Quote from: dmwardjr on September 25, 2015, 01:25:39 AM

Quote from: generalt on September 25, 2015, 01:19:21 AM

Quote from: dmwardjr on September 25, 2015, 01:18:20 AM

Quote from: generalt on September 25, 2015, 01:17:17 AM

So miners are called transaction verification servers now?

Sure... I like the sound of that when doing my taxes writing off my hardware expenses.

LOL good luck with getting that past the IRS.

It's nothing to get "past" them. It's only two sheets of paper I give my accountant for my business every year. No details needed unless audited. Even if I am audited, there is nothing to hide because EVERYTHING is documented and accounted for. I give myself payroll and I also take some "draws" as well but never more than 50 percent. My wife is an accountant. I think you need to do your homework.

What the hell do I have to get "past" the IRS? The hardware (rigs) are depreciating assets. They depreciate a certain amount each year. If they are sold [As mine were] you simply subtract the depreciated value from what you sold them for. Depending on the difference, you might end up on the "up" side. If you end up making money from the sell AFTER depreciation, then money is made and corporate taxes are to be paid. You don't even have to do it as a corporation as I have. You can simply use your SSN. I have an EIN for my S - Corporation.

yep were i'm at ...I made more in equip depreciation applied to taxes then I paid in revenue on btc and ltc mined...it 'coincidentally' was a draw (really no tricks got a cpa and everything)
so no issues at all i'm squeaky clean with IRS according to CPA (had to file had bank issues when btc was evil ....big boo boo by bank a error called sec...so if after all this it is a break
even with what I get for equip depreciation (or better) on what I mined I'll take that as a win

..but yeah home biz get a cpa it all works out (if you wish .....or just wait till 2018
when all this stuff gets straightened out and 'viola' you had a good year should you want to report 'ahem' your virtual coin to IRS or whomever..me I was stuck ...so this is the best outcome I can pull off.