LogFAQs > #952605003

CarefreeDude posted...

One thing I haven't tried doing yet is actually doing any transactions or trying to sell my coin. Like if I sell 40 eth am I gonna have to pay some crazy taxes on that?

So you would have to sell it from an exchange. Those are all needed photo id verification these days in the US.

I sold about 2k worth of coin last year, and didn't have to pay on it. My exchange said 1099-K's are printed for over 6k in gains or 200+ transactions a year. Also trading your ether for another coin is considered a taxable event. Basically, if your exchange gives you a 1099-K, they sent one to the IRS too, and you need to claim it in taxes.

I have no idea how they are handling miners exactly. I know if you bought the coin you are taxed on gains, so maybe its all taxable since it's all gains. You could then claim your solar power upkeep as a deduction since it's needed for your income.