Mining pool fees an expense?

[jetbird]

Should I treat mining pool fees as a separate business expense?

Thanks,

Jeff

[1715386702]

1715386702

[1715386702]

1715386702

[1715386702]

1715386702

[1715386702]

1715386702

[1715386702]

1715386702

[1715386702]

1715386702

[olubams]

Should I treat mining pool fees as a separate business expense?

Thanks,

Jeff

If this is related to filing of returns to the tax authority, by all mean its going to be an allowable expense becusee the expense is related directly related to the income being generated which means that without the fees paid or deducted at source, you might not have generated such revenue. If you can get a tax consultant for you, this will go a long way in I proving your case as to why such expense should be a separate business expense.

[darkangel11]

Of course. Just remember to gather proof (at least in the form of screenshots), so that when they ask where did that amount come from you will have something to support your claim. Receipts or invoices are the best, but you probably won't get anything like that from a pool, so transaction history will have to suffice.

[labhsikh123]

There is need to pay tax.

[darkangel11]

There is need to pay tax.

Is that how you feel? I've seen many things in my life but never a person who feels a deep need to share part of his wealth with the government.