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RE: 10 Best (Worst?) Things To Tell The Tax Man About Your Steem/Crypto Earnings

in #funny3 years ago

Lol, I just read the whole reddit thread that you linked and it's so despairing! I don't know what I would do in his situation. I'm fortunately in a country that doesn't regulate any of that and I'm also a cryptohodler, so nobody actually knows that I have had gains.

Besides, I've made it all organically on Steem without actually investing money (don't have funds to actually buy SBD, lol), so I think I'm safe.

But I know plenty of people from the US who will be declaring all of their crypto income to the IRS and it's such a mess. Some guy was asking me whether he should add every transaction that he made in the exchange or just the end result. I wouldn't know.

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"Some guy was asking me whether he should add every transaction that he made in the exchange or just the end result."

Technically, every transaction is a taxable event with a different cost basis, and fees to be deducted.

It's literally too onerous to even be complied with.

Yes. Exactly. Just think of all those bots doing 100k tx's a day. No tax software to calculate. It's like expecting you to read the entire contents of the Library of Congress by April 15th. Simply impossible to be in compliance.