Thanks, HankR1, for the answer. I checked the link you provided, and it says this: "You treat staking income the same as you do mining income: counted as fair market value at the time you earn the income and subject to income and possibly self-employment taxes."
I'm a little confused on how to report the specifics on staking. Let's make-up a crytpo called ABC. I have 50 ABC's. I stake it starting 3/2023. By 12/31/23 I have 55 ABC's. I get that the 5 ABC's is "interest", but how do I calculate the US dollar amount? Is it 5 X the value of ABC on 12/31/23? What value do I use?
And this would be taxed at ordinary income, correct? TY!
