I wish whining and complaining would die in 2018.

Oh.  Another one of these threads eh.

Hey don't try to keep him.  If he takes off we have a little drop in difficulty.  At this point anything helps.  

Everything is a mess right now anyway with the market nosediving into the ground.  What goes up must come down.  Markets don't defy gravity.  The stock market is overdue for a big correction too.  Everyone knows that one is going to happen - who knows when.  It will though.

As for me I'm going to continue mining LUX and staking with the wallet.  I'm also going to keep what I've got, which isn't a heck of a lot, for a long while and let it ride.  Doesn't mean I won't ever consider mining something else however for now - sitting tight.

Hey I have two consultations with a CPA tomorrow. I'll know by end of day if this is going to be worth it for me personally.

I have a short list of questions to ask written down.

If the IRS wasn't expecting us to claim income and especially not on each and every payout individually. I'd not be concerned. What they want is a gigantic gdam pita.

Correct. That comes in when you go to sell.

Yah sorry.  Taxes being a pita and expensive weren't something I'd planned on when I started my little 4 GPU setup two months ago. It's a nasty surprise and takes some of the passive out of passive income.  And also adds unplanned for expense.

My bad I guess.

True if you are claiming it as a business expense and going that route.

If you want to minimize your costs then forget having a simple tax return. You may end up having to pay a CPA and have your taxes prepared. So much for simplicity.

Whether it's worth all that hassle for ten grand or less in income?  Meh...

You can't keep writing off the full value of the same equipment every year either.

Oh hey another lame thing.

Say you pay all that income tax?

If the value of the currency you HODL decides it is going to hit the basement floor and completely tank.  You could literally end up paying the IRS thousands of USD to hold a currency that is now WORTHLESS.

Let me break it down.  I'll make it as simple as possible below.

NOTE: The fact they want you to claim each payout in USD value for a currency that you are paid for from a pool six or more times a day, and for which the USD value will constantly vary, is a HUGE PITA.

Example:
Say you mine a currency for a year.  It is worth 10,000$ USD.
23% tax bracket.  You owe $2300 on that $10,000 income.  You will need to pay that in cash when you file your taxes.
If you sell any currency during the year to help pay for your expenses or for any other reason.  You will also have to pay a short term capital gains tax on top of the income tax paid.

If you decide you want to claim this as a business expense.  Then for the first year you can write off your equipment value.  After that you will still need to pay income tax, make quarterly payments to the IRS, and also pay the self employment tax.  Oh, and you will still have to pay short or long term capital gains if you ever go to sell.

It is a huge RIPOFF.  You will lost 35-50% of your take when you mine if you follow what the IRS is expecting.

The only alternative is tax evasion.

EDIT:  You can also write off your electric bill and internet as a business expense.  That may help but it is unlikely to cover the 23% (or more) they are expecting to get out of you.

Thanks.  Looking to mine luxcoin, zcoin, or zencash.  Not on the list there.

The wallet works you just need to be patient with it. If it goes into not responding let it sit. It should come out of it.

Yah its clearly more than 5% orphans.  Something not right.

Everybody buying GPU right now is a vulture except the casual computer gamer who wants just ONE card to play games with.

Your best bet is to find a local retailer and be there the morning they open when a truck comes in.

Otherwise you better get a script working or you'll never get anything.

Pump and dump scams?

It's a timing thing.  You get in early and then get out at the right time.

Personally I don't like it.  I don't blame people for taking advantage of it though.  Just don't put fiat money into it and be left looking like a dummy when it tanks.

Any plan to get a LUX/phi algo pool going on MPH?

I'm thinking about going back to zcoin or zencash and mine on MPH.  At least MPH will let you control payouts.  It sucks most yiimp pools don't allow that.

Hey I'm willing to spend a little for a consultation with a CPA but I don't want to waste my money on someone that doesn't know what they're talking about RE: cryptocurrency mining

I live in Montana so there isn't likely to be any local CPA who is going to have that knowledge.  If someone here knows a good prospective contact - please by all means.  Post it here or email it over.

The fairness bill is great but it does nothing to help miners.

Do you have any recommendations?

Not sure what you've heard?

https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q

US miners are getting raped on taxes.

In the US the IRS wants you to pay income tax on everything you mine.  If you turn around and sell to cover expenses you'll be paying capital gains on top of that.  It sucks.  If you can afford to pay your expenses out of pocket and not sell any of your mining proceeds that would be better.  Sell later and pay the lower long term gains tax.