4 ms·
If you're working a fulltime job, you're very likely to already be well over the standard deduction. It still sounds like the commenter doesn't fully understand
by smeyer 4y ago
If you're working a fulltime job, you're very likely to already be well over the standard deduction. It still sounds like the commenter doesn't fully understand the tax situation and might have paid more than they truly owed, but I can't imagine they'd owe $0 on the profits if they're in the US unless they had minimal other income that year.
- ghaff 4y agoIn the US, especially absent a large mortgage or significant charitable deductions, it's very possible--even probable--that, given tax changes about five years ago, you're within your standard deduction. I certainly am in a normal year.
- smeyer 4y agoI think we're saying different things. If I'm reading correctly, you're saying that most people don't need to itemize and can take the standard deduction, and I certainly agree. I'm saying that OP will need to report even a small amount of income from crypto mining since their income (not itemized deductions) will be more than the standard deduction and the crypto mining will cause them to owe additional income tax.