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RE: It's official, cryptocurrency has at least 3 million users! But tax complications threaten to rub out all legitimate use cases

in #cryptocurrency • 8 years ago (edited)

I don't see how Steem Power is a convertible virtual currency, can you send Steem Power to someone else? Is it tradeable? I don't know how that works.

Also from what I read, you cannot declare $20 million in capital loss which is exactly the problem. You can get $20 million in gain but not declare $20 million in losses. Maybe I'm interpreting things wrong, any lawyer want to clarify?

References

  1. https://www.irs.gov/uac/ten-important-facts-about-capital-gains-and-losses
8 years ago in #cryptocurrency by
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     8 years ago  

    Steem Power is convertible to Steem.

    You do DECLARE a $20 million capital loss if that is your NET loss during a year because not only can you apply $1500/$3000 per year against income but any excess will carry over to be used next year. You simply can't get a massive amount of money back from the IRS for it.

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