Topic: TAXES: Income from renting computer to Nicehash (Read 211 times)
13 days left check with a certified accountants... as you may be distributed to a friend of Lois Lerner.
i freaking hate the way crypto is taxed. It's absurd in so many ways.
you have to report capital gains on it. IRS is very specific now.
https://ttlc.intuit.com/questions/4138638-how-do-i-report-cryptocurrency-mining-income
basically you can claim as other income each day you get deposit from mining to your wallet - or you can claim as self employed income...
ALSO when you Cash the coin out to your currency to spend it (USD whatever - buy something with the coin) you pay capital gains/losses on value of coin at that time (short term less than a yr or longer than a yr depending how long you waited to spend the coin from when it was mined)
basically you can claim as other income each day you get deposit from mining to your wallet - or you can claim as self employed income...
ALSO when you Cash the coin out to your currency to spend it (USD whatever - buy something with the coin) you pay capital gains/losses on value of coin at that time (short term less than a yr or longer than a yr depending how long you waited to spend the coin from when it was mined)
If I use Nicehash, I am not mining myself but renting my computer out for use.
Therefore for tax purposes, wouldn't I report this under "Other Income" (rental income.. same as renting a home or office space out to a business)?
That sort of income is not subject to self employment taxes.
Therefore for tax purposes, wouldn't I report this under "Other Income" (rental income.. same as renting a home or office space out to a business)?
That sort of income is not subject to self employment taxes.
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