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One thing I never see talked about with this kind of stuff is taxes. e.g, when Stellar was aidropped to Keybase users, that's... technically the start of a tax
by Klonoar 6y ago
One thing I never see talked about with this kind of stuff is taxes.
e.g, when Stellar was aidropped to Keybase users, that's... technically the start of a taxable chain of events. I donated mine to the Freedom of the Press foundation, and thus had to report it.
I had a time of it back during the second crypto craze, which I'm thankfully out of. I know how to report this crap. I am not sure, to this day, whether joe schmoe average user even realizes they have to.
So in this case my question becomes: is Reddit foisting a tax liability on their users without them understanding this? Does this ever come up in discussion and I've just missed it entirely?
- gjs278 6y agono because nobody is going to make more than a few cents
- Sargos 6y agoThis is probably one of the first instances that will trigger congress to fix the tax laws for crypto. There will be many more. The current tax code is written for corporate investors and foreign exchange traders, which have little bearing on game tokens, community tokens, and other use cases that will exist. These use cases are not going away and normal people are not going to suddenly file a few hundred pages of transactions on their capital gains forms just because they used some apps.
- Klonoar 6y agoI think that's a very optimistic outlook, but I'm not sure it fits with a realistic viewpoint that they're taxed that way because people treat them like stocks, not cash. At any rate, I would like to see Reddit acknowledge this.
- CryptoPunk 6y agoI don't think anyone is getting in trouble with tax authorities for not reporting the loyalty points they receive in promotions. I think tax authorities target enforcement at revenue sources that make sense to tax, and don't pedantically go after people for these kinds of taxable events.