A quick straight forward question about renting mining boxes and cashing out only cost at contract expiration to renew the mining box contract.
I live in a country that like most have Capital Gains/Other Income as a seperate income field on my tax report, i do not have a registered company.
Normally when i reported my virtual currency gains, it would come from same source as i paid to, and therefore i could "nullify" my tax by simply not withdrawing more than principal for same fiscal year, however i have now rented a box that mines coins.
Is it possible for me to report the "renting of a mining box" as if it was an outright purchase of bitcoins ? (i know its possible to not report at all, but that's not what i'm looking for, is it LEGAL for me to do it that way)
Just so it's all clear and easy to understand my question, here's what i'm planning to do:
I prepay 400£ for 30days, during those 30days i regularly withdraw from bitcoin exchanges an amount UPTO 400£ only to renew the contract. So my cashflow balance here is 0 and if i were a co this should be perfectly legal to claim is a nonincome set of transactions relating to same invenstment. But is it viewed same way when i'm a persion and not a co ? Or can they claim i purchased a totally unreleated service for the £400 and claim i made a capital gain on £400 ?
Anybody who has experience with renting miningboxes or similar, got a clue ?
PS: And please with all due respect, no trolling or discussion about politics, neocon, neoliberal, keynesianism, and wtfnot, there is a poltics section for that, Im just looking for a straight answer or directions.