How to Handle #cryptocurrency Mining on Your #taxes
▻https://hackernoon.com/how-to-handle-cryptocurrency-mining-on-your-taxes-bd665a0efc57?source=rs
Cryptocurrency received from mining is treated in two ways for tax purposes. Other factors also come into play depending on whether or not your mining operation is treated as a business entity or just as a hobby. This article breaks down each of these two taxable events and explains the implications of reporting your crypto and #bitcoin mining transactions on your taxes.1. Crypto received from mining is treated as incomeThe first tax event you need to be aware of is income received from mining. When you mine coins, you have income on the day the coin is “created” in your account at that day’s exchange value.For example, if you successfully mined 0.25 ETH on June 15th, 2018, then you have income of whatever the USD value of 0.25 ETH was on June 15th, 2018. This income needs to be reported.If (...)