Topic: Legal Miner USA Equip Depreciation and home miner issues thread? others in boat? (Read 1331 times)

yeah i'm doing all the above by the book..no issues there the issue is there seems to be NO home miners in the works anymore

right now to buy equip from that make any sense to get to run this rubber band out in 2016 and 2017 (5 years) for my IRS home miner biz purposes

see below thread i posted asking if some co-op or data halls of the small variety are cropping up a guy could get in on (much like a farmer with other
famers in say a grain co-op share equip etc)

here is that link

https://bitcointalk.org/index.php?action=post;topic=799423.120;num_replies=128

anyway seems to me that if home mining is dead..and cloud mining (see my tagline below) is unlikely to fufil the requirements of a virtual currency miner operation
according to the IRS being on the cloud...(kinda think i need to be part owner of some small group of guys in the same boat or co-op of same guys maybe)

anyway anticipating a 'void' here......seems a co-op of equip /home miner types COULD get around this stuff (and/or afford comercial miner maybe and split
the costs etc)

catch is ...i'd assume folk are out there doing this ....beating the bushes for the legit folk with a reputation i can watch this next year and maybe jump in
some (to match my equip depr this year and thru 2017) to keep a 'farming' so to speak ...got to keep IRS happy so they get their supposed 25% share
although so far even at these prices for btc/ltc incl this year (3 years) I have not had to pay them zip

but then again I need 5 years as a biz with 3 years at a profit so looking at those last 2 years scratching my head on how to show legit and reasonable
biz revenues vs risk etc that will satisfy the IRS that their is some half assed biz plan behind my alt coin mining madness

now if frigging btc would to pop to around 500 or 600 usd again ..i'm sure we'd see home miners again or some of what I'm asking about above with
group arrangements or co-op's of such

otherwise i'm going to be on a less effecient scavanger hunt of some kinda poor excuse of used equip in the future to keep this home miner operation in the
air or at least an 'evolved' biz group plan in the air.....again 5 yrs with 3 yrs profit is the rule of thumb on this kinda thing

anyway beating the bushes this year 2014 hoping someone will or is moving towards this kinda thing.....again cloud mining prob is not gonna cut it
likely it would have to be small group buy on equip of some trustworthy home miners with a central co-host location and or same as this but in a
non-profit co-op arrangement ...which probably would be more attractive to most in that it is there as a non-profit to run the equip but not to
make $$$ on overhead etc like cloud mining..in my case......break even on my equip depreciation and a bit more is plenty at this point..i'd again
assume others are at the same point..profit would be nice...but keeping the home miner biz going for 5 yrs as legit is my real goal on this

(prob will have 67 btc or equiv with LTC added when is said and done this year...with equip deprecation at 5 yrs that is 25% off my equp costs
of paid ...as applied to my taxes owed on my merged biz/personal taxes.....so i really want to run this out for full 5yrs and show 25% off all
my equip i used to mine...and also be legal as 'f*ck as long as I got backed into this that IRS or whomever can't say a frigging word on my coin
if/when it was to hit 10k (hey forced into this by my bank error etc..may as well get something out of it)

anyway kinda what i'm digging around for ....there has to be some legit folk of a small known data hall or co-op nature already starting to do this
just looking for options to keep the home miner biz going and wind this out to the full 5 yrs

thanks..hopefully most of you will simply in 2017 go wow i had  a good year here is my 10k of btc.....that i'm holding and pay no taxes but 20%
on capital gains if/when i spend it (a postion i long to be in..but alas bank error forced to file)..assuming the usa ever gets a 'coherent' policy
of alt/btc someday (ehh..prob not at least w/in next 3 yrs)

anyway feel free to comment take the poll ...heh wish me luck

 

maybe this will help.

http://www.irs.gov/Help-&-Resources/Tools-&-FAQs/FAQs-for-Individuals/Frequently-Asked-Tax-Questions-&-Answers/Sale-or-Trade-of-Business,-Depreciation,-Rentals/Depreciation-&-Recapture/Depreciation-&-Recapture

My most successful mining was when I was in Uni dorms & when I was renting and not paying hydro - hehehe.

I would never disclose my mining to IRA.  Good for your though...

Well just a bit of info I am in the 'odd' situation where I am a LEGAL miner in USA  under the IRS 2013 virtual currency guidelines on mining (long story bank screwed up called up SEC saying I had shipped 90k worth of money orders over seas...it was 10.1k to KNC in Sweden ...ie was THEIR bank error..but at that point felt i needed to file and such ...good thing bank even after I proved it was their bank error they STILL tried to get me in trouble with SEC as me NOT being a biz....a nice filled out ameneded 2013 tax form from the CPA fixed that...Assholes!0

anyway with that in mind and the fact I know some of you are not in this position and are wisely imho waiting on your stash till this all gets more clear in a few years and then maybe
you will announce assets to IRS with a 'MAN IT WAS A REALLY GOOD YEAR" with a straight face after probably mining 3 years lol..


anyway....the catch is 2013 ..should have paid (imho) 4k of taxes on income made mining ...paid NONE got a bunch of equip depreciation that will go down for 5 years...I was
pleasently surprised....

2014 just filed my taxes this year made...according to the IRS 19K or so mining etc...thought my taxes were gonna be 5k or some such..but after the equip depreciation I had and
the sale of a miner etc ...i came out with a 1.5K capital LOSS THIS YEAR...ie paid no taxes again

looking good right

now for 2015 I will have 4.3K of equip depreciation etc left..so that means if I want to show a profit (you need to show a profit 3 out of 5 yrs) i need to make more then that ..it seems likely even at this point I can pull that off

BUT here is the catch....I've NO FRIGGING IDEA with out some kinda home mining how I can show revenue to get the next year after 2015...that of 2016 the approx 2.15K or so again for 2017 and whatever remainder (very modest likely less then 700 usd) for 2017 projected

I suppose I can LIE one of those years to get 3 out  of 5 years at a profit to protect my past no taxes due and equip depreciation...but it is looking dicey to say the least



so anyway I am in the position I kinda sorta need something in 2016 and 2017 that I can mine at a modest level ...even a bit of a loss to show revenue to the IRS of some type
(ie i be a farmer ..i needs to be farming crops don't ya know)....I suppose I could get USED equipment? I am kinda doubtful on some co-op venture of shared equip/costs etc in some kinda co-hosting arrangement (i again doubt cloud hosting would count on this???)

so anyway long way around to explain my need for home miners and/or some kind of group co-op (like a grain elevator co-op of farmers) say on equip/bldg/expenses etc....but I assume you  would (for the above tax breaks) need to be a part owner of such an enterprise and not just a cloud hosting per say

Does anyone know of a non-profit (ideally) co-op type arrangement for mining coin in such a matter ....I assume up to this point it has not been an option in folk like
myself could simply home mine...but with my above situation has does anyone have anyone legit that does such data hall stuff (or shares) on a small enough basis to pull this off?

Again cloud hosting (see my tagline below) I don't think has the chops to pull this off....I think from my IRS situation .they would want something more along a partnership (even a small share) and/or co-op arrangement

anyway ...perhaps I'm wrong and cloud hosting for my purpose would work for the IRS as mining (doubt it) but fishing for info here...if I can pull this 'legal' miner biz off due to the luck of the balance it seems of the equip i have gotten vs what I've mined up to this point...I'd sure like to run it out the last 2 years showing mining revenue in some manner to the IRS

thanks for listening.....looking for legit stuff in this area...if home mining is dead...and cloud mining does not have the chops for this imho IRS requirement wise my only real hope
is a limited share in a physical group mining operation..and that of course leads me again to the example of farmers in more or less this same situation ..ie co-op?

(at this point not sure if i should send my banker for being asses a fruit basket or not...so far it has worked well...assholes they may have been to get me here)

anyway advice on the end game here if home mining is dead 2016 and 2017 it would be nice by hook or crook I could run my last equip deprecation due out there of around 4.5k
in my favor by showing some kinda mining revenue ...even if at a bit of a loss just to show i be a 'farming' so to speak

thanks and I know this may not apply to a lot of folk my situation but hey the work around has been working so far...again looking at a way to wrap this up if home mining is
really dead (or hell i just lose them last 2 years of 4.5k or so of equp depreciation as applied to my taxes due etc)

thanks appreciate the advice for my somewhat 'half assed' way I backed into being a legal usa virtual currency miner (sigh)