What are the tax implications of mining cryptocurrency with TurboTax Premier CD?

1 answers

• Nov 24, 2021 · 3 years ago
  Mining cryptocurrency with TurboTax Premier CD? That's a smart move! But don't forget about the tax implications. The IRS considers mined coins as taxable income, so you'll need to report the value of the coins you mine. Keep track of the fair market value on the day you receive them, as it will determine your tax liability. If you sell or exchange the mined coins, you may be subject to capital gains tax. The tax rate will depend on how long you held the coins. To make your tax reporting easier, TurboTax Premier CD can help you calculate your tax obligations accurately. Just make sure to keep detailed records of your mining activities and transactions.
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