Staking Rewards Reporting: Don’t Stress Tax Season
Participating in the new wave of finance does not exempt you from the rules of the traditional systems. We get that.
Jurisdictions such as the United States mandate that income reports are based upon the day that income is earned. However, many proof of stake blockchains don’t record every transfer in the public ledger. This puts staking participants in a difficult position: how can I accurately report my staking rewards income if it’s not recorded on the blockchain?
Income reporting has been a priority from the start
Each of our dedicated network pages includes a simple interface for generating your income report:
We’re also developing rewards tracking for Kusama (Polkadot) and Livepeer. And there’s more.
Open System for Staking Rewards Reporting
Thanks to support from the Interchain Foundation, we’re now building an open system for staking rewards reporting that will generate income reports for every account on Cosmos Hub 1 and Cosmos Hub 2. We’re also building a system for Cosmos Hub 3.
We’re using the knowledge we gained from building our internal rewards reporting tools to build this new system. Everything will be open sourced, there will be a CLI, and we will be publishing the data so that it can be retrieved by end-users.
Tax season is upon us — when will Figment’s open reporting tool go live?
At the end of Q1 2020, just in time to file!
Already delegating? Access your staking rewards reports for:
Originally published at https://figment.network.