Cryptocurrency Mining Taxes Explained for Beginners | CoinLedger

Cryptocurrency Mining Taxes Explained for Beginners | CoinLedger

PT4M38S | Video has closed captioning.

2024-12-23T09:37:57+0800

Have crypto mining activity? Find out how to do your taxes. Want to know how to file taxes on your crypto mining rewards? In this video, we break down what you need to know about mining taxes. Miles Brooks, CPA and Director of Tax Strategy at CoinLedger (formerly CryptoTrader.Tax) explains how to report mining rewards to the IRS for complete beginners. IRS: Is my mining activity Hobby or Business income? https://www.irs.gov/newsroom/earning-side-income-is-it-a-hobby-or-a-business ✅ Get started with CoinLedger, the crypto tax platform trusted by more than 250,000+ crypto and NFT investors. Generate a free preview report today: https://bit.ly/3LtPfB4 📚 Learn more about CoinLedger (formerly CryptoTrader.Tax): https://coinledger.io 🔴 Subscribe for more tax tips: https://www.youtube.com/channel/UCFSHCk0kap5Y8aWyAQau8YQ?sub_confirmation=1 🔴 Connect with us on social media: Miles’ Twitter: https://twitter.com/milesbrookstax CoinLedger Twitter: https://twitter.com/CoinLedger ✅ Recommended Videos: Crypto Taxes 101: Step-By-Step Guide: https://www.youtube.com/watch?v=r4pN22laLTI Timestamps: 0:00 Introduction 0:37 How is crypto mining taxed? 1:10 What if I sell my mining rewards? 1:41 Tax deductions for crypto miners 2:39 How to report mining income on your taxes 2:57 Am I mining as a business or as a hobby? 3:49 How CoinLedger can help #Cryptocurrency #CryptoTaxes #Mining