Mining Expenses

[andwan0]

For mining income, how do we sort out the electricity costs(expenses)? Do we manually create a transaction fee somewhere?

In our tax report we have:

• Capital gains / P&L
• Other gains
• Income (airdrop,fork,loan int.)
• Costs & expenses
• Gifts, donations & lost coins

It’s not stated anywhere but is mining come under Income?

[Mark_DesLauriers]

Hi @andwan0, If your electricity costs are paid in fiat then they would not be entered as a transaction in Koinly. If you are carrying on a crypto mining business then the electricity costs paid in fiat would be a deductible expense when you calculate your net income from the mining business and report it using the appropriate tax return form in your jurisdiction.