Third ... great idea

That would explain it. Thanks.

How come, my 2 L3+'s are mining Bitconnectcoins 50% or more of the time. Im pritty sure that BCC is not the most profitbile coin to mine. Is there any ways to make the miners not allow to mine Bitconnect coins, i dont wish to support that coin. its actually the only thing i have a problem with on p...

This is by no way a suggestion, however, the IRS doesn’t have nearly the manpower needed to find and punish a miner with a single unit, especially if you don’t cash out. I personally will be doing everything I can to account for it all, since I’m pretty sure I can really lower my taxable earnings f...

For the capital gains portion this is how you would do it. It's the same as in the stock world. Substitute currency for stock shares. Use the first-in first-out method. A spreadsheet can manage this. Remember you only need to worry about capital gains in the tax year you sell currency into fiat. You...

So if i'm understanding this correctly, the information i need to record, for tax purposes, is: How much the coins were when i originally mined them, which on the daily portion of prohashing should be those numbers and just add each day up. The difference between that value and what the current val...

All of this has pretty much just made me want to stop mining completely. Not because i'm afraid of paying taxes. I was under the understanding when i started, though apparently very bad understanding, that nothing was taxable until you convert it to USD, in which case was told to provide whatever y...

Take the Baikal Giant-A900 --- lets say you bought one on Jan 1. I can't imagine you could not argue to an IRS auditor that it was not obsolete. I would write that entire thing off. If I were to get audited, I think it would be easy to show the tech obsolesce. I agree - just trying to see how you d...

Moose - ok, well I've never heard of that for business- but to clear, I probably will edit my post as I was just trying to be helpful and not debate your points. If what I posted contradicts then let's edit it out so my post doesn't give out "bad info". I am concerned when I hear you can s...

Do tax people in general understand this? As you just completely confused me. U.S. taxes: A number of these calculations need some more explanation. SE Tax is on NET - not gross for one thing. Another area is depreciation. If the equipment is new then you have the option of taking all the depreciat...