What Will You Do If Govenrment Asks About Your STEEM Earnings?
What Will You Do If Govenrment Asks About Your STEEM Earnings?
- They don't know I have an account
- I'm already reporting my earnings to the Authorities
- I will report when my income gets substantial.
- Not going reveal anything until bureaucrats figure it out themselves
- I'll make an anonymous alt-account and keep my funds there
- Prefer not to say + Taxation is Theft
Answer the question at dpoll.xyz.
Voted for Not going reveal anything until bureaucrats figure it out themselves.
Voted for They don't know I have an account.
I have tried to find ways to pay my tax for crypto-currency holdings, but it turns out turkey doesn't have any regulations for that.
Why the hell would you want to actively pay taxes! You could just donate to a charity. Even @fundition is a great place to give.
Voted for They don't know I have an account.
What earnings? We lose all...
Voted for I will report when my income gets substantial..
So far I'm at a big loss!
Voted for I'm already reporting my earnings to the Authorities.
The government in Germany is looking already at exchanges like bitcoin.de and i really don't want police raiding my place so i report my crypto stuff. =D
Well better be safe than sorry. You can still keep your anonymous P2P purchases private. I personally make sure not to use any exchanges from my country.
Voted for: Earnings? What earnings?
Steemit doesn't pay anyone The US$'s
so there are no earnings from Steemit.
STEEM is a crypto-currency and the Infernal Revenue Syndicate categorized them as a commodity.
Thus, if i sell it for The US$'s i would then have to report income and expenses.
This would be the amount of US$'s that i acquired minus all the expenses in making blog posts such as office, having internet connection, phone, computer...
If the Infernal Revenue Syndicate changes crypto-currency's classification to a money, then they will have to accept STEEM as payment. Else, it would be like them charging you for all the money you got out of a box of monopoly.
But, it will probably be what they try to do, and it will fail hugely.
Since crypto merchant acceptance is getting high you could technically manage to never convert STEEM to fiat.
It is why the Infernal Revolting Syndicate will try to reclassify it as a money, but in so doing they will open a new can of worms which will put them in a bind.
However, although everything i said is the letter of the law, the Infernal Revolting Syndicate has never followed the law. They make it up as they go along.
Further, to explain to everyone who may read this,
if you file a 1040 claiming income from cryptos, it doesn't matter what the law says, you just said, under penalty of perjury, that you earned money from cryptos.
Voted for I'm already reporting my earnings to the Authorities.
The 25%~ extra earnings are not worth the potential fines and jail time.
I'd rather earn less and sleep comfortably at night, than earning more and constantly looking over my shoulder.
If there are potential legal troubles, then it is better to stay safe unless you are VERY sure about your anonymity. But you only have to pay taxes when you convert to fiat..... right?
Most governments tend to consider both crypto-crypto and crypto-fiat as tax events. Meaning that if you bought 1 BTC for 1,000$, and used it to buy some ETH after 1 BTC rouse to 1,500$, you are expected to pay capital gains on the 500$ which you supposedly earned from that investment.
This gets particularly tricky if banks don't allow you to withdraw fiat from crypto exchanges, and if you can't pay your taxes otherwise.
One member of the Israeli crypto community will most likely be in serious debt, because he couldn't withdraw his crypto earnings to an Israeli bank account, and foolishly decided to convert back to crypto, RIGHT BEFORE THE BEAR MARKET.
As I said in @utopian-io's idea hub
"If you have a deathwish, do your own taxes. Otherwise hire a crypto knowledgeable accountant."
As for India, they can even ban official currency and announce STEEM as the real currency. So I can't really answer this question!
The government asking about my earnings in Steem...
Voted for They don't know I have an account.