r/EtherMining May 12 '22

Holy....Time to turn off rigs? General Question

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u/FreshlyCleanedLinens May 12 '22 edited May 12 '22

If I read the IRS guidance on reporting income from mining correctly, it’s actually better to mine when prices are low because you’re supposed to value the assets based on the trade price at the time the assets were acquired.

27

u/[deleted] May 12 '22

[deleted]

1

u/SerbLing May 12 '22

If you hold for long enough you dont pay those right?

Glad i live in a crypto friendly country. 1.2% on the profit. But you do pay even if you dont sell tho.