Cryptocurrency Mining Tax Guide – Expert Explains



How do crypto taxes work? What do Bitcoin miners and altcoin cryptocurrency miners NEED TO KNOW for taxes? Let’s consult a US tax professional and CPA Miles Brook of Coinledger to create the best crypto mining tax guide! Get a free tax report with our CryptoTrader Tax link!

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Crypto taxes stress a lot of people out – myself included. That’s why we asked a crypto tax expert to come on board and explain how to do your cryptocurrency taxes, especially crypto taxes related to mining! Mining crypto directly affects your taxes, so today we go over how to understand crypto mining and taxes. Are crypto mining rigs expenses that can be written off? How is your mined crypto taxed? Should you start a business for your crypto mining farm? All of this and more are discussed in depth in this interview!


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⏰ Timestamps ⏰
00:00 How do you properly report your crypto taxes?
01:48 Do you need to start a business for mining cryptocurrencies?
04:51 Is mining cryptocurrency taxed?
06:53 Does Constructive Receipt apply to crypto?
09:02 Crypto tax violations consequences
10:46 Race F1 cars in this NFT meta game!
11:19 Is Crypto Mining worth it?
15:14 Do you have to pay taxes on your crypto interest?
17:04 What happens when you want to cash out?
18:38 Short and long term capital gains rates with crypto
19:34 What happens when my crypto loses value?

Please note that this is NOT tax advice and cannot be construed as such. VoskCoin does not offer financial or tax advice. This interview is referencing 2021 tax regulations within the United States. Please consult a tax professional for all of your tax questions.

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8 thoughts on “Cryptocurrency Mining Tax Guide – Expert Explains

  • April 8, 2022 at 2:14 pm
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    This is bullshit…. we should not be taxed u til we convert coins into USD. I hate the US government.

    Reply
  • April 8, 2022 at 2:14 pm
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    CPA Kylo Ren has a lot of anger within, but he uses the force to provide excellent tax advice and it's appreciated!!

    Reply
  • April 8, 2022 at 2:14 pm
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    Yep, report your crypto gains……..😅

    Reply
  • April 8, 2022 at 2:14 pm
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    Thank you . this was very useful

    Reply
  • April 8, 2022 at 2:14 pm
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    Good video, but the last comment made that you can only deduct $3,000 of capital losses against ordinary income is not the full picture. If you have a larger capital loss than capital gains you can deduct the excess up to $3,000 from ordinary income, then roll the balance of the loss forward and take it in future years against capital gains then against up to $3,000 per year of ordinary income.

    Reply
  • April 8, 2022 at 2:14 pm
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    Hypothetically, if you had like $300 in mining profit and haven't connected it to any personal information, couldn't you just wait a few years and buy stuff tax free when more businesses accept it? Never touches a bank or exchange. Totally not worth it to do all that for like $300…I'd rather just burn the miner accounts.

    Reply
  • April 8, 2022 at 2:14 pm
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    I legit laughed out loud at the Tails shot in the beginning, pure gold!!

    Reply

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