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February 13, 2018, 04:17:51 PM |
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Hi guys,
I bought some s9s in late 2017 that i turned on last week. Im looking for the optimal set up for tax purposes. From what i can tell, the best way to do this is to set up an LLC, so that I can deduct the hardware expenses, depreciation, electricitiy, and other hosting costs against mining revenues.
Does anyone have any advice or other suggestions. If I set this up as an LLC, are there any other taxes i need to worry about? With the difficulty spike in mining since late last year, it looks like mining wont be too profitable in year 1, so at least i can shield almost all of the income from the s9s, and if s9s are still profitable in 2019, then ill start actually having taxable earnings then.
Thanks for any help.
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