Maybe more of a question for you @VoskCoin. There are a lot of tracker apps out there. Which are best for which way of doing business? Do they truly make it easier during tax time?
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It also would be good to know how to address the hefty fees which are related to crypto staking.
On the greenhorn mistakes what about scamming victims. I have a service ticket from Zellcore as proof. It would be double painful to loose your hard mines coins and then be taxed for it.
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How should it be handled if multiple people buy in on a miner? Who pays the taxes?
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How do you write off a Bitcoin miner purchased last year and hosted through compass on this years taxes?
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How are staking/PoS rewards/cryptonomics/tokenomics regarded as income given the recent IRS case? Thoughts on the future of staking?
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How do we report defi farming earnings, and do we have to report said earnings if we never harvested those coins and have just been letting them build up in the farm? Also what are good tracking software to help arounf tax season time. I’ve staked in step finance, but most of my staking is on the cronos network.
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When you sell or trade the one crypto currency you mine for another one you wish to hodl. What are your tax liabilities? Would you face capital gains taxes twice?
How do you file to deduct all the equipment used for mining ? I went to few h&r block offices and no one knows how to file the deductions when cost is over 8k
This should of happened weeks before tax day to do things right 2021 tax
cryptocurrency mining tax advice video guide! this is video 1 of 2, a general crypto tax guide is coming soon
Hi,
my question comes a little bit late, but I am currently trying to find some details how to handle the Social Good coin earnings within the tax report.
Can you please help me here or forward me to a discussion about the topic (if already available)?
Otherwise I can start a discussion.
Thanks a lot!
Kind regards
I’m late on this topic but I understand crypto mining is like every other business. Except for when you earn the crypto and when you sell it. But if you structure it like a business and do the work you can write off all your expenses and even take depreciation on your mining rigs. It’s just very important to keep proper records of your bitcoin mining because you’ll be taxed on the initial mining of the bitcoin because you’ll be taxed on it that calendar year and then you’ll be taxed when you sell it. It’s not a double tax. If when you mine bitcoin was at $80k and then when you sell it, it reaches $120k it’s only on that $40k difference. Just the capital gains. It also benefits you to hold longer so as to avoid the short term capital gains tax. I’m not a CPA or anything I’ve just owned a business a before and I’ve taken an income tax course before. I also know one or two CPAs.