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Why doesn't someone call the IRS and ask the question?
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Jul 21, 2017 21:46
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Twerk from Home posted:If you sell a single painting that you made for $500, you sure as hell owe self-employment tax. The cutoff is $400 for reporting income like that, and if you made the painting, then that's earned income, which is subject to the self employment tax. You can owe self employment tax on hobby income. I'm not convinced, since the IRS website doesn't seem to agree with what you're saying. Even the link that you provided differentiates between a dealer (say someone who sells paintings regularly) and a non-dealer (someone selling their first and probably only painting). All of the links provided so far seem to say that self-employment requires some professional capacity and doesn't include happenstance things like finding $20 on the street or getting paid $50 by a friend for helping them move but I don't really care since I have no skin in this game either way 
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Jul 21, 2017 21:54
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Hi. Maybe instead of pussyfooting around you should just look up what the criteria for determining the difference between a hobby and a business or trade ( I have bolded the ones that clearly apply to cryptocurrency mining ) https://www.irs.gov/uac/business-or-hobby-answer-has-implications-for-deductions posted:Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit.
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Jul 22, 2017 03:40
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this thread somehow took a turn for the dumber
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Jul 22, 2017 03:46
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it could be worse
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Jul 22, 2017 03:47
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bitcoin fits none of those categories. The only way 99% of bitcoiners make a taxable income is accidentally
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Jul 22, 2017 03:52
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Twerk from Home posted:The cutoff is $400 for reporting income like that This sucks by the way, and it's amazing neither party has attempted to do anything about it. Back before labor became worthless and kids mowed lawns for other people, they'd make more than that in a summer. Either way, it looks like you could seriously consider it a hobby and not a job if you use your simple home hardware to mine while you're asleep or whatever, keeping unreliable hours and not doing anything to optimize profit. Between that and the volatility of the market, it's not reliable income. Craptacular! fucked around with this message at 03:55 on Jul 22, 2017 |
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Jul 22, 2017 03:53
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Fauxtool posted:bitcoin fits none of those categories. The only way 99% of bitcoiners make a taxable income is accidentally It's arguable more money is lost than earned, if you waste your time by messing with bitcoins
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Jul 22, 2017 03:57
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These arguments are dumbClaymore posted:The DAG epoch issue: it seems AMD fixed it for Vega in drivers and now they are working on Polaris. New drivers will be available soon, may be in two weeks or so. AMD fixed their drivers it seems
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Jul 22, 2017 03:58
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Yeah discussions about profitability in the mining thread are irrelevant anyway
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Jul 22, 2017 05:16
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Instead of theorycrafting potential tax implications, perhaps call the IRS directly and find out your specific query.
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Jul 22, 2017 06:22
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Risky Bisquick posted:Instead of theorycrafting potential tax implications, perhaps call the IRS directly and find out your specific query. Oh, sure. Then call the dutch police and tell them your username is on the list of buyers by accident.  If anyone doesn't follow the other bitcoin thread(s), the Dutch police are having a good time.  
Facebook Aunt fucked around with this message at 08:30 on Jul 22, 2017 |
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Jul 22, 2017 08:27
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That's actually good for Bitcoins, because gently caress I don't know, price up 20% last week
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Jul 22, 2017 17:27
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Irrational self interest.
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Jul 22, 2017 20:46
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Russian Fentanyl sales are gonna take a huge hit from this
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Jul 22, 2017 21:09
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Craptacular! posted:This sucks by the way, and it's amazing neither party has attempted to do anything about it. Back before labor became worthless and kids mowed lawns for other people, they'd make more than that in a summer. I can genuinely say this is a hobby, most of us here could I imagine. Im morr invested than many here in that I built a computer for it, but I built a computer for $86 to see if I could. If I was taking this serious, like taxable income serious, Id have bought real equipment and a bunch of gpus the first moment I could because there would have been a very real chance of turning actual income levels of profit. Id worry about taxes then. Besides, somebody that goes around picking up change off the ground everyday meets those criteria too anyway.
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Jul 22, 2017 21:57
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More bits for the bit gods
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Jul 22, 2017 21:59
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1gnoirents posted:I can genuinely say this is a hobby, most of us here could I imagine. Im morr invested than many here in that I built a computer for it, but I built a computer for $86 to see if I could. If I was taking this serious, like taxable income serious, Id have bought real equipment and a bunch of gpus the first moment I could because there would have been a very real chance of turning actual income levels of profit. Id worry about taxes then. FYI all income is taxable income, including hobby income. Hope you're keeping records!
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Jul 23, 2017 02:05
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4.22/day now, up up up!
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Jul 23, 2017 02:30
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QuarkJets posted:FYI all income is taxable income, including hobby income. Hope you're keeping records! tbh the people who are mining hard should probably become a business, while the average person just mining in their spare time is not going to make any more money than I find walking along the street and it's not like anybody ever reports that. Hobbyists can also offset hobby income with hobby losses (though they can't go into the negatives) so if you really care about this stuff then use your buttmoney to pay your electric bill and buy a better GPU for your hobby.
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Jul 23, 2017 02:54
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Fauxtool posted:4.22/day now, up up up! Yeah I just sold a GPU and my profits didn't even go down!
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Jul 23, 2017 03:15
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Every time I make the responsible decision like selling my cards and cashing out my buttcoins I regret it, should have rented a warehouse and hired an electrician!
MaxxBot fucked around with this message at 05:08 on Jul 23, 2017 |
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Jul 23, 2017 05:05
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MaxxBot posted:Every time I make the responsible decision like selling my cards and cashing out my buttcoins I regret it, should have rented a warehouse hired an electrician! You mean complain how expensive an electrician is then get electrocuted trying it yourself looking at completed listings for GPU on ebay is depressing. People still paying 325 for a used rx480 with no warranty Fauxtool fucked around with this message at 06:32 on Jul 23, 2017 |
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Jul 23, 2017 06:27
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my brother has been mining with a 1070 as long as me and he never cashed out thinking it was no big deal. I cash out immediately and all my USD are worth the same as they were a month ago.
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Jul 23, 2017 06:30
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Mother fucker, guy who bought my card on eBay is trying to scam me by falsely claiming that the card is defective. Is there anything I can do?
MaxxBot fucked around with this message at 08:31 on Jul 26, 2017 |
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Jul 26, 2017 08:24
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Or is he just complaining that he received a burned out buttmining card 
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Jul 26, 2017 08:34
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PC LOAD LETTER posted:Post all that poo poo for sale on ebay/CL/forum sales site of choice NOW and then start cleaning it up and getting it ready to go over the next few days while you wait for the lowballers and looky-loos to clear out and you actually end up selling it all. If they had the right idea they wouldn't have mined for butts in tyool 2017
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Jul 26, 2017 08:40
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1gnoirents posted:7 cents kwh comes out to $16 a month So still in the red then
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Jul 26, 2017 08:51
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I think I mined on it for like 3 days lol, I sold it quick since I was worried about the 4GB VRAM and the Etherium DAG size. I had signature confirmation and the delivery was never actually confirmed and now they're claiming that it's defective.
MaxxBot fucked around with this message at 08:54 on Jul 26, 2017 |
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Jul 26, 2017 08:51
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is that your posting on reddit?  https://www.reddit.com/r/Amd/comments/6phq63/help_i_sold_my_rx_480_on_ebay_and_almost_3_weeks/
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Jul 26, 2017 09:08
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Nah I do browse reddit but I've never actually posted a thread, I guess worst case scenario I can just take the card back and sell it again assuming the rear end in a top hat doesn't do something to the card. Part of the reason why I'm pissed is that they sat on this thing for like three weeks and never did the signature confirmation somehow.
MaxxBot fucked around with this message at 09:18 on Jul 26, 2017 |
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Jul 26, 2017 09:13
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eames posted:is that your posting on reddit? I don't understand the scam in that post; the seller gets his card back and the buyer gets his money back, who's getting scammed here exactly? Is he implying that the buyer is a mole planted by FedEx to get people to ship video cards back and forth?
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Jul 26, 2017 09:13
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MaxxBot posted:Mother fucker, guy who bought my card on eBay is trying to scam me by falsely claiming that the card is defective. Is there anything I can do? This is why I always sell electronics on Craigslist
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Jul 26, 2017 09:14
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QuarkJets posted:I don't understand the scam in that post; the seller gets his card back and the buyer gets his money back, who's getting scammed here exactly? He has to pay for return shipping which isn't cheap so it's still a net loss
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Jul 26, 2017 09:16
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QuarkJets posted:I don't understand the scam in that post; the seller gets his card back and the buyer gets his money back, who's getting scammed here exactly? The idea is that some people bought these cards while mining was profitable, used them to mine and now return them with a fake reason because it becomes unprofitable (and card prices are going down, so the seller loses the price difference). Ebay's buyer protection allows these refunds for 180 days. The reddit thread claims that some buyers send back older cards with different serial numbers and keep the newer ones.
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Jul 26, 2017 09:21
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Rabid Snake posted:He has to pay for return shipping which isn't cheap so it's still a net loss But the buyer had to pay for shipping in the first place, so they both lose an equal amount to each other. eames posted:The idea is that some people bought these cards while mining was profitable, used them to mine and now return them with a fake reason because it becomes unprofitable (and card prices are going down, so the seller loses the price difference). Ebay's buyer protection allows these refunds for 180 days. The reddit thread claims that some buyers send back older cards with different serial numbers and keep the newer ones. lol that's awesome all hail cryptocurrency
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Jul 26, 2017 12:34
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Cryptocurrency: the prisoner's dilemma except all participants have the betray button taped down with autofire enabled
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Jul 26, 2017 12:42
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The buyer can send back a box of rocks or a different card.
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Jul 26, 2017 13:29
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It's almost time for that new data fork thingamajig come august, but china's already quickly storing its bitcoins beforehand. I think the crypto rate will just be pretty low for about a month or so.
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Jul 26, 2017 13:53
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Junior Jr. posted:It's almost time for that new data fork thingamajig come august, but china's already quickly storing its bitcoins beforehand. I think the crypto rate will just be pretty low for about a month or so. You mean proof of steak? That's not coming for a while, and even then there are other cryptos to GPU mine.
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Jul 26, 2017 13:57
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