Post
Topic
Board Pools
Re: [145+PH] KanoPool kano.is 7 BTC giveaway 🐈 US,NL,JP,NYA,DE,SG
by
DCGOO
on 08/04/2018, 15:12:58 UTC
Current usd price at time of payment is something i would really like as well. To report, need 2 numbers. The first number is usd at time u recieved the coin. This instant you earned income, so tax man needs a usd number to tax it. Then need the usd price sold at. The diffence between these prices is taxed at either short term or long term capital gains, depending on how long u held.
Disclosure so u cant sue me... Im not accountant, this not financial advice. However, this is how my accountant told me to do it.

What I am doing is not counting it as income at all until it converts to USD. IOW, it doesn't matter to me what the price was when it was mined. Only when I convert it to $.  As long as it sits in BTC, it is not recognized as income to me.  Nobody else has any way of knowing about it until it converts.  Six months of records distilled down to a single entry in Quickbooks (at the current exchange rate, it might be a lot longer ).  Kano and the other pools are not tracked or monitored by the authorities, only the exchanges.