RE: Valuing Steem Rewards As Taxable Income Is A Vast Overstatement Of Tax Liability - Part 1
The debate I'm having is about what the law requires, not whether it's advisable to break the law or not. So, yes, dark net people break the law all the time. Most are never caught. Regardless, if you earn $100 in tips waiting tables tonight and then lose your wallet tomorrow, do you still legally have to pay tax on the tips? Yes, of course you do. So, yes, you would still have to pay taxes even if you later lose the artifacts or your private crypto keys. Tax liability is determined at the time you gained/earned/found the asset. If you later lose the asset, you MIGHT be eligible to offset part of that income by deducting a casualty loss (at least in some circumstances) or you might not. Either way, losing the asset does not make formerly taxable income untaxable.
So whens the last time you ever heard of anyone paying taxes on $100 they found that they later lost?
just sounds like fantasy world to me
hey but disclaimer: U seem like a nice guy, my comments are just direxted at world at larhe not at you, im just real passionate about all this and i think we al are and yeah seems like some people like you just give up and give in to the men with guns at the IRS and live in fear while people like me still want to get people to say no and stop giving in to the criminals, its real y sad but whatever, it is what it is,
but when you talk about people paying taxes on bitcoins even after they loose the oprivate keys, its justr rediculopus
how would you even PAY that money?!?!?! You think if someone hmakes $1 million dollars from a few dollars investing in bitcoins in 2009, but looses the walet key, you think they can just pay the taxe son it even after they loose the key?!?! How would they??! they lost the mopney...
OH I get what you mean, so youre saying that this person should hyptehtically have top be in debt for the rst of his life to pay that money to the IRS, oh i see thats cool
tyeah that all makes sense, thats not total fantasy at all