Great post and welcome to steem it. I too have been asking the same questions. How do we declare cryptocurrency profit. I do not know the exact profit as I use my taxed income to invest and exchange through multiple fiat currency and crypto exchanges. I can only account for my original fiat investment. I only hold crypto as I have no idea how to declare correct profits ahaha. Too hard basket to declare tax on crypto accurately. If I use crypto for small purchases under a certain amount, no tax to pay. Only on purchases that are small goods or services ;) otherwise big trouble trying to declare correct amount to be taxed.
As far as I understand it until now, I think you're right. It's really not easy how to find out the correct amounts. I have understood that, in the meantime, there are some people trying to find out when they have received which cryptocurrencies at which exchange rate. I will try to get deeper into this issue in the future.
Thanks for your reply. Following and I look forward to your further insights.
You can normally offset losses against profits which seems apt based on the current climate. But in all seriousness if cryptos are to be treated as securities in future then tax should only apply once the asset is liquidated. So it shouldn't matter for all you HODLers!
Depending on how they are treated you can have to pay when you receive them at the price at that time.
Coulb be that you pay tax for SP too. But that depends on your situation and country I guess.
Right, I think so too. I will try to get deeper into this issue in the future