Steemit and taxes, what do we do?
Ignore the crappy photo, that was me messing around with a pixel art app for funsies.
I have a legitimate question and I am finding answers, none of which are the same. How does one file Steemit on their taxes? I found these so far, feel free to correct me as I could easily be wrong, I am very new to crypto and attempting to learn.
And I am referring to US taxes, but feel free to share how it works in your country!
From what I have found so far if you don't cash out, like actually withdraw the SBD into a currency then basically the tax man doesn't care. Or the tax man does care due to it being akin to some type of interest.
If it is less than $1,000 US dollars it is treated as some type of lottery winnings and they don't care unless it breaks 1k.
Those are about the only solid types of facts I have been able to consistently find so far, with very little luck on other aspects. I understand crypto may have some changes come next tax season as well, and I am interested in that as well. I just wasn't too sure where to start so I figured the Steem community would know best.
Thanks for your time in reading my questions. Thanks in advance for any answers or resteems to get this out there, more eyes means more answers. Steem on.
I would also like to know. From what I understand, the government won't care as long as you don't turn your cryptos into USD.
A lot of what I've seen has been vague too, though. Hopefully someone with more knowledge can help us, haha
So far I have found it is vague because i think they just aren't too sure how to deal with crypto. With any luck someone will help us out soon on this so we can give the tax man his 5 bucks and move on with life.
I am sure they would care, they just can't do anything about it at this point.