Interesting article, but I did not think that you could get taxed on cryptocurrencys in the US until the time comes that you actually exchange them for real fiat $USD etc.
I think cryptocurrency is treated pretty much the same was as stocks and bonds are in the US.
RE: The Tax Man's radar sees your Steem Dollars and can take all :(
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The Tax Man's radar sees your Steem Dollars and can take all :(
Well that is an interesting question. It really does depend on the situation. If someone shows up and gives you a 100 ounce bar of gold do you pay taxes on it that year or when you decide to sell it for US Dollars? :)
I would advise you to check with a tax attorney on this.
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Also if I give you a bond, do you pay taxes on it in the first year? :)
Generally, it would be treated as income, unless you paid for it. This article is about people getting paid for writing articles, not people buying steem on an exchange or mining it when it was worth $0.000001.
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Well quite possible, but then the gains you make on cryptocurrency could also be classed as income.
Since you have to be paid legal tender in most countries by law this is defined as the countries own fiat currency, you would think it cant be classed as income as its usually not a legal means of payment.
Now getting paid dividends from stocks is a little different, but again, this does not really apply here.
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And another thing to consider is how they can tax you on something so volatile that could loose half its value in a months time?
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they look on the steem blockchain and see the time stamp, then look on the price feeds that come into the steem blockchain (this determines that $ number you see near each post), and then put 2 and 2 together and figure out how much we got paid.
then go in the #introduceyourself category and get photo verification.
they don't even need to store the data in an NSA data center, it's all there on the blockchain.
blockchains are double edged sword sometimes.
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