What if you didn't have to pay any taxes on what you earned until you actually sold it?!
This is potentially a game changer for the entire crypto industry, and more specifically all the proof of stake networks.
As it stands now many people interpret the US tax code as saying that when you stake your tokens and earn income off of that staking process, that is taxable income.
However, soon we may get clarity that it's actually not...
You see, based on the US classification of crypto being property, technically when you are awarded newly created tokens for staking your original tokens, you are receiving newly created property.
Newly created property isn't taxed until it is sold.
This means that for steemit network in particular people wouldn't have to pay taxes on their steem "income" until they actually sell that steem and realize a gain.
This is truly a game changer for the entire industry!
Thank You for sharing Your insights...
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Upvoted! Thank you for supporting witness @jswit.
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information is very important, payment of taxes in real time
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Thank You for sharing...
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interesante informacion...Gracias
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All your replies on here... seem so shallow. That Capital Gains tax is a one righteous mother fucker. I'm trying to figure all of it out now myself.
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Haha yes, that is pretty normal on here these days. Regarding the tax, this is mostly in reference to crypto "earned" from staking being taxed only when sold as opposed to when claimed/harvested like many interpret the laws to be currently... The fairest and easiest method is to only pay tax when sold. This would likely take a lot of the sell pressure out of the altcoin market each year as people aren't forced to sell if they just hold and earn...
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Again, Thank You for sharing Your insights...
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Much better and brilliant post on Steemit network
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