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RE: Steem-related Tax Reporting for Dummies
This matches with my current understanding on how to handle Steem taxes. There is even a website which helps: http://www.steemreports.com/accounts-reporting-tool/
Personally, I've chosen to go with an accountant. I think depending on how much money you have at stake it might be better to just pay for an accountant so as to reduce the risk and burden. If you must, you may even be able to deduct the accounting services from your taxes as legal services.
Capital losses also can be deducted as well. Steem Power was the most confusing aspect but I make the same assumption that you do on that.
Wow! That's a nice report . . . . but I actually did it a few steps better by being smart about which asset batches I redeemed when.
For example, certain transactions are clearly deductible as advertising. You want to use your lowest cost basis batches of SBD/Steem on them so the greater capitals gains are deductible (and you save your valuable high cost basis batches for future redemption).
I also managed to arrange it so that half of my capital gains were long-term (asset owned over a year) rather than short-term -- which means a much lower tax rate.
Also, you definitely should be able to deduct the accounting services because:
Hopefully your accountant was savvy enough to use all the tricks above. Did he have any other tricks I might have missed? The one I checked with didn't . . . .