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RE: Steem Taxes
Yeah as I understood you only tax it as capital gains if you cash out for a profit. There's a difference in percentages for short term and long term gains. So just hodl.
Yeah as I understood you only tax it as capital gains if you cash out for a profit. There's a difference in percentages for short term and long term gains. So just hodl.
For US citizens, this is very accurate. The estimated value of a Steemit account is not what is taxed. The dollars derived from the account are taxed as a capital gain. Last I heard, that was something like 20%.
I've also done some reading on Bitcoin taxation and the like from a few different sources and found a fair amount of consensus. If you cash out your investment, you will be taxed on the gain, not on the value of the security.