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RE: Mining for cryptocurrencies and why the IRS may owe you a refund.
do you use some type of accounting/excel spreadsheet to account for all these deductions so that at year end it can easily be allocated? I am curious does a business make the numbers easier because I heard that way one can deduct more.
One more topic of thought. If you held the ether and it does sky rocket let say to $1,000 in the near future and you sold it or exchanged it what happens? Is it a capital gain during that year you sold it or nothing gets documented because you mention you had to document it when you mined it and held onto it.
Thanks.
If you look at my blog and the column I posted about the tax impact of owning cryptocurrencies that will answer a lot of your questions about capital gains. Also the one about the tax fairness act. Thanks for reading