RE: Proposed Update to Law in the USA Targets Travelers Who Use Crypto Currencies.
This also means that we will have plenty of earnings on Steemit. I recommend you talk to a tax professional about how to handle the profits you earn on Steemit. Since the Steem blockchain is public and your holdings are available for the world to see it would be wise to declare them. This only applies to my fellow Americans.
How are you doing this Randy?
Declaring Steem/SP as income based on the dollar value at the time it was transferred into your account?
Or declaring Steem converted to USD as income at the time of conversion?
I have absolutely no idea how I would go about figuring out the former, but I have been thinking a lot about this lately. I don't mind paying taxes and I definitely wish to do what is right, but I suspect HR Block isn't going to be of much help ;)
We should do lunch or coffee next time you are in the city. If interested hit me up on steemit.chat
My guess is that the tax professional would take the value based on the last day of the tax year but I may be wrong. So many issues come up especially once we powerdown or take our SBD off platform. For sure let's get together soon.