|
Title: How do you report mining income with Suprnova? Post by: PovertyByte on January 10, 2018, 01:53:59 AM I was reading on the mining tax policy and it looks like you are expected to report how much you earned from each individual block reward you receive. When you use some pools that hold a wallet l(ike suprnova for example) that you can can cash out manually, wouldn't it than be recognized that you just earned as you made your cashout rather than filing for every individual block instead?
Title: Re: How do you report mining income with Suprnova? Post by: paintballrefjosh on January 10, 2018, 02:25:47 AM That's how we are doing it. Once the coins hit our wallet we report the income at that time. You can get that information off SuprNova.cc under My Account -> Transactions -> Type = Debit_AP or Debit_MP (auto payout vs manual payout). And this is per coin.
Title: Re: How do you report mining income with Suprnova? Post by: Riptide_NVN on January 10, 2018, 04:47:29 AM I keep track of how many coins I make over a two week period. Multiply that number by the highest value the coin reached over that two weeks. Then claim that number as my income for the two week period.
It is lazy and it costs me extra in taxes. It is simpler and easier to track. The whole tax situation is ridiculous making us claim each block reward as income. Nothing we can do about it sadly. Title: Re: How do you report mining income with Suprnova? Post by: VyprBTC on January 10, 2018, 05:05:11 AM Report income? What's that? ???
Juuuuuust kidding. ;) Title: Re: How do you report mining income with Suprnova? Post by: juanichiloco on January 10, 2018, 11:43:36 AM Sounds like a lot of hassle trying to report every small detail, it should just be fiat in vs fiat out for investments and for mining it should just be the amount of the coin once converted to fiat the tax is due on that amount offset against electricity/equipment cost etc.
Title: Re: How do you report mining income with Suprnova? Post by: Riptide_NVN on January 10, 2018, 05:43:34 PM Yes it is we todd ed. To the max.
If your mining all day and getting dozens of payouts you literally need to record every last one and the market value for each at time of payout. This is what they want. They are dumb. Title: Re: How do you report mining income with Suprnova? Post by: Mike011 on January 10, 2018, 05:56:35 PM Sounds like a lot of hassle trying to report every small detail, it should just be fiat in vs fiat out for investments and for mining it should just be the amount of the coin once converted to fiat the tax is due on that amount offset against electricity/equipment cost etc. +1 |