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Showing 4 of 4 results by undergroundrig
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Board Mining (Altcoins)
Re: I'm glad I didn't buy any more video cards, a 1080ti barley makes $1 a day
by
undergroundrig
on 26/03/2018, 20:49:48 UTC
Regarding this:

"Yes, when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income."

I am assuming that since 0.1 or less coins can be transferred at a time and potentially several times each day, it would be allowable to summarize that X number of coins were mined in a month then one can take the average coin price for said month and use that logic for calculating income, coin value, etc..? I believe as long as it is consistent for all coins and months for the year that they would accept that?
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Topic
Board Mining (Altcoins)
Re: I'm glad I didn't buy any more video cards, a 1080ti barley makes $1 a day
by
undergroundrig
on 26/03/2018, 20:13:48 UTC
Quote from: Dagamus(NM) on March 26, 2018, 08:08:56 PM
Quote from: lunobird on March 26, 2018, 06:27:59 PM
Quote from: crazydane on March 26, 2018, 06:10:10 PM
Quote from: lunobird on March 26, 2018, 06:02:37 PM
For example you mined emc2 at $2 bucks last quarter irs counts that as income right away the day it's mined. However emc2 is now .20 cents And your screwed.

I wish the IRS the best of luck trying to enforce that...

To the IRS your a criminal for mining if you don't report your earnings accurately or your hiding your mined coins,  According to them you will be faced with a 250k fine and be sent to prison for 5 years for not reporting or hiding your mined earnings of a buck a day for your 1080 ti.  LOL

Seriously hire an accountant, its not worth testing the irs,  They can audit your 5 years later for your past history.

https://www.irs.gov/newsroom/irs-reminds-taxpayers-to-report-virtual-currency-transactions

"taxpayers could be subject to criminal prosecution for failing to properly report the income tax consequences of virtual currency transactions. Criminal charges could include tax evasion and filing a false tax return. Anyone convicted of tax evasion is subject to a prison term of up to five years and a fine of up to $250,000. Anyone convicted of filing a false return is subject to a prison term of up to three years and a fine of up to $250,000."

happy mining folks, Enjoy your pathetic profits or losses and risking on catching your house on fire and be sent to prison.





Ok FUDlord. I filed my taxes last week and paid my taxes on mining profits minus electricity costs and hardware. The IRS does not currently have much in the way of defining how crypto is to be taxed yet. So pay capital gains on your profits and it is done.

Mining is still profitable unless you are like lunobird who either is terrible at it or missed the bus on it and is just salty. Probably just trying to deter noobs to keep difficulty low.

Assuming you are still holding the coins, its just capital gains tax on the mined coins at the price when they were mined? Also assuming you bought hardware in the last quarter, mined coins when the price was high and now its low, can you claim electricity and hardware depreciation on the capital gains then and potentially not owe anything?
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Topic
Board Altcoin Discussion
Re: Zencash: Excellent potential?
by
undergroundrig
on 20/03/2018, 15:50:34 UTC
Quote from: QueenOfCrypto on December 04, 2017, 01:40:56 AM
Yes, I think that Zencash has an excellent potential. But best moment to buy was a few months ago.

What about now?


Quote from: MedaR on March 16, 2018, 12:27:20 PM
Zen Secure Nodes Reach 8,000+ in 3 Months!

https://blog.zencash.com/zen-secure-nodes-reaches-8k/?utm_source=blog&utm_medium=social&utm_content=secure+node&utm_campaign=8k

Please forgive my ignorance but what happens to the MN payout of 3.5% when the mining rewards become unprofitable that the miners stop mining ZEN?
Post
Topic
Board Announcements (Altcoins)
Re: Infinex - PoW & Masternode - Lyra2Z Asic Resistant - Ultra Low Premine - LIVE
by
undergroundrig
on 19/03/2018, 20:02:35 UTC
This looks like a good project but lets say this coin goes up to $10 in a year or two. What happens to this coin/MN when the miners disappear due to the increased difficulty and decreased reward?