Quote:
Originally Posted by luv
I'm sure it's been covered, but I'm not wading through 1200+ posts. The process of mining is considered a business. Any gains are taxable only if you use it in the exchange of product/services or if you convert it to cash, correct? My boyfriend is much more knowledgeable about this than I am, but I wanted to check out this side of things. In order to keep things simple for now, I have told him that any transactions done will only be the converting of any gains into cash. That cash will then be taxed. My question, I guess, is this: In keeping things as simple as possible in this regard, would it be easier to just claim the self-employment tax on any gains cashed out on my personal tax return, or would there be any need for me to form some sort of LLC?
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You're going to need to talk to an accountant, luv.
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Ehyeh asher ehyeh.
Donger's Razor: "The most establishment-friendly explanation that gives leftist and neocon politicians the most amount of cover is the only possible explanation, even when gaping holes and leaps of logic are required to get there."
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