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Author Topic: Bitcoin Mining Operation - Accounting  (Read 528 times)
kritment (OP)
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August 09, 2017, 09:33:35 PM
 #1

Hi All,
Thanks for the help in advance.
As stated in my couple of previous posts I have invested decent sums of money in mining (50K) planning to invest another 200K. Currently refurbishing an industrial  building to help support this operation.
Since this a cost oriented exercise, I would like to see if I can do this under a LLC.
Can anyone advise a good accountant in US who does this Crypto related accounting for a living? I want someone who has done this before for a mining operations, need good advice and guidance rather than someone to fill up forms.
Let me know   
NotFuzzyWarm
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August 10, 2017, 12:39:52 AM
 #2

Since you are running this as a business (best way to do it!) along these lines, be aware of the IRS section-179 for capital equipment expenditures. Miners fall under the same category as PC's, servers, etc. and can be entirely written off as capital equipment necessary for the company:D

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madcow1713
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August 10, 2017, 03:33:18 PM
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There are some good resources, and a few decent BTC tax lawyers that are a google search away. Keeping meticulous records is the most tedious part.
kritment (OP)
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August 10, 2017, 09:59:10 PM
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Thanks guys and NotFuzzyWarm
I rather do this legit and keep everyone including the taxman happy
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