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September 21, 2013, 11:49:58 PM |
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I am not a lawyer, accountant, or tax professional in any way. Use my advice at your own risk.
From what I understand you owe taxes only on your profits, not your total income. Of course you owe sales tax, but you would otherwise claim your mining gear and maintenance costs as expenses. Any time you purchase Bitcoin with cash you will probably also want to have an electronic trail so you can claim that as an expense as well and therefore balance out your incoming money stream with your actual expenses. In the end some kind of tax professional might be what you need.
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