Last I read, the IRS hadn't considered digital tokens as currency. It was being classified as property. Income and property have two totally different tax implications.
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Last I read, the IRS hadn't considered digital tokens as currency. It was being classified as property. Income and property have two totally different tax implications.
That's correct, but it depends entirely on how you get it.
Crypto you just own or buy is property, subject to capital gains after 1 year, or normal income tax if sold the same year.
Anything that you are paid in as a proxy for income (like, our Apple stock executive example) is taxable as regular income.
Steem earned from posting is a gray area, as there is nobody paying you, and Steem Power has no market value. That's the point of this series - finding out how we can use this to our advantage, legally.