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Miners

Deduction of bitcoin mining expenses

Can I Deduct Mining Costs?

By | Miners | One Comment
How To Deduct Bitcoin Mining Costs "Miners" of bitcoin and other cryptocurrencies incur expenses related to their mining activity, such as the cost of electricity and internet service. Are these expenses tax deductible? The short answer is yes, bitcoin mining expenses are tax deductible. However, the amount of the deduction -...
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When is Bitcoin Mining Taxable?

By | Miners | No Comments
Tax Treatment of Bitcoin Mining At one time, there was considerable uncertainty surrounding the taxation of bitcoin mining, particularly as to the issue of timing. That is, when should a bitcoin miner realize income from the activity of mining? At the time the bitcoin is mined? Or later, when it is sold? The IRS settled this matter...
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