Was just thinking of building a system on peakd.com to track our financial transactions on Hive for our oen tax purposes and talking to a tax accountant about the initial model of what something like that would need to look like to help us and then possibly othetes.
Maybe others even extend it beyond hive and hbd later but if you or anyone else wanted to see it let us know what it would look like in your eyes.
That would be an awesome addition to peakd wallet. If you could somehow allow users to run a report on their earning through posts/curation etc with the $/£ value of amount at that time then it would help a lot with the taxation concerns. Just holding stake increases your HP so that in itself becomes taxable if a user needs to sell and declare.
Would it suffice to use a hive-usd value per week or even per month ... that does make it much easier than per instance to run a report for users who would want to use a potential product like that.
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Holding stake isn't the taxable even its the selling of it ... maybe it's even the powering down? But I guess people do get interest from the blockchain from holding stake but that usually comes in the form of more stake if I'm not mistaken.
The question becomes do you count stake increasing events? Or just liquid token increasing events?
If so maybe @dan would consider changing settings to getting rewarded in HP only because some tax accountants would argue staked hive isn't a taxable event like getting liquid rewards. And when you power down is the taxable event.
Probably an average per week will be ok but if not possible then the month is also OK - those who've been on the chain for years will probably need historic figures and values if they earned an amount above the capital gains threshold and didn't power down.
In the UK, we need to know the fiat price of crypto at the time of receipt, even if we didn't pay for it - called "fair market value". So with staking, that becomes important even though there's nothing specifically mentioned in our government tax guidelines, better to take the conservative approach! Say your stake grows by 10 HIVE per day through staking and you have 100k HIVE, when it comes to selling it, you need to account for how you got that extra 10 HIVE if you haven't bought it. It's a minefield!
As it's all HIVE, we'd only get taxed when it comes to exchanging HIVE for another crypto or fiat in the UK, I don't know how it works in other countries. So earning purely in HP wouldn't be a taxable event, converting HBD to HIVE would be, powering down wouldn't be... as far as I know.
Also I'm not a tax consultant/accountant, I've just studied the topic and this is my understanding so far so!
Plz be careful. The moment you add such feature to PeakD, you basically say to the regulators: I agree with you HIVE post and curation income is real income and taxable for income taxes. I prefer tools build in eg Excel and query eg HiveSQL. Meaning tools not intyegrated with UIs or wallets, but simply offline tools.
Holding stake is in many countries taxable under captial tax.
Not sure what the rules are in your country, but in mine HIVE post and curation income could be seen as regular taxable income. Although, we have a little loophole in our laws. When income is received from a hobby, that income is not taxed to income tax laws. The question is than: Are HIVE activities classified as Job or as Hobby? I have my own opinion. It's Hobby; since in my case, I have other income streams that pays for my living expenses.