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Author Topic: Do miners pay TAX over their earnings??  (Read 6697 times)
ChineseSavior
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April 26, 2015, 05:47:06 PM
 #41

Yes that answer definitly tells a lot about you.



kick rocks shill. Go enjoy that quarantine. Says what that I enjoy living free and not paying into the military / medical / prison industrial complex and perptuate the hamster wheel cycle?

@zekarsalih are you sure you came to the right forums? BTC is about trust and freedom? Are you sure you did not mean to go to the www.ObamaForThirdForum.com ?

 Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes Roll Eyes

the only waay to change the shit show in the usa is to quit paying into the empires kitty. All of these political marches, protests, free keene, film the police, etc etc are useless if these same people are paying into the emire....

you want some real ''change''.. Quit paying into their system. Pun n tenders. Shoot i meant pun intended.

discontinuing use of your drivers license and paying into that system is another great way to stick it to da man.

#uber

#notax

#freedom
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April 26, 2015, 06:25:35 PM
 #42

If you want to tax this, it surely has to be with Capital gains taxes.

So you subtract your utilities {electricity cost} and the mining hardware cost to acquire the real "profit" you made after you sold the coins.

Some people only reach ROI or make a profit after years, so it's difficult to know what or when to tax.

For some people, it's actually a expense, and they never reach ROI or a profit for that matter.  Sad

The electricity costs do not factor into the capital gains tax owed.  The hardware price would.  It is not difficult to know what to tax, you just have to keep track.  I do not think you know what your talking about based on your answer to be honest.  Please read above where I talked about capital gains and self employment tax.  They are very separate and both apply to different aspects of mining.


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redhunter
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April 26, 2015, 10:27:11 PM
 #43

... what i mean is that usually you don't gain anything on second hand stuff, unless you manage to sell it at a higher price than the one which you bought it

so if you bought a 5k thing, then you will probably sell it at 4k or less(if you are good enough), and there is no gain here....so it should not be taxable

You have no income in your example assuming it is a non-business asset.  Generally the term income in the U.S. for tax and accounting purposes is defined as revenue less expenses.

However, if you bought a used S3 for $100 and you report your revenue and expenses of your mining operation as a sole proprietorship on a Form 1040 Schedule C, you may have taken a §179 deduction for the purchase price of the S3.  If that's the case and you sell it later for $90, you will have a taxable gain of $90. 
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April 26, 2015, 10:42:44 PM
 #44

For those in the U.S. you should read the following guidance from the IRS:

It will answer many of the questions in this thread and correct some mis-information.

http://www.irs.gov/pub/irs-drop/n-14-21.pdf

ChineseSavior
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April 26, 2015, 11:02:59 PM
 #45

DO NOT PAY TO IRS puertorican  KITTY DO NOT PERPETUATE TYRANNIC EMPIRE

all usa comes tumbling down as the break out shackles and chains to try to force citizens to pay...

problem solved...

Why are we still discussing taxes Huh

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April 27, 2015, 04:55:02 AM
 #46

it depends where do live and what nodes relay your transactions.

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April 28, 2015, 01:31:32 AM
 #47

What earnings, you shouldnt be paying taxes unless you are well into the profit and most who think they made alot of money are not including their costs properly.     A business can carry over losses for six years against profits hence you get those headlines, megacorp makes record profits but operates tax free.   People have to be more careful but I reckon you should not pay tax on your little home operation.   
Any 'profits' Ive made I just used to buy computer parts, since I need it as part of the operation I think its allowable cost against earnings

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NUFCrichard
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April 28, 2015, 12:36:45 PM
 #48

What earnings, you shouldnt be paying taxes unless you are well into the profit and most who think they made alot of money are not including their costs properly.     A business can carry over losses for six years against profits hence you get those headlines, megacorp makes record profits but operates tax free.   People have to be more careful but I reckon you should not pay tax on your little home operation.   
Any 'profits' Ive made I just used to buy computer parts, since I need it as part of the operation I think its allowable cost against earnings
You still need to file the returns to show the capital losses of the last few years so that you can claim them back now that you make the capital gains.
You 'reckon' they shouldn't pay, but if someone from the IRS looks into it, they will disagree with you.

The point about not paying tax on selling second hand stuff, if you have already deducted it, then you would have to pay tax on the 2nd hand sales.  They won't let you double count it.

Bitcoin mining is an absolute tax mess!  I wonder if the IRS will be bothered about it unless someone starts making millions from it.
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April 28, 2015, 01:33:28 PM
 #49

What earnings, you shouldnt be paying taxes unless you are well into the profit and most who think they made alot of money are not including their costs properly.     A business can carry over losses for six years against profits hence you get those headlines, megacorp makes record profits but operates tax free.   People have to be more careful but I reckon you should not pay tax on your little home operation.   
Any 'profits' Ive made I just used to buy computer parts, since I need it as part of the operation I think its allowable cost against earnings

New rule of the thread, unless you have read the tax code of your respective country, and the rulings about how bitcoin is taxed, you are not allowed to post in this thread.

The countless, "opinions" expressed are not only wrong, but severely misleading to someone who may sincerely want to know how they should be treating their bitcoin earnings.  You, like many before you, are unknowledgeable in the matter, wrong, and spreading misinformation on your opinion.


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April 28, 2015, 01:41:46 PM
 #50

Please let me know if you have Knowledge or experience with this.
yes bitcoin miners or any other cryptocurrency miner needs to pay tax too..and additnally they have to pay the electricity bills and many more..hope u go for asic mining

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April 28, 2015, 03:59:38 PM
 #51

Please let me know if you have Knowledge or experience with this.
yes bitcoin miners or any other cryptocurrency miner needs to pay tax too..and additnally they have to pay the electricity bills and many more..hope u go for asic mining

NO you dont. You can choose to not pay.

Why ever you pay tax? thats free all cash in hand type of money, but if you want to pay extra be my guest. Elecrcity bills is the only bill so I dont know what else which you need to pay regardless if it wasnt mining youd still be paying for.

The difference is not depositing the money in a checkings account.
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April 28, 2015, 04:15:32 PM
 #52

Please let me know if you have Knowledge or experience with this.
yes bitcoin miners or any other cryptocurrency miner needs to pay tax too..and additnally they have to pay the electricity bills and many more..hope u go for asic mining

NO you dont. You can choose to not pay.

Why ever you pay tax? thats free all cash in hand type of money, but if you want to pay extra be my guest. Elecrcity bills is the only bill so I dont know what else which you need to pay regardless if it wasnt mining youd still be paying for.

The difference is not depositing the money in a checkings account.

This is the most uneducated post I have ever read, which leaves me to believe that the only reason you haven't been audited and found guilty of tax evasion is because you don't make enough for it to be worth it from the IRS's standpoint.  You can also choose to rob a store, but its still illegal!  Also, the IRS can still know if you are hiding cash if it never hits your bank account.  Don't be an idiot and keep your dumb opinions to yourself.


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ChineseSavior
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April 29, 2015, 01:23:38 AM
 #53

Please let me know if you have Knowledge or experience with this.
yes bitcoin miners or any other cryptocurrency miner needs to pay tax too..and additnally they have to pay the electricity bills and many more..hope u go for asic mining

NO you dont. You can choose to not pay.

Why ever you pay tax? thats free all cash in hand type of money, but if you want to pay extra be my guest. Elecrcity bills is the only bill so I dont know what else which you need to pay regardless if it wasnt mining youd still be paying for.

The difference is not depositing the money in a checkings account.

exactly. You choose to pay tax.

bitcoin is about changing and decentralizing the /'system'' continuing to pay into the empire kitty is only perpetuating the cycle that is everything bitcoin stands to topple!

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April 29, 2015, 01:32:01 AM
 #54

Please let me know if you have Knowledge or experience with this.
yes bitcoin miners or any other cryptocurrency miner needs to pay tax too..and additnally they have to pay the electricity bills and many more..hope u go for asic mining

NO you dont. You can choose to not pay.

Why ever you pay tax? thats free all cash in hand type of money, but if you want to pay extra be my guest. Elecrcity bills is the only bill so I dont know what else which you need to pay regardless if it wasnt mining youd still be paying for.

The difference is not depositing the money in a checkings account.

exactly. You choose to pay tax.

bitcoin is about changing and decentralizing the /'system'' continuing to pay into the empire kitty is only perpetuating the cycle that is everything bitcoin stands to topple!



Empire kitty?  I bet you have one of those hipster Anonymous V for Vendetta masks as well.  Stop being a leech and support the infrastructure for things like the electrical grid and healthcare that you are indirectly (ie immunizations for the masses) and directly (internet access that you have access to without some random company censoring everything you write) using.

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Bitsaurus
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April 29, 2015, 01:36:35 AM
 #55

I can see the little kids have come out to post since mom must be late from work.  If it's there's an income derived from it there is the duty to pay tax - you don't have to overpay and can use all the correct deductions, but it is still a duty.

Those babbling on about military industrial complexes wouldn't bother to help a woman getting mugged let alone ever enlist to defend their homeland.  It's easy for cowards to press those 110 keys in their ergo chairs...

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ChineseSavior
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April 29, 2015, 05:28:02 AM
 #56

Please let me know if you have Knowledge or experience with this.
yes bitcoin miners or any other cryptocurrency miner needs to pay tax too..and additnally they have to pay the electricity bills and many more..hope u go for asic mining

NO you dont. You can choose to not pay.

Why ever you pay tax? thats free all cash in hand type of money, but if you want to pay extra be my guest. Elecrcity bills is the only bill so I dont know what else which you need to pay regardless if it wasnt mining youd still be paying for.

The difference is not depositing the money in a checkings account.

exactly. You choose to pay tax.

bitcoin is about changing and decentralizing the /'system'' continuing to pay into the empire kitty is only perpetuating the cycle that is everything bitcoin stands to topple!



Empire kitty?  I bet you have one of those hipster Anonymous V for Vendetta masks as well.  Stop being a leech and support the infrastructure for things like the electrical grid and healthcare that you are indirectly (ie immunizations for the masses) and directly (internet access that you have access to without some random company censoring everything you write) using.

The 12 year old children on this forum....

thread closed
lovenlifelarge
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June 19, 2015, 01:53:40 PM
 #57

For Australian's Knowledge...

The ATO ruled that if u mine as a company for profit u must pay tax.

As an individual u can earn up to $10,000 before any tax is paid..

As a Aussie individual with 3th of power (I know its not much but prob more than most) i have only made about 12 coins in the last 12 month at approx $300 a coin thats $3600 minus about the same in power costs i neither made nor lost money

Not that the tax man should get any of it anyway, Greedy bastard he is..

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hayabusa911
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June 20, 2015, 04:13:39 AM
 #58

Please let me know if you have Knowledge or experience with this.

I would never make mining a full time job and I refuse to pay taxes on my hobby. That is where I stand.
Work and pay your taxes. Keep your BTC for "fun" ;
 
P.S. Don't buy a Lamborghini if you can't afford one with your day job!

 Grin Mining is on a need to know basis and NOBODY needs to know! Grin
bitnanigans
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June 20, 2015, 03:37:33 PM
 #59

I would assume it depends on the jurisdiction. Obviously, in the US, you would have to pay tax on miner earnings. I'm not sure about other places.
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June 24, 2015, 04:04:47 PM
 #60

I thought that when you transfer the virtual money into US currency then it is extra income in US dollars. Come tax time I could include say 100 dollars as income. I have no income now and just if I were mowing lawns would include this earned income. I wonder if I can just say mining is my side job so any extra income I can report once it is transferred into USD from Bitcoin.
The difficult part is what to submit with the tax form since the 100 dollars doesn't come with a W2 form. I know their are earned income thresholds.  The scenerio is I have no income now and would like to convert a bitcoin into us dollars into my bank account. Did I earn the income from working as a miner? Did some one just pay me 100 dollars for work i.e mowing the lawn. Can one just report income from this side job and what is needed for proof of payment?

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