|
Title: Mining and taxes in US Post by: hyet24 on January 12, 2018, 04:52:10 PM The crypto tax happen. So this new law makes mining 100% profit. Because crypto to crypto trade in US based exchanges are being tax.
With my case this wouldnt count mining equipment and the electric bills as losses since I'm not using my own money. Is this correct? Lately I been trading from the mining generated coins. So gains and losses is useless information. All Im doing increasing and decreasing the profit at this point Title: Re: Mining and taxes in US Post by: xxcsu on January 12, 2018, 05:07:10 PM Tax Tips for Bitcoin and Virtual Currency from INTUIT TURBOTAX (https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q)
According to the IRS, when a taxpayer successfully “mines” Bitcoins and has earnings from that activity whether in the form of Bitcoins or any other form, he or she must include it in his gross income after determining the fair market dollar value of the virtual currency as of the day he received it. If a bitcoin miner is self-employed, his or her gross earnings minus allowable tax deductions are also subject to the self-employment tax. |