lemarc723 wrote:

Aura89 wrote:Do tax people in general understand this? As you just completely confused me.

I'll try to keep it general - and I know enough to know ask 100 CPA's a tax question and get 100 different answers.
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This is the most important internet post of the day. #Truth.

On a side note -- if the new tax legislation passes for pass through entities -- you would really want to consider organizing as such.

I have been told you do no need to use the MACRS asset life table. I have been told by a CPA and Tax attorney that you can use a self selected justifiable useful life provided it is rational and defensible.

If you are a miner of any decent size, this will drastically change your profit.

IRS WEBSITE Guidance: Q-8: Does a taxpayer who “mines” virtual currency (for example, uses computer resources to validate Bitcoin transactions and maintain the public Bitcoin transaction ledger) realize gross income upon receipt of the virtual currency resulting from those activities? A-8: Yes, when...

See additional IRS language below:

Some people were posting on Taxes so I thought would answer the question: This is not meant to cover every possible aspect of taxes, just to clear up some general questions. You should consult your CPA / tax attorney for further information. This post is not legal advice and no attorney client privi...

To read the blogs over these last several months, this place was full of NH miners..... guess they all left.

Its the theoretical profitability assuming 100% acceptance rate for a perfect miner.

So, for example ... if you have 15000 GH at the profitability is 3.50 cents .... it would be 15,000 x .035 = 525 for the entire day.

Divide 525 / 24 = 21.875 per hour at the stated rate.

I'll take whichever one you don't want

As stated above - Pool mining is pure socialism. Your reward block is shared with everyone else. And their block reward is shared with you. If you want to keep your blocks, you need to solo mine. Solo mine is "eat what you kill" - and only works if you have lots of hashing power. Unless yo...