I guess I might get a quick answer from this forum. My question is whether/when/how to pay tax on mined BTC. IRS requires tax for any gain even from garage sales.
Gain from garage sales?? There is an acquiring cost associated with everything, and a depreciation in the value but hardly anyone sells stuff for a profit at garage sales.
For mined bitcoin I doubt you have to do anything until you sell or trade your bitcoin and you have a lot of cost in creating them from miner cost, operational cost, electric & anything else you want to say went towards supporting your efforts
It's all bullshit - tell them to find the trillions thrown away in the middle east before bending you over
In theory, you're supposed to include mined bitcoin at the time you receive it in your gross income. Good luck trying to find the exact price of a slice of a BTC after 101 confirmations. If you can come up with any sort of basis and keep it consistent throughout, there's no way the IRS would be able to come up with "better" numbers than what you have.