Hi everyone,
I have fairly recently started posting my education videos on LBRY/Odysee and have been receiving LBC for them. I am recording the amount of LBC received everyday and the value of LBC/$CAD at the end of everyday. How I currently plan on doing my future 2021 taxes is everyday take the amount of LBC earned that day times the value of LBC/$CAD at the end of that day, and add all the days up and this will be my business income for 2021.
Then when I want to withdraw those, I will send my LBC to an exchange, convert the ones I want to sell to say bitcoin (this is a taxable event as I understand it), so I take BTC's value - LBC's value (cost basis $0 (I think)), and that will be my capital's gains owed. Then repeat that last step for BTC-$CAD (will record any capital gains here however, it shouldn't be much as I would convert from LBC to $CAD as quick as possible. Ill refer to professionals down the road I just like staying ahead of these things and want to know if im on the right path with all of this.
Thank you for anyone who comments whose more knowledgeable about this then me!
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