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Title: Bitcoin Mining Operation - Accounting Post by: kritment on August 09, 2017, 09:33:35 PM Hi All,
Thanks for the help in advance. As stated in my couple of previous posts I have invested decent sums of money in mining (50K) planning to invest another 200K. Currently refurbishing an industrial building to help support this operation. Since this a cost oriented exercise, I would like to see if I can do this under a LLC. Can anyone advise a good accountant in US who does this Crypto related accounting for a living? I want someone who has done this before for a mining operations, need good advice and guidance rather than someone to fill up forms. Let me know Title: Re: Bitcoin Mining Operation - Accounting Post by: NotFuzzyWarm on August 10, 2017, 12:39:52 AM Since you are running this as a business (best way to do it!) along these lines, be aware of the IRS section-179 (http://www.section179.org/section_179_deduction.html) for capital equipment expenditures. Miners fall under the same category as PC's, servers, etc. and can be entirely written off as capital equipment necessary for the company:D
Title: Re: Bitcoin Mining Operation - Accounting Post by: madcow1713 on August 10, 2017, 03:33:18 PM There are some good resources, and a few decent BTC tax lawyers that are a google search away. Keeping meticulous records is the most tedious part.
Title: Re: Bitcoin Mining Operation - Accounting Post by: kritment on August 10, 2017, 09:59:10 PM Thanks guys and NotFuzzyWarm
I rather do this legit and keep everyone including the taxman happy |