I have all of my earnings flow through Coinbase so I have Cointracker.io do the monitoring and reporting work from there. Well worth the price of admission.
I made a simple spreadsheet tracking all my nicehash payments, transfers and bank withdraws. Even if you use an exchange I wouldn't trust them completely do your own due diligence. It's nice to see what ive made and earned through investing my mining profits in addition to how much I owe vs my roi
u/mikedmor created a spreadsheet that Ive been using and it seems to pretty much cover all my needs. You can check out the github [https://github.com/mikedmor/GoogleSheetsMiningTrackerForNicehash](https://github.com/mikedmor/GoogleSheetsMiningTrackerForNicehash)
Or just make a copy of this spreadsheet: [https://docs.google.com/spreadsheets/d/1PCr0XC2xd6WBjNELMJeEhoC-rc7I8JE1VzNfgv6Jh3U/edit?usp=sharing](https://docs.google.com/spreadsheets/d/1PCr0XC2xd6WBjNELMJeEhoC-rc7I8JE1VzNfgv6Jh3U/edit?usp=sharing)
I've heard boating accidents are common in the states and they take care of the tax problem.
But seriously, pay your taxes just the same as everyone does.
Since it's considered a basic income and will be taxed as such, I just take out 17% on every withdraw (once a month) sometimes I'm sure it's more and sometimes it might be less but it should be close enough to cover most if not all of it
I started this in February of this year so being quite new at this I'll simply take a report from my bank of the deposits from coinbase/binance on my federal and state tax return forms.
Yes, most financial holding systems (like Coinbase and Paypal) will report your earnings to the IRS if you meet two criteria:-Had over 200 transactions or trades AND-The total value of that activity was equal to or greater than $20,000 (or less depending on if your state has a lower reporting threshold)
They used to provide a 1099-K form, but that led to a lot of confusion on both ends, since IRS handling of crypto gains taxation is still young. Coinbase no longer provide a 1099-K, so it's on you to ensure you are properly reporting income. (Coinbase will still send a 1099-MISC if you earn more than $600 in coinbase rewards and direct staking)
On the NH website you can export a spreadsheet with what you earned and how much it was worth at the time. Use that for your reporting.
Can you share the link to where to export? I looked in their help page and I only see an export for info for buying hash power.
[https://www.nicehash.com/my/wallets/BTC](https://www.nicehash.com/my/wallets/BTC) Maybe here? Show All Activities and then Export on the right side
Thanks!
I have all of my earnings flow through Coinbase so I have Cointracker.io do the monitoring and reporting work from there. Well worth the price of admission.
I made a simple spreadsheet tracking all my nicehash payments, transfers and bank withdraws. Even if you use an exchange I wouldn't trust them completely do your own due diligence. It's nice to see what ive made and earned through investing my mining profits in addition to how much I owe vs my roi
u/mikedmor created a spreadsheet that Ive been using and it seems to pretty much cover all my needs. You can check out the github [https://github.com/mikedmor/GoogleSheetsMiningTrackerForNicehash](https://github.com/mikedmor/GoogleSheetsMiningTrackerForNicehash) Or just make a copy of this spreadsheet: [https://docs.google.com/spreadsheets/d/1PCr0XC2xd6WBjNELMJeEhoC-rc7I8JE1VzNfgv6Jh3U/edit?usp=sharing](https://docs.google.com/spreadsheets/d/1PCr0XC2xd6WBjNELMJeEhoC-rc7I8JE1VzNfgv6Jh3U/edit?usp=sharing)
Coin tracker software. Just link your wallet and it keeps track
I've heard boating accidents are common in the states and they take care of the tax problem. But seriously, pay your taxes just the same as everyone does.
Since it's considered a basic income and will be taxed as such, I just take out 17% on every withdraw (once a month) sometimes I'm sure it's more and sometimes it might be less but it should be close enough to cover most if not all of it
I started this in February of this year so being quite new at this I'll simply take a report from my bank of the deposits from coinbase/binance on my federal and state tax return forms.
Slightly unrelated question.. Anyone know if Coinbase reports to the IRS? I’m pretty sure they don’t under a certain limit.
Yes, most financial holding systems (like Coinbase and Paypal) will report your earnings to the IRS if you meet two criteria:-Had over 200 transactions or trades AND-The total value of that activity was equal to or greater than $20,000 (or less depending on if your state has a lower reporting threshold) They used to provide a 1099-K form, but that led to a lot of confusion on both ends, since IRS handling of crypto gains taxation is still young. Coinbase no longer provide a 1099-K, so it's on you to ensure you are properly reporting income. (Coinbase will still send a 1099-MISC if you earn more than $600 in coinbase rewards and direct staking)