Taxes Mining Bitcoins - page 4. | Bitcointalksearch.org

hurain

sr. member

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Quote from: P4ndoraBox on October 25, 2017, 12:08:10 AM

Im glad to live in Canada because our retarded Justin Trudeau doesnt even know what is bitcoin and we have not, or few, laws concerning cryptocurrencies.

Plus, canada has.cheap electricity. Thats why im trading and investing all my profiits into mining.

It is the good luck of yours that you are living in Canada where the electricity is so cheap and I think mining will more profitable in your country as compare to other countries so keep you job continue to get more and more profit from it .

QuintLeo

legendary

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Quote from: Emoclaw on October 25, 2017, 02:14:43 AM

Quote from: Entropy-uc on October 25, 2017, 12:05:48 AM

Quint can you cite this ruling?

The last position I saw the IRS taking was that you were required to recognize mined bitcoin as income when it was generated and then take a capital gain / loss when selling.

https://en.bitcoin.it/wiki/Tax_compliance#U.S.
"The IRS also clarified that mining is treated as immediate income at the fair or market value of those mined coins on their date of receipt."

But as the page mentions below, how is the value of Altcoins supposed to be determined when there aren't direct alt/FIAT pairs in exchanges?
This whole IRS & mining seems like a grey area to me. Just pay your capital gains taxes when converting to USD.

They seem to have radically changed their position since the last I saw.
This ruling makes dealing with mining income a NIGHTMARE - how the heck do you know which date you "mined those coins" on and WHICH price during that date are you supposed to use?

I know that the IRS is a bureaucracy and loves their paperwork, but this is INSANE even by their standards.

dificanovi

full member

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Quote from: QuintLeo on October 24, 2017, 07:10:43 PM

Can't speak to Canada.

In the USA, IRS rulings are that Bitcoin mined does not become taxable 'till you either sell it for cash or spend it on "tangible property" at which point it becomes taxable at the cash value of the amount of Bitcoin you spent.

There's a lot more verbage involved, but that's the short-form basic information you need.

I suspect state and local income taxes (where applicable) have to follow the IRS rulings on the subject.

in my country also not taxed in mined bitcoin, which I know mined bitcoin indeed there is no taxation regulation about it. but we will be charged when selling the bitcoin.

BitcoinPlatinum

newbie

Activity: 4

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Quote from: QuintLeo on October 24, 2017, 07:10:43 PM

Can't speak to Canada.

In the USA, IRS rulings are that Bitcoin mined does not become taxable 'till you either sell it for cash or spend it on "tangible property" at which point it becomes taxable at the cash value of the amount of Bitcoin you spent.

There's a lot more verbage involved, but that's the short-form basic information you need.

I suspect state and local income taxes (where applicable) have to follow the IRS rulings on the subject.

This in a nutshell .
There is no taxation on bitcoin only the transaction costs.The bitcoin mining is fully anonymous no government can intrude here,you don't need to worry about taxes.The hardware needed for mining is just powerful system so yiu just have to pay the costs for transportation.Maybe in future there might be taxes on bitcoin if someone regulate it.

Svener

hero member

Activity: 502

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Quote from: xIIImaL on October 25, 2017, 04:41:30 AM

Quote from: manuelcc on October 24, 2017, 01:52:32 PM

Somebody can help me about the taxes mining Bitcoins in Canada and USA. Taxes to import the hardware, income tax, etc.

There is local taxes only for using bitcoins and there is no information that IRS regulated taxes on bitcoin mining separately. We don't need to pay anything apart from that. US government treated bitcoin and other digital currency as a property for US federal tax purposes bro.
Adam Bergman is a tax partner with IRA Financial Group and president of IRA Financial Trust Company. Contact them more information.

There is no taxation on bitcoin only the transaction costs.The bitcoin mining is fully anonymous no government can intrude here,you don't need to worry about taxes.The hardware needed for mining is just powerful system so yiu just have to pay the costs for transportation.Maybe in future there might be taxes on bitcoin if someone regulate it.

xIIImaL

legendary

Activity: 1372

Merit: 1005

Quote from: manuelcc on October 24, 2017, 01:52:32 PM

Somebody can help me about the taxes mining Bitcoins in Canada and USA. Taxes to import the hardware, income tax, etc.

There is local taxes only for using bitcoins and there is no information that IRS regulated taxes on bitcoin mining separately. We don't need to pay anything apart from that. US government treated bitcoin and other digital currency as a property for US federal tax purposes bro.
Adam Bergman is a tax partner with IRA Financial Group and president of IRA Financial Trust Company. Contact them more information.

NeuralChris

brand new

Activity: 0

Merit: 0

Quote from: P4ndoraBox on October 25, 2017, 12:08:10 AM

Im glad to live in Canada because our retarded Justin Trudeau doesnt even know what is bitcoin and we have not, or few, laws concerning cryptocurrencies.

Plus, canada has.cheap electricity. Thats why im trading and investing all my profiits into mining.

Trudeau knows how Quantum Computing works at a basic level, I'm pretty sure he's aware of bitcoin. Chances are he supports it and doesn't want to try and shut it down like those on the right would like to do.

Emoclaw

sr. member

Activity: 420

Merit: 251

Quote from: Entropy-uc on October 25, 2017, 12:05:48 AM

Quint can you cite this ruling?

The last position I saw the IRS taking was that you were required to recognize mined bitcoin as income when it was generated and then take a capital gain / loss when selling.

https://en.bitcoin.it/wiki/Tax_compliance#U.S.
"The IRS also clarified that mining is treated as immediate income at the fair or market value of those mined coins on their date of receipt."

But as the page mentions below, how is the value of Altcoins supposed to be determined when there aren't direct alt/FIAT pairs in exchanges?
This whole IRS & mining seems like a grey area to me. Just pay your capital gains taxes when converting to USD.

P4ndoraBox

sr. member

Activity: 708

Merit: 250

Im glad to live in Canada because our retarded Justin Trudeau doesnt even know what is bitcoin and we have not, or few, laws concerning cryptocurrencies.

Plus, canada has.cheap electricity. Thats why im trading and investing all my profiits into mining.

Entropy-uc

hero member

Activity: 756

Merit: 501

Quint can you cite this ruling?

The last position I saw the IRS taking was that you were required to recognize mined bitcoin as income when it was generated and then take a capital gain / loss when selling.

QuintLeo

legendary

Activity: 1498

Merit: 1030

Can't speak to Canada.

In the USA, IRS rulings are that Bitcoin mined does not become taxable 'till you either sell it for cash or spend it on "tangible property" at which point it becomes taxable at the cash value of the amount of Bitcoin you spent.

There's a lot more verbage involved, but that's the short-form basic information you need.

I suspect state and local income taxes (where applicable) have to follow the IRS rulings on the subject.

manuelcc

newbie

Activity: 1

Merit: 0

Somebody can help me about the taxes mining Bitcoins in Canada and USA. Taxes to import the hardware, income tax, etc.

Topic: Taxes Mining Bitcoins - page 4. (Read 8481 times)