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Bitcoin Mining Taxes for USA/Mexico
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Topic: Bitcoin Mining Taxes for USA/Mexico (Read 3114 times)
mskryxz
(OP)
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Bitcoin Mining Taxes for USA/Mexico
April 26, 2013, 01:23:17 AM
#1
If I mine Bitcoins in Mexico but live 100% of the time in USA, do I need to pay taxes in USA or Mexico?
What is the tax law regarding to bitcoin mining for Mexico?
Aseras
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Re: Bitcoin Mining Taxes for USA/Mexico
April 26, 2013, 06:13:26 PM
#2
Are you a US citizen? If yes, the US owns you forever no matter where you live and you have to pay tax, or file until you relinquish your citizenship.
FreedomCoin
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Freedom to choose
Re: Bitcoin Mining Taxes for USA/Mexico
April 26, 2013, 08:49:26 PM
#3
Quote from: Aseras on April 26, 2013, 06:13:26 PM
Are you a US citizen? If yes, the US owns you forever no matter where you live and you have to pay tax, or file until you relinquish your citizenship.
scary huh?
https://peakd.com/@solominer
Twerka
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Re: Bitcoin Mining Taxes for USA/Mexico
April 26, 2013, 08:51:44 PM
#4
Quote from: mskryxz on April 26, 2013, 01:23:17 AM
If I mine Bitcoins in Mexico but live 100% of the time in USA, do I need to pay taxes in USA or Mexico?
What is the tax law regarding to bitcoin mining for Mexico?
You don't have to pay taxes for mine cryptocurrencies. Only if you sell them for fiat money.
As long as ou keep the coins and use them to buy directly with them, 0 taxes are paid.
The worst enemy of Bitcoin is Mt.Gox exchange.
mskryxz
(OP)
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Re: Bitcoin Mining Taxes for USA/Mexico
April 26, 2013, 09:09:14 PM
#5
Quote from: Twerka on April 26, 2013, 08:51:44 PM
Quote from: mskryxz on April 26, 2013, 01:23:17 AM
If I mine Bitcoins in Mexico but live 100% of the time in USA, do I need to pay taxes in USA or Mexico?
What is the tax law regarding to bitcoin mining for Mexico?
You don't have to pay taxes for mine cryptocurrencies. Only if you sell them for fiat money.
As long as ou keep the coins and use them to buy directly with them, 0 taxes are paid.
Thank you
michael Chan
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Re: Bitcoin Mining Taxes for USA/Mexico
December 01, 2015, 07:16:22 AM
#6
Quote from: mskryxz on April 26, 2013, 01:23:17 AM
If I mine Bitcoins in Mexico but live 100% of the time in USA, do I need to pay taxes in USA or Mexico?
What is the tax law regarding to bitcoin mining for Mexico?
Hi ,this is Michael Chan from bitmaintech , I wonder what kind of machine u ar eusing for mining ? How is mining in Mexico ?
lu.chen@bitmaintech.com
. skype:jainghu441 , Tel./Whatsapp: +8613838248258
Piladeer
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Re: Bitcoin Mining Taxes for USA/Mexico
December 04, 2015, 08:13:29 AM
#7
Quote from: Twerka on April 26, 2013, 08:51:44 PM
Quote from: mskryxz on April 26, 2013, 01:23:17 AM
If I mine Bitcoins in Mexico but live 100% of the time in USA, do I need to pay taxes in USA or Mexico?
What is the tax law regarding to bitcoin mining for Mexico?
You don't have to pay taxes for mine cryptocurrencies. Only if you sell them for fiat money.
As long as ou keep the coins and use them to buy directly with them, 0 taxes are paid.
This may not be true. My understanding is that IRS treat bitcoin as property. So when you buy other goods with bitcoin, you have to pay capital gain tax on bitcoin as well.
bitcointaxes
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Re: Bitcoin Mining Taxes for USA/Mexico
December 12, 2015, 04:54:02 AM
#8
Quote from: Twerka on April 26, 2013, 08:51:44 PM
You don't have to pay taxes for mine cryptocurrencies. Only if you sell them for fiat money.
As long as ou keep the coins and use them to buy directly with them, 0 taxes are paid.
You're wrong.
In IRS Notice 2014-21, bitcoin mining is considered income on the date of receipt. You need to work out the number of mined coins * the daily price. and declare it as income. You will pay taxes on that income like any other income.
https://bitcoin.tax - calculate taxes for Bitcoin and digital-currencies
Hannu
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RIP: S5, A faithful device long time
Re: Bitcoin Mining Taxes for USA/Mexico
December 15, 2015, 06:29:16 AM
#9
Quote from: mskryxz on April 26, 2013, 01:23:17 AM
If I mine Bitcoins in Mexico but live 100% of the time in USA, do I need to pay taxes in USA or Mexico?
What is the tax law regarding to bitcoin mining for Mexico?
More less then Finland. Nighshift work you have to pay 60% taxes!
And job is hard to find. Now im working NOT PAYED JOB at foundation, great place.
BTC: 3Qnnx4cu45Gx4WcksNCnBPu3TaUZ5sKkLo
LTC: LYX1ZH7f4qcXq52AzA6grUYDfDngVz7BEi
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