What To Know About Bitcoin Mining And Taxes

This is an episode of Compass Live hosted by Compass Mining. In this livestream, Compass discusses popular tax questions from miners, ways to minimize tax liabilities, and common mistakes miners make when filing taxes.

Like it or not, taxes are one of the most important considerations when starting to mine bitcoin. Two tax professionals join the Compass livestream to share their opinions and experience working with miners to help them understand their tax liabilities and how to best prepare for tax season. ???? Follow them on Twitter.

✔️ Roger Brown: https://twitter.com/RogerBr59295778
✔️ Shehan Chandrasekera: https://twitter.com/TheCryptoCPA

Follow our hosts on Twitter too!

✔️ Zack Voell: https://twitter.com/zackvoell
✔️ Will Foxley: https://twitter.com/wsfoxley

Compass hosts livestreams every week on WEDNESDAY and FRIDAY with the leading experts in cryptocurrency mining. Don't miss them! ???? Subscribe: https://www.youtube.com/c/CompassMining?sub_confirmation=1

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Thanks for watching!

???? TIMESTAMPS:

0:30 - Introductions
3:53 - Basics of mining taxes
7:58 - How the IRS makes law
15:11 - Common mistakes with mining taxes
22:20 - International tax considerations
27:40 - Economic Opportunity Zones and mining
34:31 - Double taxation of bitcoin mining
40:34 - Creating a corporate entity to mine
47:30 - Depreciation of mining hardware
50:32 - Fees as deductible expenses
52:03 - Taxes for reselling mining hardware
54:41 - Does El Salvador’s legal tender law change anything?
57:33 - Infrastructure bill update

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Happy hashing! ????

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