How to Calculate Taxes on Steemit Income

in #steemit • 6 years ago

I'm still in the process of getting my cryptocurrency tax affairs in order. It's involved searching far and wide across the internet for useful tools and resources to help make the process a little less painful.

I was quite nervous about how I was gonna deal with Steemit. That was until I discovered a great website called steemreports.com. There are two pages that make it very useful:

http://www.steemreports.com/accounts-reporting-tool/ (for full transaction history & capital gains)

http://www.steemreports.com/financial-accounts-summary/ (for income tax)

In this video, I provide an introduction to both of these resources and how they might help you calculate your own tax liabilities.

DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.

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6 years ago in #steemit by
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     6 years ago 

    Much appreciated for this. I was late to get on the Steem train but now that I am, and it is tax time, I was thinking about having to report Steemit earnings next year.

    I will bookmark this, thanks!

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     6 years ago 

    Wow, very helpful, will definetely use these! But how do you calculate the currency conversion? Do you do it monthly or for every transaction?

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     6 years ago 

    Thanks for sharing this post, at least i know where to go if i need to check my steem income

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     6 years ago 

    I’ve been wondering about Steemit income and the tax implications for a while. Thanks for the resources.

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     6 years ago (edited)

    Quite interesting and useful post. The steemit platform is revolutionary but also complex. Good thing you discovered steemreports.com.

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     6 years ago 

    thanks

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     6 years ago 

    I really believe you video should be called How to Calculate Your Income for Tax Reporting Purposes, with the way it is titled now, you make it seem like you have a video that shows you how to calculate your tax liability

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     6 years ago (edited)

    Everyone should consult a tax advisor prior to establishing their tax position.

    Also, for Canadians this web site is being developed.

    https://canadian.tax/

    I hope that they finish it soon.

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     6 years ago 

    Thanks for sharing this resource. Steemit has a lot going on so definitely one of the more complicated platforms so this should help with the process.

    Upvoted and resteemed :)

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    [-]
     6 years ago 

    Thank you! Been wondering how to pay taxes on Steem.

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