4 ms·
Well, if you are mining as a hobby, you get to write off all of your expenses before having pay taxes on any profits. Want a new top-of-the-line graphics card?
by cwkoss 14y ago
Well, if you are mining as a hobby, you get to write off all of your expenses before having pay taxes on any profits.
Want a new top-of-the-line graphics card? Until it pays for itself, you don't owe any taxes. (In the us, from my understanding. IANAL, IANACPA)
- graue 14y agoI was thinking more along the lines of, based on mrb's figures, buying 11 FPGA boards and letting them pay my rent. That's substantial enough profit that if I didn't file properly, I'd be worried about a knock on the door from the IRS.
- sequoia 14y ago> Eg. each one of my Cairnsmore1 FPGA boards makes about $43/month, after the halving. ... I paid $640 for each one. 11 boards... do you have $6500 laying around? And you'll invest it to make a (possible, read: Your Milage WILL Vary) return of ~$450/mo? Shoot for the moon, I guess...
- groby_b 14y agoWhat's so wrong with a ~7% return per month ?