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RE: UNDERSTANDING POST PAYOUTS - A VIDEO EXPLANATION FROM PAPA-PEPPER
Thank you for the breakdown Papa.
Please Steemians remember, you are liable for taxes on this as well as profits made during trades from one coin to another. This has become a major issue for my brother and I as we trade a lot and do Steemit. You should be consulting a tax professional regarding all of your gains because it can get confusing & add up fast.
Oh no tax man showed up! Run =)
Unfortunately there is nothing you can do about it right now. Until the laws are changed and/or alt coins become legalized currency, like BTC in Japan, that Tax man will be in your pocket.
trade under Offshore LLC covert to USD, LLC sends check to you, cash ..Happy ... no IRS ?
Actually looking into this.
or sends gold, sell for cash, and if you pay for things in cash no money trail ! NO irs unless selling over certain amounts ... and yes, viable, being done everyday by people and corps
Under the strictest sense of the law, United States citizen owes taxes on anything sold or traded. If traded we owe taxes on the value of items exchanged.
That is the strictest sense of the law though. No one really enforced it to the point that it has disappeared from the minds of most people. Ask your tax accountant about it.
@ 56 yrs old .. .gov been stealing my money all my life, LAW ? who cares, done getting robbed. Paying like ? 50-80% tax on every $ made ... time for everyone to just NOT do this ..
Not saying it is fair but it is the world we live in. I am reading an investment/biography book and the author calls money we work for "50% money" because by the time we have any left, it is half of what we started with (after income tax and the various sales taxes regular citizens pay).
Very true.
50-80 %
Nevada just made a new law preventing taxes on bitcoin.
Federal law still applies.
Sucks.
It does, so people have to know about it.
You're a good man.