Will Steemit be required to file tax reports on all earnings people receive?
Since Steemit is centralized will they be required to provide tax information to governments especially the IRS in the US? Unlike bitcoin accounts which are mostly anonymous Steemit accounts are tied to other social media sites making it possible to determine who people are. The IRS (or whoever your government tax collectors are) could use that information to track people down. Along with the payout info could people earning on Steemit be in for a big surprise come tax time?
Please refer to
https://steemit.com/steemit/@jerrybanfield/steemit-tax-calculation-and-payment-system
Thank you @liotap.
This is quite useful. Thanks.
No, not at all. All of anything you "earn" is on the decentralized blockchain. All Steemit does is offer you a portal to access the blockchain. You are responsible for what and what you do not report about your income.
Steem coin are turned to bitcoin. Once turned to bitcoin, don't think they can track where those bitcoin are which makes it anonymous i guess.
Except you have a value a value in BTC when it leaves the site and a value of that BTC in fiat at the time.
According to Florida bitcoin isn't money. So you should be fine.
https://techcrunch.com/2016/07/25/a-florida-judge-has-ruled-that-bitcoin-isnt-money/
Doesn't matter what Florida or even the US government says it is it's what the IRS says it is.
Thanks for the post!!