You are viewing a single comment's thread from:
RE: The 4% withdraw rule and why you may never need to completely cash out of Steemit
Nor have I - and perhaos they won't. But the current notice seems to say they feel they could. I think the take away is, the larger your STEEM pile, the more likely you should probably at least get an evaluation by a CPA before making assumptions about potentially massive amounts of money and planning around that.
Can you show me the current notice? I haven't seen the IRS make any recent announcement on this matter.
But I have seen debates about this going as far back as 2007 when the idea of "virtual taxes" were being discussed. There is no evidence that I can find which shows the IRS cracked down on Second Life or WoW players for in game activities. If evidence could be found indicating that then we would have precedent and my opinion would change.
So far even the most draconian interpretations I've seen haven't gone as far as to say gamers owe taxes on virtual activities. This however could change in the future and I'm not a lawyer or tax expert. The fact is the IRS is deliberately leaving things confused.
References
The IRS's current rules for cryptocurrency are defined in two posts: IR-2014-36 and the accompanying notice 2014-21
Find them here: www.irs.gov/uac/newsroom/irs-virtual-currency-guidance