying newly created cryptocurrency assets as income.

Coin Center emphasizes that this legal battle will have widespread implications for the cryptocurrency community. While discussions continue regarding how the IRS classifies and taxes crypto assets, the Jarretts’ legal process seeks to reduce uncertainties in this area.

The outcome of this case could impact all cryptocurrency holders engaged in staking and influence the relationship between the IRS and the crypto community.

In conclusion, the Jarretts’ case may significantly affect cryptocurrency taxation policies and could serve as a precedent for other crypto investors facing similar situations.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 12 October, 2024 - 4:32 pm 12 October, 2024 - 4:32 pm
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