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RE: Tax Liabilities for People Receiving Steem Payouts.
Things are a bit different in Australia, obviously, but I feel like this is universally going to be a grey "try and do the right thing" area for a while, until the tax offices around the world start clarifying their stance on crypto.
I haven't spoken to my accountant yet - I don't really own any crypto except Steem, but my understanding is that in Australia it's still considered an asset, and you don't pay any tax until you sell the asset. I'll definitely be checking that next time I see my accountant, though.
Absolutely. It definitely will be in a grey area. While international taxing authorities could technically audit folks - at least the ones who've submitted identity verification to the exchanges - it would be an enormous effort. And given any government agency, the manpower to do so likely isn't present.
Haha, you definitely should! But if you don't do too much crypto trading, I can't imagine the reportable income would be material. and correct, it's the same way in the states, but what a lot of people have misunderstood, is that selling bitcoin for another alt coin is still considered a taxable event. It's not just when you convert crypto to cash.
Keep us posted to see what your accountant says!
Ooh, that's a really interesting point. Hadn't thought of that!