Crypto Tax AMA - 2019 Edition (first since new guidance came out)
Hello Steemians! The sun is setting on 2019, and tax season is near!
Do you have a U.S. cryptocurrency tax question? Ask me anything - 2019 Edition. Even if not crypto related, feel free to ask.
Feel free to ask a basic question and I will reply with a basic answer, and a link to any prior articles I may have written on the matter (if related to crypto).
Note: The information obtained through the AMA is not a substitute for consulting a tax advisor. This AMA does not create a client relationship between the author and any reader. This is not specific tax advice, just general guidance with to help the general public understand the basic U.S. tax consequences of crypto investing. By posting a question, you acknowledge these terms and you agree to hold me harmless for any adverse consequence of relying on any response (including responses of other posters). Again, consult your own tax advisor before taking any action.
Love that you are offering this.
That being said. It's been a couple of months since you posted, so just to let you know: Buying votes is going to get you unwanted attention post HF22 in the form of downvotes.
My question: cryptocurrencies such as steem invoke a ton of micropayments, do you need to record every time you get a .001 steem memo, or can you aggregate them?
Thank you for the heads up, it has been a while.
Technically, each 0.001 STEEM transaction is occurring on-chain and needs to be separately valued based on the exact date and time it occurred, so the guidance wouldn't allow aggregating multiple days of activity. See Q&A 26: https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions
My practical approach
By the way, the SteemDB website is pretty useful for extracting data on wallet activity: https://steemdb.com/@joshman/authoring https://steemdb.com/@joshman/transfers
Congratulations @cryptotax! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.