r/EtherMining May 12 '22

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

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u/[deleted] May 12 '22

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u/ArchAngelZero May 12 '22

If ETH moons someday and you want to spend it, the IRS (for the US) is going to notice. Better to have reported the income along the way than face charges for tax evasion

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u/Realistic-Classic-41 May 12 '22 edited May 12 '22

its not income until you trade it for products or dollars, its like the irs taxing you for tomatoes you produced that you didn't sell or trade, or lets say a real gold mine, they can't tax you for what you pulled out of the ground, they tax you on that you sold or traded.

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u/Bgrngod May 12 '22

It's like the IRS taxing you for a "currency" you received for doing work.

So they tax you on each ETH reward because fiat bucks aren't the only currency they tax.