Do you report your sats activity on SN for tax purposes? \ stacker news ~meta

If you have trouble interacting with SN, memorizing the FAQ might help
If you have trouble spending sats, pretending like you will lose your keys anyway might help
If you are sad, being happy instead might help

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21 sats \ 4 replies \ @nemo 4 Sep 2023

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21 sats \ 3 replies \ @Undisciplined 4 Sep 2023

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Error: Translation to meat language failed to initialize.

21 sats \ 2 replies \ @nemo 4 Sep 2023

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100 sats \ 0 replies \ @fiatbad 4 Sep 2023

If the government want to "tax" my Sats, they better be accepting payment in Sats, cuz I don't have anything else for them.

42 sats \ 4 replies \ @siggy47 3 Sep 2023

I believe the OP has the ability to completely obliterate this poll and pretend it never happened.

590 sats \ 1 reply \ @WeAreAllSatoshi OP 3 Sep 2023

What poll?

0 sats \ 0 replies \ @nemo 3 Sep 2023

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20 sats \ 1 reply \ @nullcount 3 Sep 2023

Proof siggy is a lawyer

20 sats \ 0 replies \ @nemo 3 Sep 2023

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41 sats \ 1 reply \ @nullcount 3 Sep 2023

Isn't it SN's responsibility to issue 1099 to users who stacked more than $600. I don't know many stackers that have stacked beyond this de minimis exemption amount in a single year.

https://www.irs.gov/forms-pubs/about-form-1099-misc

This could be somewhat of a vulnerability in SN's design since every Zap is technically a payment from SN's node. Whereas something more p2p like nostr, users would issue 1099s to other users which they tipped $600 or more personally.

4 sats \ 0 replies \ @WeAreAllSatoshi OP 3 Sep 2023

Stacking $600 or more is one thing. It’s doing the zapping I was more interested in, considering how Bitcoin payment transactions are handled by tax law

21 sats \ 0 replies \ @Lux 3 Sep 2023

No man on Earth has any tax liability, only persons

100 sats \ 2 replies \ @Reachableceo 4 Sep 2023

This is a great question. I have been researching how to accept BTC/SATS as payment (in lieu of/in addition to) fiat.

The regulation in the space (especially if I want a bank to custody the assets) (I have a board of directors and we do have Umbrel in development, but ultimately, we would want to custody with our bank) is.... confusing.

Where are the lawyers/accountants with expertise in this domain that my board can hire to provide input?

Let alone the 1099/600 threshold, dealing with exchange rates etc etc etc. Every report I've seen on forums from folks who try todo this above board/legit, say it's a nightmare and the IRS doesn't even have definitive answers.