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jstew
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October 25, 2015, 04:02:33 AM |
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I don't claim anything.
Not worth it... unless you're mining half a Bitcoin a day, don't worry about it.
They're not worried about lil pissants... if you do mine more than that in a day, you're looking at more issues than just taxes.
If you do, you likely have a business and a chartered accountant.
it all depends on how ur farm is setup , im mining a good bit a day , but dont pay any taxes on it , i even get to write off the power bill for taxes Can you explain more? This seems far to good. Writing off the power bill on taxes but don't report earnings? I would hate to get a audit like that..... i really dont want to say to much, but its all legal though slightly truth stretched when it comes to reporting as the power used isnt necasarily used for the business , my machines are mining in a location were that business that owns the location/property gets to write off there power costs due to the nature of that buisniess i can explain more via pm if u want |
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"Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what." -- Greg Maxwell
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knightkon
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November 11, 2015, 06:58:03 PM |
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I am not sure where you are living at, but if it is in the USA, I would recommend paying taxes on your income for this anyhow. It is only a matter of time before the USA starts catching up on the technology and when they do, they will come after all of us who earned money from BTC or any Cryptocurrency mining and did not claim taxes on it. Unless you are a large mining company, your taxes will be very minimal, so might as well pay them and avoid any future issues.
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BTCBinary
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November 17, 2015, 03:43:18 PM |
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i mine ...600 to 1000 satoshi per day...will i be taxed? (lol)
Lool... I guess you should be taxed. With that kind of winnings you will be very rich in no time! loool No, but at least in my country I'll not be taxed! eheh |
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Decoded
Legendary
 Offline
Activity: 1232
Merit: 1029
give me your cryptos
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November 18, 2015, 12:24:13 AM |
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I feel strongly against mining taxes. Sure, they might help the economy, but who gives a shit? Bitcoin will crumble if taxes are applied, especially in China. China had a recent drop, so their actions might be a little frantic.
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looking for a signature campaign, dm me for that
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toptek
Legendary
Offline
Activity: 1274
Merit: 1000
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November 18, 2015, 07:36:17 AM |
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I heard that the government is starting to take taxes from big miners.
At a company, if you invest/buy equipment you would buy it tax-free, however you will have to pay for the taxes of your income.
Do the big miners get their mining equipment tax-free? Because they still need to pay income taxes afterwards.
Or do they pay taxes for both?
That depends on were you buy the Gear over the internet most of the stuff is still tax free on some sites like amazon you may have to pay taxes watch care fully at check out there . but as it stands it still depends on the state and rules in the US . if you buy in state in any state in the US you pay sells tax unless your a re seller and have tax exempt papers .been there don't that with a IMGram micro account used to have a net 30 day account with them, when i had a PC business. same rules apply with bitcoin miner gear etc . for other country's can't say. |
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toptek
Legendary
Offline
Activity: 1274
Merit: 1000
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November 18, 2015, 07:40:34 AM |
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I don't claim anything.
Not worth it... unless you're mining half a Bitcoin a day, don't worry about it.
They're not worried about lil pissants... if you do mine more than that in a day, you're looking at more issues than just taxes.
If you do, you likely have a business and a chartered accountant.
it all depends on how ur farm is setup , im mining a good bit a day , but dont pay any taxes on it , i even get to write off the power bill for taxes Can you explain more? This seems far to good. Writing off the power bill on taxes but don't report earnings? I would hate to get a audit like that..... That's a real bad idea right off stuff but show no reason why, IRS will come after you in US . I would hate to get a audit like that..... Me to no way around that one . |
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USB-S
Sr. Member
Offline
Activity: 574
Merit: 250
In XEM we trust
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November 18, 2015, 07:44:20 AM |
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How would they know the amount of bitcoins the big mines generate. This shit is not public information and any government or IRS representative would have no clue if they were being lied to since most of the auditors have literally no education in bitcoins. Is this a perk of new technology or just peoples ignorance? I bet it's just a matter of time before a big mining company gets busted lying to the feds.
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toptek
Legendary
Offline
Activity: 1274
Merit: 1000
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November 18, 2015, 07:48:07 AM |
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I am not sure where you are living at, but if it is in the USA, I would recommend paying taxes on your income for this anyhow. It is only a matter of time before the USA starts catching up on the technology and when they do, they will come after all of us who earned money from BTC or any Cryptocurrency mining and did not claim taxes on it. Unless you are a large mining company, your taxes will be very minimal, so might as well pay them and avoid any future issues.
he should report it. + he can make up to 3k year here and not pay any thing on it but still has to report it after that taxes start kicking in and any bank will start reporting large amounts of cash 10 K or more to the IRS etc it's law . from XP, i know that . Just because it bitcoins won't make it immune to taxes. |
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LuckyYOU
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November 18, 2015, 11:49:01 PM |
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I heard that the government is starting to take taxes from big miners.
At a company, if you invest/buy equipment you would buy it tax-free, however you will have to pay for the taxes of your income.
Do the big miners get their mining equipment tax-free? Because they still need to pay income taxes afterwards.
Or do they pay taxes for both?
I read that switzerland will keep it tax free. Not sure how north america (US and Canada) are looking against it. Probably they will tax it.. ;( |
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Amph
Legendary
Offline
Activity: 3206
Merit: 1069
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November 19, 2015, 07:42:40 AM |
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How would they know the amount of bitcoins the big mines generate. This shit is not public information and any government or IRS representative would have no clue if they were being lied to since most of the auditors have literally no education in bitcoins. Is this a perk of new technology or just peoples ignorance? I bet it's just a matter of time before a big mining company gets busted lying to the feds.
they don't need to kown the amount, as long as you don't exchange them for fiat their are not taxable, but not sure if someone is spending bitcoin all the time directly, by buying expensive thing if you fly low there should be no problem, but if you fly high it might arise some |
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Mickeyb
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November 19, 2015, 02:24:40 PM |
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I heard that the government is starting to take taxes from big miners.
At a company, if you invest/buy equipment you would buy it tax-free, however you will have to pay for the taxes of your income.
Do the big miners get their mining equipment tax-free? Because they still need to pay income taxes afterwards.
Or do they pay taxes for both?
I read that switzerland will keep it tax free. Not sure how north america (US and Canada) are looking against it. Probably they will tax it.. ;( Let me help you, the US will tax it for sure. I didn't even need to read this thread and I already know about which country we are talking about! In the US you can mess with anything but don't mess with their taxes! |
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