Quote from: Blocken on August 21, 2017, 07:16:05 PM

Quote from: Mack007 on August 20, 2017, 08:25:48 AM

A friend of a friend recently purchased multiple Asic miners and he told me hes going to mine, hold, and whenever he cashes out present the earnings as capital gains. He will put down the value of the equipment used in column E on his Schedule D 1040 form. I view this all as straight capital gains. I feel thats the best thing for us miners to do, even if the IRS balks, your not going to jail and maybe have to pay a small fine due to the fact that this is a new field, for us and for the IRS.

Another thing that may work is, mine, hold, and hope that your countries economy becomes like Japans, in Japan you can use Bitcoin as a taxless currency for goods, rent, property, cars and food. I foresee this happening after the price of a bitcoin starts to stabilize around 100K, which should occur toward the middle of the 2020's

Using Bitcoin in Japan: https://youtu.be/xrauYRGDCjY

During a discussion about trying to have favorable tax situations with cryptos a friend once said, "Don't do it, that's like inviting the Devil into your home, there's no good reason to do it if it's not already happening"

I highly recommend against filing capitol gains tax. For what reason is it wise to inject crypto mining with the state? They shouldn't be allowed in it, but if everyone lets them in then they'll think it's all ok until a Supreme Court case goes to show they have no right (it's only a matter of time).

Definitely that is true, because if we are payed taxes in our income in crypto currency only government who become win. Why? Because their fund was increasing without doing anything, they were collect and collect taxes for nothing. In my experience only government officials will become reach because they were abused their power and corrupt the money of many people.

In addition it's better if we used our income to improve our lifestyle in each country, also most of us are wants to become close to the rich people. So it's better if save our income in bitcoin for our own future.