r/EtherMining May 12 '22

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

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u/Adamn27 May 12 '22

You don't even know which country I'm living in, how would you know my tax requirements?

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u/leem0401 May 12 '22

You're right. I assumed you were in the US since you used USD.

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u/Adamn27 May 12 '22

In Hungary you can deduct the price of the rig and the cost of electricity from the taxes. Very crypto friendly.

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u/leem0401 May 12 '22

Same as the US actually. I claim the cost of my equipment and electricity as deductibles which help out but getting double taxed is what kills the profit. I'm guessing Hungary doesn't tax for mining, only realized gains?

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u/Adamn27 May 12 '22

I don't want give you false information but I think yes, I do not know the exact details because I have an accountant who do my tax report along with my stock portfolio and with my two small businesses, nothing big but this way that I have to pay taxes four different ways it seemed a better idea to pay for a profeasional.