Quote:
Originally Posted by Wayne 962
Cash in crypto, or USD cash? It's my understanding that all of these cryptos are very difficult to convert back into dollars, and then (legally) have to be declared as a capital gain on the tax returns.
|
I’ve been mining BTC for about 3 years now, (except summertime when the heating issue takes over. My miners keep my shop warm October through May.
I mine in a pool and transfer it to my coinbase wallet. I can convert the BTC into USD with a click and transfer it to my bank account with another click. The only hassle is the tax reporting. What’s the basis for a dollar generated out of thin air?