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RE: I'm trying to wrap my head around paying taxes for Steem profits. #Coding #Python
Do your parents do your taxes while you live there? I believe the tax-eligible age is at 16. I haven't checked it out, but recall it was so when I was younger.
No they don't, it's just that I don't need to cash out any of my crypto for a while because I don't need money to support my living. And I'm on my civil service so the day and food money I get from it doesn't get taxed.
You may not have realized it, but Steem rewards are pretty much considered income at this point, just like Bitcoin mining rewards. To the taxman it's a cryptocurrency, so they will apply their Bitcoin rules to Steem, and decide that since you get crypto for writing on a web service, it is a wage. I think you may argue it's all donations instead and only taxable as capital, but I doubt they will see it that way, after all you "worked" for it.
That's good to know.
What does tax eligible even mean? Fourteen-year-olds and older are allowed to work during school holidays and weekends here. Surely, their taxes are personal. Additionally, it is not very rare for even small children to receive inheritance and have assets to their name and thus be liable to pay taxes. It is a different matter who is entitled to handle their money affairs on their behalf.
Yes, I should have added a disclaimer: "I may be wrong." ;)
I'm sorry if that comment sounded rude.
It's okay, no offence taken. :)