Quote from: bitcointaxes on January 04, 2016, 09:59:12 PM

Quote from: lim_1 on January 03, 2016, 01:55:09 AM

When I mine bitcoins on a pool, I allow my rewards to accumulate on the pool until it reaches a certain threshold (1 BTC). Say it takes 10 days to to reach that amount. Then the pool pays out 1 BTC to my wallet say on date x. Therefore is the cost basis determined by the price of bitcoin on date x? Or do I have to calculate it based on the price of bitcoin * reward I get for each day?

As soon as they arrive into an account under your control, it is income. So you earn income every time a deposit is made, to the value of x BTC * market value (which could be a consistent BTC daily price). This is the taxable income in USD you received as well as setting the cost basis for those coins for when they are sold/spent.

What the heck? only one guy giving sound advice, everyone else with many stars giving crap advice on how to evade taxes. lol!