Cloud mining Taxes

Tax Questions
#1

Hello,

So I understand that mining crypto is treated as income tax and need to be submitted every year and we pay on it. I’m currently cloud mining on GoMining where I purchased NFT miners and a reward is added to my cloud wallet everyday. I want to accumulated in the cloud wallet, then send the total accumulated amount of Bitcoin to my trust wallet at the end of the year. From there, I’ll add that transaction on Koinly, print the 1040 and file it to the IRS to pay income tax on the amount. Would this be ok?

#2

Hi @Barreltech89

From a technical standpoint, this can be done in Koinly. However, I recommend consulting a tax professional to ensure it is correct for your tax situation.

#3

Ah ok, this would just be easier for me since rewards are added everyday and I have no way to log each transaction.

#4

I am happy to hear that it works for you, @Barreltech89

#5

This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.