In May 2021, Joshua and Jessica Jarret requested from the IRS (Internal Revenue Service) of the United States a refund of $ 3,293 in income tax paid in 2019.

The couple filed a lawsuit in U.S. District Court for Tennessee Central District.

They acquired 8,876 Tezos shares through shares and claimed in court that any land acquired through share certification should be considered "new property" created by the taxpayer.

The pair argued that Tozen-acquired tokens should not be taxed until sold or exchanged, the

brand

reports .

The IRS has agreed to refund taxes to the couple on rewards earned from Tezo trading.

The precedent opens the debate on the definition and taxation of cryptocurrency assets.

IRS Forms 1040

IRS Form 1040 verifies whether taxpayers "have received, sold, exchanged, or otherwise disposed of any financial interest in any virtual currency over the past year."

The IRS is trying to switch to cryptocurrencies.

However, there is still confusion about the conditions and how they can tax them, Telegrafi reports.

Earlier, the IRS defined virtual currency transactions as those involving "the acquisition of new virtual currency as a result of mining and stock activities".

The IRS definition goes against the latter case in which they offered a solution.

Holders of cryptocurrencies have many doubts about the new IRS policy and how it would affect their profits.

It is unclear whether the IRS plans to update their official cryptocurrency guidelines.

However, crypto owners can start a new positive movement.

According to Crypto & Blockchain journalist Kamran Rosen, "sources close to the case say the couple (Joshua and Jessica Jarret) plan to pursue the case further in court for long-term protection.

This would undoubtedly set a national precedent for growing uptake.

industry, is currently estimated at about $ 18 billion. ”

"With half of all Bitcoin owners filing tax on their cryptocurrencies for the first time this year, the decision is likely to be one of the most closely followed of the 2021 tax filing season," Rosen said.

/ Telegraphy /

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