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March 08, 2014, 03:17:31 PM Last edit: March 08, 2014, 04:15:16 PM by soy |
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Is it true in the US the mined bitcoins must be reported without any reduction for mining costs, i.e. miner costs, power, and the value is what btc is valued at the time they were mined?
This seems grossly unfair for the hobbyist miner. If mined bitcoins were only taxed when finally sold or bartered a retiree could pay those few extra thousand dollars in bills, that accrue each year from nothing more than living, by cashing in a few bitcoins without reaching a level of income that would be taxable. As it is, paying tax on every bitcoin mined, tax will have been paid on those sold making up the difference between the retirement SS check and the taxable income level that for everyone else would be non-taxable income.
Last year and this will for most of us hobbyist miners be the only years with appreciable bitcoins mined.
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