Quote from: dmwardjr on September 26, 2015, 08:30:06 AM

Quote from: Searing on September 26, 2015, 06:00:45 AM

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.

Good to hear you got it all worked out, Searing. I plan on doing a bit better with the new rigs I have on the way. I came out ahead on all of my previous rigs. Not much... but ahead. I'm itching to get my S7's in my mining closet. Have 9 on the way and 14 more in December depending on difficulty.

yeah it is what it is....not much you can do when the bank makes an error and says (evil btc in 2013 don't ya know) you paid 99k to Sweden and it is suspicious to the SEC.I really paid for 1 knc unit at 10,131.80 ...but they took them over 10k forms you sign for overseas wire xfer way to serious ..another reason for btc imho ...heh......so
I filed because the 2013 virtural currency IRS change had come out ..amended my taxes because I figured the bank would still try to jam me up...I was correct as soon
as I showed the banker they were idiots.....they tried to jam me up saying I was not a biz..slapped down the amended by CPA tax forms as a home virtual currency biz
and made him look like an ass to the guy on the phone from the SEC

so the hand I was dealt (best not to piss off IRS under any circumstances) it all seems like it will work out ..even at these imho depressed crypto prices etc

the only outcome I could get out of all this anyway ....but a long way around to get to the same place of just eating the equip costs (no equip depreciation) and just
sit on the hoard till say 2018 when they get this whole irs/commodity or whatever fixed and then just go ..if you want to declare under 'clear' rules ...'man I had a good
year

(what I would recommend to others not in my situation

But Spondoolies has treated me more then fairly ...I got a refund on a sp30 (group buy Aug. 2014) from a post here more or less saying that perhaps it was NOT my
wisest move with 2 titans on the way (2500W) and a 100 amp service....Guy contacted me w/o me bugging him about it and offered me a refund and I was pleasantly
surprised.....of course they were selling like hotcakes then .so no loss to spondoolies but I always appreciated the gesture and I know I got at least 2 (perhaps 4) folk
to get units to replace my own on the above actions by Guy and Spondoolies

but alas again at 13.5c kwh the only miner I will have soon is 2 sidehack usb sticks at 8gb and 25 bucks each ..where the ROI is a smile

I will have fallen far
at that point.......

anyway maybe they will make a 5 or 10k us home miner for the heck of it ..probably could ..hoping people would buy and fill up the remaining slots of such a beast..
but unless I win the lottery or something and need some toys....btc mining ended in Feb 2014 and likely my scrypt miner efforts will end around Feb 2015..
then I'll just sit on my hoard and brood about daily price madness on btc and ltc and hope like the rest of us it does not go tulips/beanie baby/etc

(good to have goals...that is gonna suck thou no miners argh!)

(again youtube video will be available to guy and spondoolies if they send me an sp50 and you can watch it melt my 100 amp service...it would get a million hits
for sure)