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Title: Rig write off & self employment Post by: geekcryptogal on January 21, 2018, 06:19:59 PM Can I use the entire cost of the rig ($3600) as a tax deduction in one single year?
E.g. say I make $8000 income from mining .. does the taxable income then become $8000 - $3600 - electricity costs? Or must I deprecate the cost of the rig over multiple years? I rather get the full tax deduction this year I'd think. Title: Re: Rig write off & self employment Post by: gotminer on January 21, 2018, 06:24:09 PM I would think you could do it either way, but I would consult with a CPA.
Title: Re: Rig write off & self employment Post by: 2stout on January 21, 2018, 07:28:22 PM Seems either case would be fair since governments appear to now want a cut, i.e., to tax; definitely consult with a tax professional to see which option may be best for you.
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