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People should know you will get tax for mining in the USA.

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  3. People should know you will get tax for mining in the USA.

User Info: su27Chaos

su27Chaos
7 months ago#1
They pass that tax bill about crypto to crypto. Think before you buy those GPUs. You get tax 100% of the gains because they won't count those GPUs and electricity as a lost.

Don't think you can hide the money because once you send coins to the address like Coinbase. They log in every address from incoming source. All they need is your coinbase acct and your entire history is exposed. That one address will lead to other addresses and continues till it stops.

IRS gets help from https://www.chainalysis.com

Tracing the addresses is easy just go to any block explorer website and paste the person's address on the block explorer.

https://www.blockchain.com/
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User Info: Edavy89

Edavy89
7 months ago#2
Try again, but coherently.

User Info: su27Chaos

su27Chaos
7 months ago#3
Edavy89 posted...
Try again, but coherently.


What you mean. It's addresses gets link to every addresses involve. It's not that hard to figure out.

If you want to get audited then ignore this. Gaming community is pissed because of miners like you.
I like my beer like I like my violence...
Domestic.
#4
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User Info: ElDudorino

ElDudorino
7 months ago#5
I mean, I thought the first post was pretty easy to read and understand, but then again this isn't my first dance with lemurs. I hadn't heard about this, but I also just barely cared enough to open this topic and don't care enough to fact-check it because I don't mine and nobody I know mines. So I will now assume that the IRS is coming to people's houses and taking all their money if they mined.

User Info: R_Jackal

R_Jackal
7 months ago#6
Can't look at sites right now but here's a TLDR from what I picked up on like a month ago.

IRS is super salty about people not claiming Bitcoins. US trying really hard and looking like they're successfully going to start taxing cryptos with possibility of back taxes. Be careful until you know how much of a dick the tax man is going to be.

User Info: su27Chaos

su27Chaos
7 months ago#7
ElDudorino posted...
I mean, I thought the first post was pretty easy to read and understand, but then again this isn't my first dance with lemurs. I hadn't heard about this, but I also just barely cared enough to open this topic and don't care enough to fact-check it because I don't mine and nobody I know mines. So I will now assume that the IRS is coming to people's houses and taking all their money if they mined.


What's missing?

It's about the crypto to crypto trade tax. Miners these days don't do bitcoin unless they have ASIC miners.

Recently they pass that tax bill to prevent traders hiding money by trading into alternative currency. This affects miners as well because you eventually trade your coins through Bittrex and Poloniex exchanges for bitcoins. Those exchanges will also report to the IRS.

If you transfers to your Coinbase account. They will log every address involve.

All the exchanges I mention is in the US and all log in every trade.
I like my beer like I like my violence...
Domestic.

User Info: LeFeverBeaver

LeFeverBeaver
7 months ago#8
It’s possible (and even recommended) to launder your crypto currencies. I have no idea how to do it but there’s a book by Kevin Mitnick (one of the best hackers in the world) that’s about protecting your privacy and security on the internet. It’s probably not worth it unless you’re talking large sums because it’s so convoluted a process.
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User Info: su27Chaos

su27Chaos
7 months ago#9
LeFeverBeaver posted...
It’s possible (and even recommended) to launder your crypto currencies. I have no idea how to do it but there’s a book by Kevin Mitnick (one of the best hackers in the world) that’s about protecting your privacy and security on the internet. It’s probably not worth it unless you’re talking large sums because it’s so convoluted a process.


I think that's outdated if the book is release few years before chainanlysis.
I like my beer like I like my violence...
Domestic.

User Info: ablerider

ablerider
7 months ago#10
Edavy89 posted...
su27Chaos posted...
It's not that hard to figure out.


Irrelevant, no one wants to go through reading a post that looks like it was written by a handicapped lemur.


Only one of those could identify another one of it's kind...

On topic, it's almost a given, you even have to pay taxes if you make money from steam cards so this isn't a surprise.
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