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Anything missing or any questions? The most relevant sections for most people here- and this is straight from the IRS. I have to decide if I'm going to spend any more money on mining, or save everything.
MrYukonC IRS doesn't give a crap about "tiers", only how big the fish are they want to go after first. Here you can see the miner running, it shows the performance per thread, in this case 4 and the total hashrate when your first work is accepted.
Excluding short-term tax obligations, electricity and a couple gpu's, I've still made a "good" profit. Especially if you're willing to ignore tax obligations and risk jail time like Capone. And the difficulty will keep going up and up. That's just one grey area not addressed by the tax code pubs. Are your cards worthless if you aren't? That's been my experience, anyway. Regarding altcoin taxation rules in the US, there's some off-base stuff going around.
I was simply distinguishing in my own terms how I see it hence the use of the term "tiers". I stopped mining two weeks ago. See PublicationTaxable and Nontaxable Income, for more information on taxable income. At this rate it will take 4. The IRS has already cashed the check and we'll see if I hear anything further from them about it. I installed an old version and the button was in place. Litecoin mining hardware tax forms Anything missing or any questions? April edited April Excluding short-term tax obligations, electricity and a couple gpu's, I've still made a "good" profit.