As the earnings in Steemit become significant, I think that there should be some official tool to help users with their tax audits. For the least, that would be a site, that will provide the full history of daily payments with the average value of Steem and SBD in USD at each day.
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If I understand correctly, you are looking for some way to easily determine your "basis"? This is such a new area when it comes to taxes, we'll likely have to treat it all as an asset with a basis of zero. Unless you actually bought STEEM or STEEM POWER with BTC.
Agreed, some form of reporting (possibly separate module) that goes a bit farther than the Transaction list you see under your Wallet.
Well Since my understanding of accounting is embarrassingly flawed, I’m not sure I will explain that exactly right but let me try: In countries where cryptos are not fully regulated yet, they are considered an asset, not a currency, so payments in crypto are actually barter trades. Thus, if you have income in crypto and the value of the crypto increases all the time, you have to be able to separate the “income” part from the “value change earnings” part. Hence what I am asking for, which will provide the raw data for doing that.
You could do that externally i think. May be better that way. But good idea, hopefully we wont need to be taxed on it. Its moving that way right now. Plus the tax laws are so complicated concerning this and it is changing often.
Yes it's a big mess right now, especially since every country has its on rules. However, no matter what, we still need the numbers first. I think that it is Steemit's responsibility to provide the data to us.
I'm with you, I've heard we don't pay taxes until we cash out, but I'm still confused about which part of our Steem wallet is income and which part is an investment. I'm trying to keep everything in Steem Power as long as I can
Keeping everything in SP is a good strategy, but I don't think any tax authority will agree that it makes any difference
great idea. It would be useful to us and for the future member and to the Government too :)
I don't like to pay taxes more than anyone, but when I have earnings, I want them to be legit.
Or the gov't can just F off and stop meddling in every...single.... area of our lives.
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Good input today!
Hope to see you later tonite and this weekend around the
#SteemitCampfire
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for some fun.
My post is up also on our Facebook Wallets you will really like!!!
Eventually, but not today