Status as of Monday, January 8, 2018

Steve, seems you are contradicting yourself - at no point in this would there be a 1099-MISC or otherwise for me or for you to fill out. You are a business acquiring gear - a simple receipt showing that you paid X for the equipment is all you need to prove the 'expense' to the business (on your side), the expense to acquire this equipment (a Paypal receipt, or the like). It would make no difference if I were an individual either and not a business. Again, the analogy is you going out to buy office furniture, a trash basket at a yard sale for 20 bucks, or a 200 dollar router from Staples, or post-it notes by the case, whatever. It's a simple business expense, and based on IRS amortizing guidelines, you could expense it on a schedule like any other expense (actually in 2018 now you can expense 100% nearly right away in most cases, but of course check with a CPA to see if you qualify on that). It concerns me that the advice you're getting is extremely inaccurate. Again, I run a technology business and have regular discussions with my accountant, and have CPA's in the family as well who agree wholeheartedly. Not my first rodeo on this stuff. Respectfully.

meinerkey wrote:Steve, seems you are contradicting yourself - at no point in this would there be a 1099-MISC or otherwise for me or for you to fill out. You are a business acquiring gear - a simple receipt showing that you paid X for the equipment is all you need to prove the 'expense' to the business (on your side), the expense to acquire this equipment (a Paypal receipt, or the like). It would make no difference if I were an individual either and not a business. Again, the analogy is you going out to buy office furniture, a trash basket at a yard sale for 20 bucks, or a 200 dollar router from Staples, or post-it notes by the case, whatever. It's a simple business expense, and based on IRS amortizing guidelines, you could expense it on a schedule like any other expense (actually in 2018 now you can expense 100% nearly right away in most cases, but of course check with a CPA to see if you qualify on that). It concerns me that the advice you're getting is extremely inaccurate. Again, I run a technology business and have regular discussions with my accountant, and have CPA's in the family as well who agree wholeheartedly. Not my first rodeo on this stuff. Respectfully.

I didn't research anything about individuals. I only read that it was fine to deal with businesses and stopped there because anything else didn't matter.

Since we talked, I was able to reproduce the issues with some of the Zeus miners we have, and given the past few posts, I think it's best not to proceed with this purchase. If it turns out that we do need an L3 in the future, we'll look through eBay.

Thanks for your consideration!

Steve Sokolowski wrote:

meinerkey wrote:I could do 3650 if you're looking for only the miner itself. If you want the Bitmain PSU as well, I'd ask 3800, no less. All shipping included.

Thanks Steve. Just let me know if that works for you.

OK, we'll buy it, with the power supply.

We have to pay in cryptocurrency, because Coinbase listed our bank account as "under review" and refuses to release $70,000. That means we don't have enough dollars to pay taxes.

My suggestion, if you approve, is that I can send you a private message with the destination address, and when it arrives, we'll insert a fake share worth $3800, that will be divided automatically according to your account's payout proportions.

insert a fake share worth 3800? has your account been hacked? what did you do with the real steve? why am i seeing red flags?

As a form of payment, which he would then need to sell, pay capital gains on and then claim as income tax and get garnished from again...in the end, getting paid 3800 in crypto would have left the seller with 2280 after taxes for the value of the miner he sold.

I could sell one on Ebay, pay the Ebay and paypal fees and still be further ahead. Thought the whole idea of crypto was to adovid the middle man, make things faster, not having to pay for each and every transfer....funny seems like between income tax, and capital gains, we are paying more for this income earned than if we went out and sold ice cream and just collected fiat for it. Maybe im in the wrong business again.

HEY! Anyone want an ice cream sammich?

just the idea of inserting a fake share though, doesn't seem right to me

if someone wants to buy an old zeusminer thunder x3 i got an extra. bought them at like 50 dollars each plus shipping. willing to sell one for less than a hundred, but i don't know if anyone would ever want my old miners. probably costs more in power to run than profit. i was kinda excited when i heard about zeus gen III blades but i don't think they are real products, or i would've ordered some by now to put in the old rigs, a bit of fresh thermal paste and it's like an L3

spauk wrote:just the idea of inserting a fake share though, doesn't seem right to me

The fake share would be paid by the pool. Since there was no money earned it as it would be fake it would have to come out of the profits of the pool owners. So instead of them making profits of 5% on all the money paid out, that day they would make 5% - price to payout fake share.

My question would be, would the pool owners have paid their taxes on that $3800, since it was income earned and then spent, or with the fake share been able to prove they only collected 4% profits that day and only have to pay taxes on that.

Depending how that works out, it might seem like tax evasion or eluding.