Topic: Rig write off & self employment (Read 185 times)
Seems either case would be fair since governments appear to now want a cut, i.e., to tax; definitely consult with a tax professional to see which option may be best for you.
I would think you could do it either way, but I would consult with a CPA.
Can I use the entire cost of the rig ($3600) as a tax deduction in one single year?
E.g. say I make $8000 income from mining .. does the taxable income then become $8000 - $3600 - electricity costs?
Or must I deprecate the cost of the rig over multiple years?
I rather get the full tax deduction this year I'd think.
E.g. say I make $8000 income from mining .. does the taxable income then become $8000 - $3600 - electricity costs?
Or must I deprecate the cost of the rig over multiple years?
I rather get the full tax deduction this year I'd think.
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