Cryptocurrency is challenging enough and surmounted with little tax guidance, outdated software and misconceptions, getting rekt is the last thing you want to encounter,thebitcoincpa explains for TaxWeek, presented by TurboTax:
of $100,000. The BBB project is offering 110% staking rewards for the first year with reduced percentages thereafter. Of course, Bob jumps on those delicious returns and stakes his entire 80,000 BBB to fatten his bags.For simplicity’s sake, let’s assume Bob is in the 37% federal tax bracket and a state with 3% tax for a 40% total tax.
He finally consulted with a certified public accountant , realized he's getting tax-rekt and decided to cut his losses, unstake and sell. Bob freaks out when he goes to unstake on Dec. 9, 2021, and discovers a 30-day unbonding period.
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