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Crypto Mining Income Tax

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Crypto Mining Income Tax

Andrew Leahey 🦣
May 14, 2021
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Crypto Mining Income Tax

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TLDR: Bitcoin (or other cryptocurrency) mining is subject to income tax, typically as ordinary income. Your basis in the coin is the price of the coin at the time it was mined. There are no like-kind exchanges for coins, so selling one coin to buy another is a taxable transaction. Any gains over your basis are capital gains, and may be long term or shor…

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