RE: Everyone In The World WANTS You To FAIL.
don't let the governments get too you, you are already on your way to freedom by been on steemit/cryptocurrency you becoming your own bank. think of it this way if you don't have any association with banks and you only deal with cryptocurrencies then how they going to tax you, I'm speaking in simple terms, for example if you get a concurrency debit card and have no fiat debit card then there is no associate to tax(not to sure on the american law with crypto) but if you start accepting crytocurrencies as payment for your business then maybe, for example the IRS and coinbase senarios is a battle for IRS not sure if IRS is going to win. all I'm saying is crypto might be something to look into. look at some of these videos from Amanda Johnson, i think she is american and self banked. decentralisation is the way forward. https://www.youtube.com/channel/UCqNCLd2r19wpWWQE6yDLOOQ/featured
Thanks for sharing! I definitely want more and more crypto in my life.
I'm still learning how the IRS treats crypto and it seems somewhat vague.
in the UK they pretty clear about it, have a read. well for now it might change.
https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies
The problem is no one really knows. Just pay your taxes as best you can and know we are all confused and in the same boat. Imagine how people who really earned a lot of money are feeling over this situation? Some people who are whales are probably freaking out right now.
Steemit should definitely make the process easier but without any guidance from the IRS you can't blame Steemit. I believe Coinbase tracks most of it though so if you have a Coinbase account, send your Bitcoins to Coinbase and when you spend from Coinbase you can export your history. There is also a site called BitcoinTaxes which might help just in case there is taxes on trading but no one really knows if there is or isn't.
What we know for certain is there are income taxes and capital gains. I think but do not know for sure that Steemit would be some kind of income tax? Perhaps like a reward from gambling or a business? But not entirely sure myself what category it falls into.