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RE: Tax Liabilities for People Receiving Steem Payouts.
Beautiful writing
But does the blochchain persist in paying taxes or just charging the transfer fee?
Beautiful writing
But does the blochchain persist in paying taxes or just charging the transfer fee?
Not 100% sure on what you mean by "blockchain persist in paying taxes", but I want to assume you mean does the blockchain aid in paying taxes/ have a mechanism in place for calculating your tax liability. If so, the answer is no :(
Currently, accounting for crypto taxes is a fairly complicated matter and while there are services like bitcoin.tax that will import your trades from various exchanges to compute your tax liability for you, it's not perfect. These are new waters we're sailing here with crypto taxes because people have been avoiding them for the better part of a decade. I'm sure the IRS will come out with some more authoritative language on how they want cryptos to be settled, or perhaps they'll just expect everyone to adopt current code and apply it to crypto.
Either way, I can definitely see there being some lawsuits in the future which will set the precedent for crypto taxation moving forward.