How are staking rewards taxed?

Staking rewards may be considered taxable income depending on your individual tax situation.

Tax reporting

If you earn $600 or more in staking rewards during a calendar year, GalaxyOne will issue a Form 1099-MISC reporting those rewards in accordance with applicable tax regulations. The form will be available digitally in your GalaxyOne account by mid-February following the close of the tax year.

If you earn less than $600, a 1099-MISC will not be issued. You may still have tax reporting obligations regardless of whether a form is issued.

GalaxyOne does not provide tax advice. For questions about how staking rewards may affect your taxes, please consult a qualified tax professional.