Taxation of Steemit
Steemit is getting bigger, there is no doubt about it: we see already a huge amount of people storming the sea,looking for whales.
However is there any bad side of more people in here?
Yes,i think that "Tax" answers this question.
So far, we see no bitcoin casinos taxed, same with many exchanges.
But the most important question to answer is : " How many people will be on steemit in few year? "
In my opinion, if Steemit may become that big as everyone is talking about, it is a sure thing that the government will complain about us - because every country wants piece of a pie, especially a taste one: like Steemit.
Maybe it is not going to happen, i hope we will see it that way. Bitcoin is still considered as something new all across the world, so we still dont see taxes in the bitcoin area.
Is it going to change someday, or rather not?
This is indeed an interesting dimension to consider. The government always wants their cut. Users of Steemit will have to be responsible for paying taxes on their earnings as individuals, be it as income or capital gains. Some will choose to not do this, I'm sure, and it will be interesting to see how it all shakes out. I'm waiting for someone more informed than I to post a good article on the different dimensions to consider. *Not tax advice ;)
If you're a US citizen cryptocurrency is taxed as property and you are technically required to report it. Not sure about other countries.
So if you live in US while let's say for example trading bitcoin, you need to report it or you will get punished?
I wonder how they track if someone does, lol...
Currently they don't track it unless you become under investigation for something else really. If you start depositing large amounts of money into your checking account, have no job, and don't file taxes it could come back to bite you.
I think a bigger problem would be copyright violation. Nothing's stopping people on Steemit from copying and pasting news articles and pictures, and getting paid for them.
We need to address this problem very soon if Steemit is indeed going viral...