As users start to earn more money from using Steemit - it is going to draw the attention of the IRS. The IRS has already said they are targeting crypto-currencies.
A small enhancement to Steemit could make it a lot easier for Steemit users to avoid IRS trouble.
At the moment it is difficult to see how much SBD and SP you earned.
Just add to the wallet the amount of SBD and SP earned during the past calendar years to the Wallet and the average USD$ exchange rate for that year. You could also add year to date figures for motivation.
I know other countries have different tax years - so maybe you need to add tax year dates to settings so it will your for other countries as well.
Steemit users will thank you if you help us get in front of this problem.
It would also be good marketing for Steemit. It would:
- show they are a responsible part of the community
- let new users easily see how much can be earned in USD$ and grow the userbase.
FYI, calculating income tax:
https://steemit.com/cryptocurrency/@robvann/income-tax-solution-for-cryptocurrency
Sounds good for exchanges where you are trading one crypto for another.
But with Steemit you "earn" SBD and SP for content and curating.
Does it work with Steemit?
Hmmm, Yes it recognizes SBD, but I have not used a particular exchange with it yet.
But the SBD and SP you are awarded on Steemit do not pass through an exchange. So I do not understand how it would work.