Newly created cryptocurrency tokens cannot be taxed as income because federal income tax laws do not allow people to be taxed just because they create new property, according to a lawsuit.
Joshua and Jessica Jarrett’s complaint, filed Wednesday in the U.S. District Court for the Middle District of Tennessee, calls for a tax refund of only $ 3,793 plus interest. However, the problem could affect a wide variety of cryptocurrency owners if tax authorities step up their cryptocurrency enforcement efforts.
“If the principle is enshrined in law that newly created property is income, who knows …