My view is, before charging to help people calculate their income, I would rather create a tutorial. I'm going to attempt to calculate my taxable income as a case study closer to the end of December when I have a full year calendar 2017. And make a post of it.
I would really like if Steem could make a few simple updates to their wallet (if this already exists I am unaware):
- Add a column for exchange rate to USD and USD equivalent next to each transaction (with functionality for other currencies).
- Add an export to excel function
- Add filters with subtotals so people can filter the types of inflows/outflows by "curation" "author reward" "transfer" etc. Some of this information is wrapped into one column I like it spiked into different columns so that you can manipulate the data in Excel.
- Instead of the date column reading "3 days ago" etc., have the data be the actual date. Actual date is currently a "mouse over".
The USD amount they show in the wallet is largely irrelevant because that includes unrealized gains and losses. The taxable event occurs when the award is received in the form of Steem currencies; when the Steem is cashed out to USD that is a second gain/loss. Perhaps moving from SBD to Steem is a third gain/loss that happens before cashing out.
Although Steem claims no responsibility for our taxes, I'm not entirely sure that Steem as a company is not responsible to file forms to 1099 for US citizens; they very well could be. That is a good post idea I will look into it :) !
SBD is Steem so how can it be a gain loss when SBD isn't really anything more than a variable amount of Steem? The whole thing confuses me.
Hi, moving SBD to Steem is really not a significant step as long as SBD stably tracks to 1 USD, but SBD and pure STEEM are separate assets trading in Bittrex. In other words, if SBD lost stability and became a volatile token, trading from SBD to STEEM could create a more significant gain (or loss). The most two important tax events if SBD-USD FX is stable are (1) receipt of the SBD/SP reward and (2) cashing out to BTC/USD. This is all just my personal view of course.