What are the reporting requirements for cryptocurrency mining under the IRS business code?

1 answers

• Aquiles GomezJul 09, 2024 · a year ago
  When it comes to reporting requirements for cryptocurrency mining under the IRS business code, things can get a little tricky. Cryptocurrency mining is considered a business activity by the IRS, so you'll need to report your mining income on your tax return. This means filing Schedule C and reporting your mining income as self-employment income. You may also be required to pay self-employment tax on your mining income. It's important to keep detailed records of your mining activities, including the date and time of each transaction, the value of the cryptocurrency at the time of mining, and any expenses related to mining. If you're not sure how to navigate the reporting requirements, it's a good idea to seek guidance from a tax professional who is familiar with cryptocurrency taxation.
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