Excellent! That simplifies the data collection so much! I choose 00:00:00 because blockchain.com has Explorer where I can download the daily pricing and they say it is "The average USD market price across major exchanges” the file is marked daily at 00:00:00.
Thanks so much for that insight!
OC
Topic: Pools and taxes(USA) (Read 257 times)
As long as you are consistent under usa tax law it will be okay.
Between my mom my wife and my self we worked over 55 years at the IRS.
Pick a time and stick with it.
11:59 pm your time zone will do. It is better than midnight as people can confuse it with 12 noon.
I do end of day time myself.
Between my mom my wife and my self we worked over 55 years at the IRS.
Pick a time and stick with it.
11:59 pm your time zone will do. It is better than midnight as people can confuse it with 12 noon.
I do end of day time myself.
I've been reading up on the basic tax implications of mining in a pool. I'm now in Slush which confirms a block reward after 100 subsequent blocks are found basically 1000minutes(16.6hrs) later.
The IRS says that when the BTC is earned it is taxed “Immediately when not subject to substantial risk of forfeiture", that could be taken as when a block is confirmed after the 100 subsequent blocks are mined or when mined initially since Slush pool has a long record for good blocks.
My guess is block confirmation is the safest point in time to value the BTC tax wise. So for yesterday Slush won 10 block and since BTC-USD fluctuates so much, would I need keep track of minute to minute values each day? Or do miners just use the midnight(00:00:00) price for all blocks for the day? The midnight valuation seems to be Prohash’s approach.
Thanks
OC
The IRS says that when the BTC is earned it is taxed “Immediately when not subject to substantial risk of forfeiture", that could be taken as when a block is confirmed after the 100 subsequent blocks are mined or when mined initially since Slush pool has a long record for good blocks.
My guess is block confirmation is the safest point in time to value the BTC tax wise. So for yesterday Slush won 10 block and since BTC-USD fluctuates so much, would I need keep track of minute to minute values each day? Or do miners just use the midnight(00:00:00) price for all blocks for the day? The midnight valuation seems to be Prohash’s approach.
Thanks
OC
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