muhrohmat
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April 24, 2015, 07:31:34 AM |
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as far as i do know you slhoud inspect a pool thet you are mining all alt and sha 256 coins are using like 1% to pool paymients tax but not the country tax direcly only when its converted to fiat.
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Vaccomondus
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April 24, 2015, 07:51:12 AM |
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i'm interested to this, because i'm running some miners here at home, if we can share your experience, would be really appreciated
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NUFCrichard
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April 24, 2015, 10:15:21 AM |
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What?? So if I have a single antminer S4, is that deemable to be taxed in Canada?
What is the threshold for having to pay taxes of your profits?
Technically yes. It will depend on how Canada tread bitcoin though. I would guess it would be a capital gain, in which case in Canada you would pay half of your normal income tax rate on it (remember, only on the profit i.e. after paying electricty and buying anything related to mining.) As unrealized capital gains aren't taxed, it is more complicated, as is Bitcoin money, so have you relaized your profit, or does that only happen when it is in Fiat? I woldn't worry about it, but it could be an issue for big miners in the future. (I am not an accountant and am not offering tax advice)
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dmeter
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April 24, 2015, 10:17:23 AM |
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Yes very good, we have 1 stupid person joining us. Kurdistan is in war since before 1900, you know who else is ? USA.
last war in USA be before 150 year 1861 - 1865. how can you guarantee for gear. if you betray bank guarantee recognized by EU banks for gear.Who is the insurer in case of fire.in the event of a dispute which the court has jurisdiction
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kevin1997
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kevin1997
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April 24, 2015, 02:28:26 PM |
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It depends if you do it as a hobby or for a living if you do if for a living you have to pay taxes but if you do it as a hobby there is a maximum amount you can earn before you have to pay taxes depends on where you live
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redhunter
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April 24, 2015, 05:10:02 PM |
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It depends if you do it as a hobby or for a living if you do if for a living you have to pay taxes but if you do it as a hobby there is a maximum amount you can earn before you have to pay taxes depends on where you live
In the US, income earned as a hobby is just as taxable as income earned as a business even if you only earned $1 in net income. However, there are limitations on using losses generated from a hobby to offset other income, whereas there is no similar limitation on business losses.
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sagarus
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April 24, 2015, 07:26:37 PM |
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Yes , any income is taxable
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Amph
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April 25, 2015, 11:52:08 AM |
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Yes , any income is taxable
i don't think so, some income are not taxable especially if they come from second hand stuff, also below a certain amount you are not taxable at all no matter what you are doing
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redhunter
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April 25, 2015, 04:43:06 PM |
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[... some income are not taxable especially if they come from second hand stuff, also below a certain amount you are not taxable at all no matter what you are doing
Again this is for the U.S. and for income tax purposes: some income is not subject to tax like interest on municipal bonds, however there is no de minimis exception on income that is otherwise taxable including selling second hand stuff at a profit. There are de minimis thresholds for reporting income if you are a payor. For example a bank or brokerage firm doesn't need to give you a 1099 if your account earned less than $10. That doesn't mean your nominal interest income isn't taxable, it just means that the bank doesn't need to report it to you or the IRS. For sales/use tax purposes, some jurisdictions in the U.S. exempt sales on second hand personal items like in a garage sale.
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cozk
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April 25, 2015, 06:23:39 PM Last edit: April 25, 2015, 07:55:32 PM by cozk |
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Hi
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zekarsalih (OP)
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April 25, 2015, 06:43:12 PM |
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For me its more like a hobby indeed. I follow an economic study and work for Rwe (german Electricity company). My father works for a dutch cooling and heating company and will arrange al the cooling. Prove and pics later (promiss). I have 8 ths devices ready those will be shipped this week and arrive in a month from now. Have it set up and slowly see from there. Profits seem to be stable for a long period. Electricity price is 0,03ctKwh for the 8 Ths including cooling and server. Internet is 30euro Per moNth. Appartement is mine. Taxes I might pay in form of Electricity price which goes up to maximum of 0,05 Ctkwh.
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zekarsalih (OP)
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April 25, 2015, 06:46:41 PM |
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Yes very good, we have 1 stupid person joining us. Kurdistan is in war since before 1900, you know who else is ? USA.
last war in USA be before 150 year 1861 - 1865. how can you guarantee for gear. if you betray bank guarantee recognized by EU banks for gear.Who is the insurer in case of fire.in the event of a dispute which the court has jurisdiction I would not guarantee anything. I will have good customer care and personal contact instead. Might keep it small and not provide any hosting.
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ajaxmoor
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April 25, 2015, 06:52:29 PM |
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What do you guys do about Cloudmining ? I have all my cloudmining earning generated to paper wallet address, which I have never paid taxes on. Could I run into some trouble, if I don't show it as earned amount for the taxes ?
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Amph
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April 25, 2015, 07:48:21 PM |
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[... some income are not taxable especially if they come from second hand stuff, also below a certain amount you are not taxable at all no matter what you are doing
Again this is for the U.S. and for income tax purposes: some income is not subject to tax like interest on municipal bonds, however there is no de minimis exception on income that is otherwise taxable including selling second hand stuff at a profit. There are de minimis thresholds for reporting income if you are a payor. For example a bank or brokerage firm doesn't need to give you a 1099 if your account earned less than $10. That doesn't mean your nominal interest income isn't taxable, it just means that the bank doesn't need to report it to you or the IRS. For sales/use tax purposes, some jurisdictions in the U.S. exempt sales on second hand personal items like in a garage sale. it does not make sense to tax a second hand stuff, otherwise if i continued on selling second hand stuff at the end of the day i would be in negative on that item/items...
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darkangel11
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Defend Bitcoin and its PoW: bitcoincleanup.com
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April 25, 2015, 09:06:15 PM |
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[... some income are not taxable especially if they come from second hand stuff, also below a certain amount you are not taxable at all no matter what you are doing
Again this is for the U.S. and for income tax purposes: some income is not subject to tax like interest on municipal bonds, however there is no de minimis exception on income that is otherwise taxable including selling second hand stuff at a profit. There are de minimis thresholds for reporting income if you are a payor. For example a bank or brokerage firm doesn't need to give you a 1099 if your account earned less than $10. That doesn't mean your nominal interest income isn't taxable, it just means that the bank doesn't need to report it to you or the IRS. For sales/use tax purposes, some jurisdictions in the U.S. exempt sales on second hand personal items like in a garage sale. In Europe it depends on the money you're getting from it. If you're earning €50 a month from mining nobody is going to ask you to report it or try to prosecute you, but if you're doubling your monthly income with a "hobby farm" it may be difficult to hide.
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DebitMe
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Get Paid Crypto To Walk or Drive
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April 26, 2015, 04:41:20 AM |
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[... some income are not taxable especially if they come from second hand stuff, also below a certain amount you are not taxable at all no matter what you are doing
Again this is for the U.S. and for income tax purposes: some income is not subject to tax like interest on municipal bonds, however there is no de minimis exception on income that is otherwise taxable including selling second hand stuff at a profit. There are de minimis thresholds for reporting income if you are a payor. For example a bank or brokerage firm doesn't need to give you a 1099 if your account earned less than $10. That doesn't mean your nominal interest income isn't taxable, it just means that the bank doesn't need to report it to you or the IRS. For sales/use tax purposes, some jurisdictions in the U.S. exempt sales on second hand personal items like in a garage sale. it does not make sense to tax a second hand stuff, otherwise if i continued on selling second hand stuff at the end of the day i would be in negative on that item/items... Here is the best way to think about it (apart from reading the code), if today you are worth $5000 and tomorrow you are worth $5001, 99.9% of the time, whatever you did is a taxable event. For anyone wondering, whether you mine, buy/sell bitcoin, buy/sell bitcoin equipment, really anything you do crypto related, is taxable in one way or another in the United States.
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Amph
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April 26, 2015, 07:59:35 AM |
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[... some income are not taxable especially if they come from second hand stuff, also below a certain amount you are not taxable at all no matter what you are doing
Again this is for the U.S. and for income tax purposes: some income is not subject to tax like interest on municipal bonds, however there is no de minimis exception on income that is otherwise taxable including selling second hand stuff at a profit. There are de minimis thresholds for reporting income if you are a payor. For example a bank or brokerage firm doesn't need to give you a 1099 if your account earned less than $10. That doesn't mean your nominal interest income isn't taxable, it just means that the bank doesn't need to report it to you or the IRS. For sales/use tax purposes, some jurisdictions in the U.S. exempt sales on second hand personal items like in a garage sale. it does not make sense to tax a second hand stuff, otherwise if i continued on selling second hand stuff at the end of the day i would be in negative on that item/items... Here is the best way to think about it (apart from reading the code), if today you are worth $5000 and tomorrow you are worth $5001, 99.9% of the time, whatever you did is a taxable event. For anyone wondering, whether you mine, buy/sell bitcoin, buy/sell bitcoin equipment, really anything you do crypto related, is taxable in one way or another in the United States. 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
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Kprawn
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April 26, 2015, 11:36:55 AM |
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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.
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ChineseSavior
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April 26, 2015, 01:22:58 PM |
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only little b*tches that support and enslavement tyrannic empire pay taxes.
flee the usa or any other country and get offshore to sovereign water / land. While you still can...
Not even close to kidding.
hope this helps w your answers.
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zekarsalih (OP)
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April 26, 2015, 04:00:06 PM |
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Yes that answer definitly tells a lot about you.
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