You are viewing a single comment's thread from:
RE: An Afternoon At the Accountants. Crypto Taxes
I really just think they are making people keep track of so much and do all this paperwork as a deterrent to keep them away from crypto. I mean having to track the USD value of all the STEEM and SBD you earn? That's pretty much impossible. You'd have to manually log the prices every time you claim rewards, but when would they want you to snapshot the value? At the time you were upvoted? When the claim rewards button appeared in your wallet? Or when you actually claimed the rewards?
It really is ridiculous. I've wondered about taxes as a deterrent too. They seem to be making this a lot more difficult then it needs to be. I suppose the community needs to start getting vocal also though, and start nagging our representatives to simplify this.
My accountant said to log the value in USD on claiming rewards, then value when sold to btc in USD, then value btc was sold for. Pretty crazy. I'm going to create a spread sheet over the week just to handle steem transactions I guess.
If logging the value only when claiming it would be really easy to game the system. What if you just never claimed the rewards and just let them sit there and accumulate. If STEEM goes up 500% then you can claim them and not have to pay anything on those 500% gains.
@noremac13 it really is impossible!!! am I going to go to jail for getting it wrong? I am NOT a spreadsheet person...