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RE: Scripts to calculates profits and losses for taxes

in #cryptocurrency4 years ago (edited)

I hope i will have a use for it in the future for sure, as that would mean i have meaningful to declare from crypto income, so thank you for sharing. But since i am just saving up Steem Power i believe i do not need to report it? :)


I tend to agree, SP received and kept as SP should not be taxable, as it's not possible to pay those taxes without liquidating it, which could result in a forced loss. But I cannot give professional tax advice ;-)

How it would be if u get always everything in 100% SP? Because SP can not be consider an asset ... or it can? You can not move it anywhere, no trade it ...

It depends who is looking, in that case they might treat it as securities you are holding. it all depends on a mood of a tax officers and differs from country to country a lot.

Thanks for the answer. Was wondering how it could be with something like SP.

Pd: as far as I know here in Germany cryptos are still not taxeables.

You're wrong with that, sorry. The financial ministry gave out rules how to handle it last year, and it's bad (basically it's all normal income, taxable with your own tax rate)

BTC and other cryptos in Germany are treated as assets and are only taxable when between buy and sell is less than one year and the limit of 600 € is reached. So, cryptos that you buy and hold for at least 1 year a free of taxes.

Except those that earn interest and similar, so that's not valid for steem. Also, earnings need to be taxed the moment you receive the coins.

I thought so, that it becomes taxable only when you convert it to a fiat currency and register it as a capital gain. And i think even tax office can not give a professional advice on this topic in many cases yet :)