Post
Topic
Board Mining
Re: Taxes Mining Bitcoins
by
carlfebz2
on 27/11/2017, 12:12:24 UTC
Somebody can help me about the taxes mining Bitcoins in Canada and USA. Taxes to import the hardware, income tax,  etc.


I Think taxes can only be computed once you converted your income to your
local currency less the expenses you had for your operation.
Yeah, so far, that is the only way and which is absolutely normal. As long as you keep making use of fiat and you are making profit on whatever you are doing even if it is by keeping your funds in your wallet, then tax is compulsory. Although, this differs in so many places but with the governments regulating the exchanges now, this is something that cannot be discarded. Anything asides conversion to fiat is not even possible.
Even if government would decide to impose taxes on miners they wont really have an idea on how much % they would ask and they wont really know for sure since its not still converted to fiat which means I do agree that it would still need to be converted first before it would really need to pay up the obligations. Mining operation specially do have large scale ones do really have serious profits which government would really keep an eye on it.