Jerry makes a great example because he's so transparent with his earnings and tax strategy, and also because he is earning a lot of what looks closer to arguable income, as opposed to being more of a capital investor only. I've never actually spoken with him outside Steemit.
He also works hard to reply to everyone that he can and is a friendly guy, though. I don't mind trying to help him, but I think the real value is in helping all of Steemit by proxy. Jerry is just an example of the worst victim of some current potential interpretations of the tax code. He's hit harder by this due to his reward sizes and lack of other day job to pay the bills (to avoid powering down). He's exactly the type of target the IRS will try to bully into overpaying, and most in need of a rock-solid tax strategy.
Which, to be clear, we have not arrived anywhere near to yet.
I've seen lots of internet marketing types over the last 7 or 8 years. I understand that kind of persona is what sells informational products, but I don't really pay attention to Jerry.
I've got a strategy in mind & I think it's along the same lines you seem to be heading towards with Capital gains & value at time of exercise.
I think you could get different answers right now depending on who you ask at the IRS too so them being 10 years behind doesn't help either. I will admit that in the past when I've had interactions with IRS & ATF people, they've been really helpful in answering questions and offering advice on how to address situations. Then again, I was the one who contacted them and I was very polite & courteous.
Thank goodness for the "Good Faith" clause.
"I've seen lots of internet marketing types over the last 7 or 8 years."
I can't say that this is my area of expertise. I came across Jerry's video explaining Steem and Steemit on Youtube while looking up unrelated cryptocurrency videos.
I have a lot more I could say on the topic, but I'd veer far afield.
Honestly, with something like Steem Power, I doubt anyone at the IRS could give you an accurate answer without stopping to do their own research - which is, ultimately, what I'm trying to do in these posts.
I think your research is putting anyone who reads it light years ahead of the IRS.
This is a great point. I appreciate the reminder.
I’ve been super stressed regarding these matters. Though as I just moved back to Canada this year - I had to call the CRA (Canadian IRS equivalent) to notify them I was back after 5 years as a non-resident, and despite the stress I had about even just making the call, the guy I spoke to seemed very nice and helpful.
I’m grateful for your pointing this out in the midst of all the antagonism towards the government to refocus on the fact that the actual people working at the CRA/IRS may not be bad guys after all - relieves some of the worry about possible audits, knowing it could happen with employees who are there to serve pleasantly as that guy on the phone did. :-)