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RE: An Afternoon At the Accountants. Crypto Taxes
I talked to the accountant about that. He suggested entering all STEEM and SDB trades into a separate spread sheet. Apparently, in the US I need the USD value at the time I accept payment, If there is a profit or loss when I transfer to exchange is another taxable event, then if there is a profit or loss when I cash out the BTC earned is another taxable event. What a nightmare! Anyway, I did claim my Steem earnings, but they will get their own ledger as of this year. Apparently I'm going to have to freshen up on my LibreOffice Calc skills and create a spreadsheet for this.
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...
@the-bitcoin-dood that is so complicated..... I literally am going to cry. Or to jail for doing it wrong. I haven't been keeping track of that stuff!! That makes no sense anyway...it only makes sense to me to be taxed once we trade into fiat. Because, what if it was higher at the time of payment but now it's lower? then we actually lost....