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RE: Crypto Tax AMA - 2019 Edition (first since new guidance came out)

in #bitcoin • 5 years ago

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?

5 years ago in #bitcoin by
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     5 years ago 

    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

    • 0.001 BTC is worth tracking.
    • 0.001 STEEM or EOS etc. (insert other currency with low value) will likely have a zero US dollar value. For example, curation income of 0.001 STEEM would be $0 taxable revenue, and the cost basis in that 0.001 STEEM is zero. Although it's not worth tracking for me especially with all the EOSIO spam transactions I receive, I wouldn't go out of my way to remove it if it's getting scooped into an excel look-up or crypto calculating software.

    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

    $0.11
    • Past Payouts $0.11, 0.00 TRX
    • - Author $0.06, 0.00 TRX
    • - Curators $0.06, 0.00 TRX
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