Topic: how to mine bitcoin as a business - page 2. (Read 2102 times)
no good regulation for now
The IRS rules are a headache to figure that out. If you do try it make sure you ere on the side of caution. They are rather unforgiving to say the least. Also check state and local regs of course.
I think these days you can make more through trading or investing or providing services for bitcoins, then actually through mining.
Mining in General is unprofitable and will likely not ROI after electricity and the miner is paid for. Even if you get a tax deduction you will simply lose less money but would not cause a profit.
Yes. Yet, most new comers still attract to the mining business.
Mining in General is unprofitable and will likely not ROI after electricity and the miner is paid for. Even if you get a tax deduction you will simply lose less money but would not cause a profit.
1. None I think. Don't quote, and check your laws.
2. I believe it should, but again check laws and regulations. I know that mining was... capital gains? Go look around, there were threads created about it.
3. Do other businesses class electricity as an expense? That's probably your answer.
4. How do you lose mining capability?
Please, whatever you do, I'm NOT a 100% pure guide to follow. Always check your laws and regulations, and I'm not trying to give financial advice. Don't quote me on my statements, I'm just trying to point you in the right direction.
2. I believe it should, but again check laws and regulations. I know that mining was... capital gains? Go look around, there were threads created about it.
3. Do other businesses class electricity as an expense? That's probably your answer.
4. How do you lose mining capability?
Please, whatever you do, I'm NOT a 100% pure guide to follow. Always check your laws and regulations, and I'm not trying to give financial advice. Don't quote me on my statements, I'm just trying to point you in the right direction.
Hello,
I have a business and I would like to add btc mining as a source of revenue. I have a couple of questions. please share your experience and wisdom.
1. mining machines should be tax deductible under section 179?
2. mining income counts as business income?
3. electricity as business expense?
4. mining loss as business loss?
thank you
I have a business and I would like to add btc mining as a source of revenue. I have a couple of questions. please share your experience and wisdom.
1. mining machines should be tax deductible under section 179?
2. mining income counts as business income?
3. electricity as business expense?
4. mining loss as business loss?
thank you
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