How to track crypto mining for taxes

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In case of a decrease constantly changing - keep up level, depending on your activity.

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Cryptocurrency Mining Tax Guide - Expert Explains
Bitcoin, Ethereum, or other cryptocurrencies mined as a hobby are reported on your Form Schedule 1 on Line 8 as �Other Income.� It is taxed. As a way to earn cryptocurrency, some currencies require you to mine it by verifying transactions occurring on the cryptocurrency's blockchain. You'll report this income on Form Schedule 1 as other income. Almost none of the expenses you incur while mining crypto as a hobby are tax.

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File taxes with no income. You can take this generated report and give it to your tax professional to file or simply upload it into tax filing software like TurboTax or TaxAct. But when you sell personal use property for a loss, you generally do not need to report it as it is typically not tax-deductible. Smart Insights: Individual taxes only. Sometimes it is easier to put everything on the Form