Crypto and Bitcoin Taxes in the US: 2020 Edition Coinbase
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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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07-13 15:55 - 'yes, a crypto person can avoid taxes by using anonymous crypto like Monero but if you use Bitcoin and didnt mine or buy it anonymously then its alread tied to your identity by being linked to an ip address of a device you...' by /u/Bloodsport121 removed from /r/Bitcoin within 88-98min
''' yes, a crypto person can avoid taxes by using anonymous crypto like Monero but if you use Bitcoin and didnt mine or buy it anonymously then its alread tied to your identity by being linked to an ip address of a device you own. 99% of people will be forced to pay taxes on their crypto gains but a small portion of early adopters or those who deceptively trade in privacy coins can avoided being taxed if they never associate their real identity or any device associated with their identity to their crypto. ''' Context Link Go1dfish undelete link unreddit undelete link Author: Bloodsport121
Bitcoin mining is forcing me to go solar power. I just installed solar panels to run my miners during the day. Not only does my house get heated but I cut the mining cost by 75%. Why? It's not just the cheapest form of energy, but I get rid of the grid-transfer cost and tax (=75%!)
So, I know this is probably a shot in the dark, but I wanted to get the opinions of others on how they have addressed this concern. So we mine cryptocurrency, it is not a "job" so I am not self-employed. I am not using it for any transactions, so there is no taxation of that. I have not converted the virtual currency into what is considered legal tender in the US....So at what point is this an issue/concern? Last thing anyone wants it to be audited or be slapped with backtaxes due to ignorance of the tax bi-laws of their respective country. ** NOTE: Please avoid soapboxing on your stance on taxes. Yes, I understand some people do not agree with them but am asking so that we can have a legitimate discussion on the matter.
Actions by the Bitcoin Cash and Ethereum community members seem to overrule Proof-of-Work miners’ outrageous proposals like mining tax and ProgPow. With most from China, does this mean their reign is over?
If the tax authority decides that your Bitcoin mining activities are a business, your tax liability may be reduced by tax deductions and credits for business expenses. If the IRS regards your mining as a hobby, these options are not available. Cloud mining of cryptocurrencies is a process that is considered an income. This process is a taxable ... Do you pay taxes on Bitcoin mining? In general, all income or rewards received by a taxpayer in excess of $400 generated from the mining of cryptocurrency must be reported to the IRS. The taxpayer must also identify whether they are a hobby or (self-employed) business miner for tax reporting purposes. Selling, using or mining bitcoin or other cryptos can trigger bitcoin taxes. Here's a guide to reporting income or capital gains tax on your cryptocurrency. For federal taxes, that means you pay a 15% tax on any gains, unless you make a lot of money (more than $479,000 (for married couples) or $425,800 (for individuals)), in which case you pay 20%. The reason that buying and selling crypto is taxable is because the IRS identifies crypto as property, not currency. As a result, tax rules that apply to property (but not real estate tax rules) transactions, like selling collectible coins or vintage cars that can appreciate in value, also apply to bitcoin, ethereum, and other cryptocurrencies.. To no one’s surprise, the IRS isn’t kidding ...
How to Report Cryptocurrency Mining & Staking Income on ...
Bitcoin and cryptocurrency news - Mining is one dirty business, China can't stop ICO investing, Thailand capital gains tax, Gemini brings zcash, Ethereum futures, and much more. Mining is Dirty ... This is a bitcoin.tax review of the software. So far so good it imports 20 transactions for free if you do more. Then i highly recommend paying for it. It makes your life and taxes way easier. It ... For a detailed walk-through on how Cryptocurrency mining income should be treated for tax purposes, please see our complete guide here: https://www.cryptotra... In this live stream, we cover 1031 like-kind exchanges, mining, having your coins in foreign exchanges, repercussions of not filing your capital gains, and much more! Watch live: https://ivanontech.com/live