Bitcoin Forum

TurboTax is offering their Turbo Tax Basic Software for no charge for two days only, expires 1/20/2012. Normally $39.95. Includes Federal e-file.

http://mso.intuit.com/w/webView?cid... (http://mso.intuit.com/w/webView?cid=15930735048&mid=1242766712&pid=536380&vid=13558&ee=YnJpYW5tb25laWxsQG1zbi5jb20_&si=&mv=R&bv=H&oc=H&sc=&k=1A4nru)

Remembered their previous article (http://blog.turbotax.intuit.com/tax-tips/bitcoins-the-taxless-currency/07182011-7115) on Bitcoin.

Good find on the Turbo Tax promotion.  I was actually curious about using Turbo Tax to include expenses made by mining.

Apartment space being used to host rigs - % can be taken out of monthly rent
Equipment costs
Electricity costs
Hours worked on rigs @ minimum wage or higher

I was being told by some that a Schedule C or the sort could be filed to recover some of the costs.

If anyone has anymore information about this, I'm sure more of us are wanting to know about it ;)

Hell, who doesn't want to get some $$$ back from their mining expenses ?

If you are incorporated in your state with an LLC, Inc... you can put your mining costs as a business expense, no fret

This includes the 1040EZ filing and should also include 1040A and 1040 among many other forms, but not sure if you can implement Bitcoin expenses as personal deductions into those.

Here's a list of all of the forms include in this software:
http://turbotax.intuit.com/personal-taxes/forms-basic.jsp (http://turbotax.intuit.com/personal-taxes/forms-basic.jsp).

Miners who have been cashing out coins for USD and live in the US would be advised to file Schedule C to report the income, as well as the expenses.  Turbo Tax Basic does not include Schedule C.

For those preparing your taxes, good two things to look out for:

Section 179 Deduction to fully expense the cost of hardware purchased if it was used 100% for business [mining].

Utilities expense.  Good way to legitimize your deduction is to take your full utility bill from last year and subtract it from your utility bill this year, the difference being a close approximation of your mining utilities expense [assuming no major lifestyle/housing changes].

See the list above, the Schedule C form is included in Turbo Tax Basic 2011.

What about those who don't cash out BTC -> USD ?  Call me a hoarder.  There are still expenses though, obviously.

Electricity costs could be easily calculated with a Kill-a-Watt, alternatively also right ?  I guess this would only be a viable option if no hardware changes were made throughout the year and equipment ran 99.99%.  Although, the differences between the years may be a good starting point.

Becoming incorporated and making it a business expense may not be a bad idea.  I'm also curious at what amount of expense I need to be at, before being able to file for those expenses.  Seeing as how I don't cash out BTC, there would be no income, technically, only expenses in the business...this may come off as suspicious I would think.

Looks like more research is to be done...

Expires tonight, less than 12 hours left!

Update: Promotion Ended.

People pay for software?

Herp derp.

Kind of hard to e-file through Turbo Tax with a stolen copy.