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Crypto Mining, Income - Coggle Diagram
Crypto Mining
Business OR Hobby
There was no history of the same type activity in the past: Y
There was no gain in rent or similar sort of activities: Y
There was no business plan: Y
The income was not the only source of income? Y
hobby
There was no solo company registration: Y
Income
Hobby
Income has to be reported
Added Income
Pay personal taxes
Any losses resulting from the activity
cannot
be claimed.
Business
Any losses resulting from the activity
can
be claimed.
Income has to be reported
1)
Inventory
if not sold the same year (no taxes until sold)
2)
Capital gain
if sold the same year (taxes)
Pay taxes with more flexibilities
Rent & electricity can be reported as cost