🧠 Impact for Binance Staking (US)

✨ If staking on Binance.US: ✔ Staking rewards are considered income & reported to the IRS (Form 1099-MISC)

✔ You must include it on Form 1040 Schedule 1 (Other Income)

✔ If the token is then sold → there are capital gains again.

🚨 Common issues discussed by the community:

This policy causes what is referred to as 'double taxation' — users receive rewards → taxed on income, then face capital gains tax when selling later. This is currently being reviewed by several US legislators.

#Ripple #XPR #Binance #Wallet

$XRP

XRPUSDT

Perp

2.1613

-4.21%