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Title: KryptoTax for Miners ? Similar tools? IRS Notice 2014-21 q8 Post by: tagged on April 03, 2014, 11:00:03 AM Hello all!
I am sure that you have read IRS Notice 2014-21 Question #8: "when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income" So, is there a KryptoTax type site for miners to import their data and have it spit out income and cost basis for your BTC? Go... Is there a google doc or something that I can download or use to help me find the daily price of BTC so that I can report my mining income? Title: Re: KryptoTax for Miners ? Similar tools? IRS Notice 2014-21 q8 Post by: atp1916 on April 03, 2014, 11:43:10 AM https://bitcointaxes.info/ will take a ledger .csv or similiar format from any of the exchanges they support and do your capital gains calculations for you.
They support Coinbase, so all i do is generate my transactions history from CB and feed it into bitcointaxes and they output the calculated cap gains number. Their minimum free account does it. Title: Re: KryptoTax for Miners ? Similar tools? IRS Notice 2014-21 q8 Post by: tagged on April 03, 2014, 11:48:16 AM What about for mining coins, I have some rigs that point to blockchain.info and some that point to my Qt wallet....
Title: Re: KryptoTax for Miners ? Similar tools? IRS Notice 2014-21 q8 Post by: atp1916 on April 03, 2014, 12:11:17 PM What about for mining coins, I have some rigs that point to blockchain.info and some that point to my Qt wallet.... At the current moment (and to my limited understanding), the IRS mandate only affects those situations from where you selling bitcoin to go into fiat, and vice versa. Title: Re: KryptoTax for Miners ? Similar tools? IRS Notice 2014-21 q8 Post by: tagged on April 03, 2014, 12:37:40 PM What about for mining coins, I have some rigs that point to blockchain.info and some that point to my Qt wallet.... At the current moment (and to my limited understanding), the IRS mandate only affects those situations from where you selling bitcoin to go into fiat, and vice versa. If you read IRS Notice 2014-21 question number 8 (http://1.usa.gov/1s5nvWs) it reads: Q-8: Does a taxpayer who “mines” virtual currency (for example, uses computer resources to validate Bitcoin transactions and maintain the public Bitcoin transaction ledger) realize gross income upon receipt of the virtual currency resulting from those activities? A-8: Yes, when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income. See Publication 525, Taxable and Nontaxable Income, for more information on taxable income. That is pretty definitive to me! Title: Re: KryptoTax for Miners ? Similar tools? IRS Notice 2014-21 q8 Post by: atp1916 on April 03, 2014, 12:49:49 PM What about for mining coins, I have some rigs that point to blockchain.info and some that point to my Qt wallet.... At the current moment (and to my limited understanding), the IRS mandate only affects those situations from where you selling bitcoin to go into fiat, and vice versa. If you read IRS Notice 2014-21 question number 8 (http://1.usa.gov/1s5nvWs) it reads: Q-8: Does a taxpayer who “mines” virtual currency (for example, uses computer resources to validate Bitcoin transactions and maintain the public Bitcoin transaction ledger) realize gross income upon receipt of the virtual currency resulting from those activities? A-8: Yes, when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income. See Publication 525, Taxable and Nontaxable Income, for more information on taxable income. That is pretty definitive to me! I seriously doubt IRS has even the system in place to accomplish this type of tracking. In fact, they simply don't unless they literally monitor mining pools. Good luck with that. All they can see is me sending bitcoin into Coinbase and buying/selling. |