Cryptocurrency Mining Taxes Explained for Beginners | CoinLedger

Have crypto mining activity? Find out how to do your taxes.

Want to know how to file taxes on your crypto mining rewards? In this video, we break down what you need to know about mining taxes. Miles Brooks, CPA and Director of Tax Strategy at CoinLedger (formerly CryptoTrader.Tax) explains how to report mining rewards to the IRS for complete beginners.

IRS: Is my mining activity Hobby or Business income?

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Timestamps:
0:00 Introduction
0:37 How is crypto mining taxed?
1:10 What if I sell my mining rewards?
1:41 Tax deductions for crypto miners
2:39 How to report mining income on your taxes
2:57 Am I mining as a business or as a hobby?
3:49 How CoinLedger can help

#Cryptocurrency #CryptoTaxes #Mining

[MinerHO]

Thanks. How does Coin Ledger handle more speculative coincs Like Pyrin, or Qubic or Zphyr? Can transactions be imported from Tradeogre directly?

[benjaminjones]

Do you have a video related to mining honey as a self employed with your personal vehicle fleet owner?

[abrahamyamak]

Hi there, i junk wanted to ask what do they mean by receipt? Or receive? Is it when the crypto enter into your wallet after mining? What happens if yoy do not "receive" any crypto into wallet after mining but decided to keep the "mined" crypto in the mining pool or website or whatever tool it is that you used to mine? Or what happens when you reinvest your"mined" crypto instead of "receiving" it? Do you still get taxed? Thanks

[abrahamyamak]

Do you only get taxed when you" receive " the "mined" crypto?

[Jackson-lr]

It is as difficult to steal from a privately ran bitcoin mining g operation for U.S. gov as me sitting on my couch at home shouting outside to all the drivers 30 miles away to pay me a toll.