Thread: Money Bitcoin Take?
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Old 01-12-2018, 12:05 PM   #1262
luv luv is offline
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Join Date: Dec 2004
Location: Springfield, MO
Casino cash: $16696
I'm sure it's been covered, but I'm not wading through 1200+ posts. The process of mining is considered a business. Any gains are taxable only if you use it in the exchange of product/services or if you convert it to cash, correct? My boyfriend is much more knowledgeable about this than I am, but I wanted to check out this side of things. In order to keep things simple for now, I have told him that any transactions done will only be the converting of any gains into cash. That cash will then be taxed. My question, I guess, is this: In keeping things as simple as possible in this regard, would it be easier to just claim the self-employment tax on any gains cashed out on my personal tax return, or would there be any need for me to form some sort of LLC?
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