Looking for a couple of tax professionals I can consult with that are btc/crypto savvy. Please post or dm if you have a referral or two.
Embarking on a small mining venture and have some questions.
Let’s say you’re buying $100k in machines. How is this equipment treated? Is it a full write-off? Depreciation?
How do you report income and expenses? Expenses seem straight forward but what about revenue and gains? Do you report the dollar value of the BTC as the BTC is mined as revenue? And then pay taxes on gains as it’s sold (if it’s sold)? This task seems virtually impossible as very small amounts of BTC are continuously rewarded.
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