Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto currency Mining => Topic started by: ambar33n on July 07, 2018, 01:34:49 PM
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Somebody can help me about the taxes mining Bitcoins in Canada and USA. Taxes to import the hardware, income tax, etc.
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Can't speak to Canada.
In the USA, IRS rulings are that Bitcoin mined does not become taxable 'till you either sell it for cash or spend it on "tangible property" at which point it becomes taxable at the cash value of the amount of Bitcoin you spent.
There's a lot more verbage involved, but that's the short-form basic information you need.
I suspect state and local income taxes (where applicable) have to follow the IRS rulings on the subject.
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Oh okay okay! thankyou so much :)
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There is local taxes only for using bitcoins and there is no information that IRS regulated taxes on bitcoin mining separately. We don't need to pay anything apart from that. US government treated bitcoin and other digital currency as a property for US federal tax purposes bro.
Adam Bergman is a tax partner with IRA Financial Group and president of IRA Financial Trust Company. Contact them more information.
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There is no taxation on bitcoin only the transaction costs.The bitcoin mining is fully anonymous no government can intrude here,you don't need to worry about taxes.The hardware needed for mining is just powerful system so yiu just have to pay the costs for transportation.Maybe in future there might be taxes on bitcoin if someone regulate it.
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Mining in Canada and America is taxed, and I think it is mandatory to pay, and you will be calm if you do tax compliance.