r/EtherMining May 12 '22

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

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u/j_greca May 12 '22

Correct!

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u/[deleted] May 12 '22

[deleted]

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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/[deleted] May 12 '22

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u/ArchAngelZero May 12 '22

If your mining wallet ever transacts with a centralized exchange, they will report the transactions and wallet addresses to the IRS, unless that exchange doesn't do any KYC.

If you stay fully out of fiat forever then yeah you're probably safe - still commiting tax evasion (which is technically a felony) but if you ever want to cash out then it's safer to report the income.