SteemIt Taxes

I am not an accountant. It seems to me that there are two ways to handle taxes on SteemIt. One could treat the money as capital gains or as business income.

One generally pays capital gains in the year that they sells the investment.

On steemit, we are earning STEEM for our posts.

So, I will treat my STEEM fortune business income. I figure the way I will do this is to grab the estimated account value from the SteemIt wallet.

The value in SteemIt.com appears to be reported in SBD. The value on Busy.org appears to be in USD. The value of this account @yintercept is $23.26 SBD. Busy says it is $16.74 . The value my sister site @vagabondspirit is $2.96 SBD. Busy says $2.05.

I will go with the higher value and report $26.22.

You know, it would be nice if SteemIt had a button we could press that would drop the account value on the blockchain so that we would have clean figures to report to Uncle Sam.

Quite frankly, I think most Steemians would find treating their account as business income is easier than treating it as capital gains. In which case one should take a snap shot of their wallet at the end of each year.

Lets hope that we all earn enough STEEM in 2019 so that we will all have to pay buckets loads of taxes at the end of the year. Quite frankly I find years that I pay taxes are better than those where I live at a loss.