You are viewing a single comment's thread from:
RE: 1040 Tax Form Crypto Questions
I have no idea how one would be able to figure out the tax implications of the thousands of micro transactions done in a year with a Steem account. For what it’s worth, my CPA thinks most people at the IRS would be just as lost.
Steem users in countries where every such transaction is a tax event triggering earned income tax have an incentive to remain anonymous. If you need to cash out some, you’d only want to pay tax on what you’ve cashed out. What is the likelihood that your account would be audited to verify that you have not earned significantly more than what you cash out?