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PSA: When Exactly Do I Owe Tax? At Mining or Selling?

Started by smallbizhelp_22 · Oct 16, 2024 · 4 replies
For informational purposes only. This is not legal advice.
EM
smallbizhelp_22OP

Looking for advice on this situation. Mining Ethereum - When Exactly Do I Owe Tax? At Mining or Selling? Is this as bad as I think?

Details: I'm in a situation where I need to understand my legal options. Has anyone dealt with something similar?

SS
grace_h_13Attorney

Keep meticulous records. The IRS loves to deny deductions for lack of substantiation. A $50 expense tracking app saves thousands in lost deductions during an audit.

ST
hearsay_harry_13

Keep meticulous records. The IRS loves to deny deductions for lack of substantiation. A $50 expense tracking app saves thousands in lost deductions during an audit.

AT
court_jester_42Attorney

Keep meticulous records. The IRS loves to deny deductions for lack of substantiation. A $50 expense tracking app saves thousands in lost deductions during an audit.

EM
smallbizhelp_22OP

Update: Thanks everyone for the guidance. I consulted with an attorney and we're moving forward. The advice here helped me understand what questions to ask and what to expect. Will update when there's a resolution.