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General tax principles applicable to report your digital asset activity computation of basis.
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Cryptocurrency Mining Tax Guide - Expert ExplainsYes, crypto miners have to pay taxes on the fair market value of the mined coins at the time of receipt. The IRS treats mined crypto as income. Mining income can be reported either as Hobby or Business income. In case income is reported as a hobby, no deduction can be claimed for expenditure. Cryptocurrency tax rates depend on your taxable income, tax filing status, and the length of time you owned your crypto before selling it. If you owned it for.
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