Crypto Mining Taxes — All You Need To Know



Welcome to Byte Size Tech – This Channel is devoted to highlights from Tech Deals live streams & Podcasts that Tech & Rogue do together, a husband and wife team! We trust you find them interesting, each clip is buried in live streams and podcasts that otherwise would not be found, hence why we clip them out for you.
#bytesizetech #CryptoMiningTaxes #Bitcoin

— Discount Windows 10 Keys and More —
— Use Promo Code BST to save 20% off EVERYTHING —
Win 10 Pro –
2x Win 10 Pro –
MS Office 2019 Pro –
Windows 10 Home OEM –
Windows 10 Home Retail –
Windows 10 Pro Retail –

Watch the Full Live Stream this clip comes from here –


Clickbank Promo Tools

————

— Our YouTube Channels —

— Shopping Links —
Amazon
Newegg
Walmart
EBay
BackBlaze
EwinRacing
^ Use Code techdeals for 30% off everything

— Game Store Links —
Humble Bundle
Fanatical
GreenManGaming

— Crypto Links —
CakeDefi
^ Use our link to get $30 in FREE Crypto when you deposit $50 of Crypto
NiceHash
CoinBase
Crypto.com
^ Use Code TECHDEALS to get $25 in FREE Crypto + 0% CC Fees for 30 Days

— Direct Support —
Floatplane
Patreon
TD Merch

— Follow Us —
Tech Deals –
Rogue Storm –
Twitch –
Discord –

source

49 thoughts on “Crypto Mining Taxes — All You Need To Know

  • April 20, 2022 at 10:32 am
    Permalink

    A great help: thank you very much!

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    I just did my taxes today. I mined and sold $22k of ETH in 2021. I paid no taxes on it after deductions. 🥰

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Thank you. Earned crypto taxed as ordinary income but once it's converted to US dollars does it become subjected to capital gains?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    It's sad they send u to jail because of the money YOU earned.

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    What is BTC to USD exchange price should I use for calculations?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    This is all dependent on you creating your own company right? You kind of glossed over one of the most important parts

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    What amount is considered “a little bit of money” or passive income. I currently earn through mining $8,000 to $10,000 a year

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Do I get a mining tax form from nicehash or do I just have to do all numbers on my own ?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Great video! My biggest question when it comes to mining income is actually valuing the crypto as you receive it. For example, I mine approximately $10 of CKB every day. Some days it’s more. Some days it’s more coins. Sometimes it’s less. Those coins move in price. How on earth can I say what the precise value of those coins are? Just ballpark it?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    If crypto gets double taxed when mined & then sold does that make it profitable? Btw TECHNICALLY not reporting income is a non-crime because by definition crime is " An act harmful to another being "

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    If I earned $4.15USD in BTC(0.0001) on 01/07/2022 what do I report the value of that income as? Do I report when the market Opened, Ended, the High, the Low, etc. I have not been able to find this answer. And at what time does the crypto market open or close? Thanks!

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    This is such an insightful and helpful video. Thank you

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Democrats are below average.

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Obviously you're not giving financial or legal advise but what, in your opinion, are reasonable NAICS codes to file a mining business under?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    What if I buy 100$ a week, over 2 years, I have accumulated $10,000. After that 2 years I decide to sell $100 worth.
    How do I tell the government that I sold my oldest, instead of my newest purchase???

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life..

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    I bought all my mining equipment last year without first going to the court house and paying $15. I've made mining income rightly half the value of the cost of my equipment. I cannot afford to not have these deductions. Am I screwed, or is there a workaround I can do now to save my butt? I heard about someone selling their equipment to a friend and buying it back immediately to trigger a legitimate deduction for the active year.

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    this is an exceptionally informative video. these lessons are priceless.

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Question, if I purchased the machines in November, started the LLC in December but wont be up and running until 2022, can I write off the ASIC miner costs on my 2021 taxes even if I did not start mining yet but already purchased the units?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Just because you report income does not mean you are safe to falsely report deductions! This entire video is making my accountant side scream. People, this guy is dancing on being in huge trouble with the IRS. Please, use a certified tax accountant and keep all your receipts and bills, because there are special deduction percentages, its not as simple as, I drive this or I used my GPU 90 percent.

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    The first few minutes of this video alone are extremely informative. Thanks man

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    So u get taxed as a business and also tax when u cash out? Capital gain tax???

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Mine in a different country lol

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Coinbase reports your transactions above $600 now, for 2021 tax season.

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    I'm guessing staking your mined income is also a taxable event? What if you create a business after you've been mining in your own name? Can you lump the expenses originally created under your name under the business name? For instance: I started mining in May 2021 when I bought my new pc and have been mining since then. Do I need to fill out two tax submissions, one for me along with my normal 9-5 job, one for my new buisness or just one under the mining / staking buisness?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    I love this video. The only thing I cant seem to figure out is while mining how do you keep track of what to pay. For example when you buy and sell crypto it goes into a spreadsheet. With mining there isn't a 1/1 price you can see.

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Just spent 6K on a mining rig at home. If you bought all that and only make 300 bucks in December can you still right off the expense this late in the year or is better to start the mining in January next year. I hate to lose my deduction for all I spent. I really don't want a business but would like to be able to pay my taxes and get my deductions. I never mess with the IRS.

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Thanks! Good info!

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Wait, I read everywhere else that if you mine, you don’t have to pay taxes until you cash it out. The reason why is bc crypto fluctuates price every second. So I could pay taxes on what I mined every month, but if the price of the crypto jumps up, the US gov will want their money from that extra money. You can’t tax crypto until you cash it out.

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    For self employment tax, mining over 400/yr, do you have to keep track of mining income quarterly?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    So if I made 5$ from staking do I have to report that 5$ now or do I wait until tax time and report my earnings made by then ?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    I just bought a few asic miners. Appreciate it. Found this video extremely helpful.

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    they have no right to tax the miners because it was not fiat money, they can tax only if they exchange from/to crypto to fiat money. This is literally robbing money from the people. for example , Its like you cant tax anything that are on other country's property .. not sure how to explain it more precise, but I feel like this is the case.. this is just absurd

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    USA land of freedom lol

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    My rig makes $6,851 a year, so you think I should report?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    They want tax for everything 😅

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    I started mining at the end of April of this year.
    I’m glad I came across this cause i won’t let this slide. This is important and also, fook the government for stealing our money.

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    What if someone is mining and it's illegal in there country do they still pay taxes and fees?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    i live in union county in New jersey and i have no clue where im supoosted to go. help?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Here in The Philippines. We don't pay taxes for mining. hahaha

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    What if I don’t report the amount of crypto I earn or mine? Is there anyway they can trace the amount mined?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    only suckers pay Crypto taxes now.

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    I don’t plan on exchanging to FIAT ever

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Do you still owe tax money if the minning pool has not paided you as of yet ? Technically speaking. … I have NOT received my paycheck yet ?

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    When I get mined crypto I owe tax on what it was worth when I received it. How do I know what it was worth???

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Very informative. Clear and easy to follow, really appreciate the video 🙏🏾

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    Damn this guy looks like what Tom Brady will probably look like after he's retired for like 5 years!

    Reply
  • April 20, 2022 at 10:32 am
    Permalink

    So let’s say you mine $100 in Bitcoin and 2 weeks later the the value of what you mined goes up to $200. Does that mean you only get taxed on the $100 since that was the value when you mined it?

    Reply

Leave a Reply

Your email address will not be published.

%d bloggers like this: