Bitcoin Forum

What business code / type are people putting for home based mining setup? Crypto mining is not coming as an option in turbotax.

Are you asking for a business type for those who have mining rigs in their homes?

I think you can just say it is a computer server or just say a mining crypto business as a type of business.

Home miners are people who are mostly crypto enthusiasts. Many of those who are engaged in mining now do it not for profit, but to support the network of their favorite cryptocurrency.

Unless you have a really big home with a lot of mining rigs you should not worry about taxes. You can say it is a server for a forex website or any other related excuse. Mining right now is not profitable although these latest updates I see in Nicehash with new miners are bringing good daily income in crypto not in Usd.

There is no BUSINESS code for HOME mining because it is a hobby unless you have it registered as a company already.

You can really make those kind of excuse if someone do check out your home (which is really very rare).If you are too honest then you would really just add up some headache on your own  ;D

Better to be quiet and just mine without caring or bothering yourself too much with that business code.

What about if its a mix of home mining and having asics hosted elsewhere but you get the earnings from the hosted stuff

wow you guys need to really educate yourself on taxes,  so much bad info in here, cmon guys a quick google search will give you the answers.

You can file your mining earnings as self employment line of work.  Use your office as an expense and your electric,  But be careful how you distinguish weather its a hobby or business.  You get more back as a business but you gota fully commit and try to grow your business each year and cut down on cost and expand operation, otherwise IRS will determine its a hobby and any equipment deduction you will have to pay back.

Being quiet not good either.  How your going to get the equipment deductions if you don't report.  Obviously don't do anything stupid like deduct equipment cost and report no earnings.  Thats a red flag audit.

Yes, With the new tax laws for 2018 in US, we can do 100 pct equipment deduction if can be proved that it is a viable business. I am running 28 GPUs. I would be surprised if they would consider it a hobby