Helium HNT mining & TAXES EP1- find out IF you owe, how much, and HOW to file! (USA)
Hey guys, this is John with RoklandTechnologies and if you have a miner you might have some taxes to pay. We’re going tocover all that in today’s video so keep sung. So? Did you even mine? No , not that kindof mining. I’m sure they’re taxes to pay on what this guy’s doing, but whatwe’re focused on today is Helium mining. First, from a duty position, let’s cover what isNOT Helium mining. If “youre gonna” gifted HNT, from a friend, this is not a taxable mining phenomenon. Or, ifyou paid money for HNT you do not need to pay or report any imposition on your tax return this year.Simply just owning or acquiring HNT clues through gift or purchase is not required to bereported to the IRS. So what is Helium mining? No, again not that kind of mining. Mining for thisvideo is the use of a Helium miner to successfully mine HNT tokens.Using a Helium miner is consideredmining by the IRS. If you successfully quarried any of the silvers on your screen and you live inthe USA, you owe taxes on quarrying. Any anatomy of mining, such as through expending a Helium hot spot to quarry HNT tokens, is considered earned income by the IRS. So, if your miner gave any HNT tokensin the last taxable time, you do owe taxes. So, if I had a minor but I didn’t sell any ofmy HNT that I quarried, do I still have to pay? Yes, you still have to pay. Even ifyou didn’t sell any of your quarried coppers. To find out how much HNT you quarried you willfirst need to know your Helium wallet address. Go to “explorer.helium.com”. Search forone of your hotspot’s identifies in the map.Click on the accounts icon, and then click oncopy, to emulate the address. Now we can find the HNT mined for that pouch. Open a new invoice and go to the Helium Reward Log, check the description below for a relation, and glue your wallet address. Copy this into the Helium Reward Log. Enter the start date and terminate year that you wantto research. Set the time zone if wanted and then click on generate table. Then, clink download csv.This will open an outdo file. We’re going to select the first cell in the article entitled significance. Selectall the cadres in that piece by pressing Ctrl Shift and the down arrow. Look for the summarize inthe bottom right of the screen.You may replica and paste this sum. This is your total HNT value indollars at the exact time of quarrying for the year stray you specified. This is the dollar amount youwill need to file as earned income on your taxes. The total HNT you mined will be reported astaxable income based on the fair market value of the coins at the precise moment they were mined. Ifyou’re like most and do HNT mining as a hobby you will file on Form 1040, Schedule 1, as other income.On your 1040 flesh, look to line 8, other income. Then, look for Section z, other income.You may register Crypto Mining as the type and then enter the earned income amount found inpart four. Now, if you also sold or sold any HNT in the last tax year, you will need to stay tunedfor “Tax Time Episode 2: Did You Sell? “, where we cover how to report your taxable incidents relatedto trading and selling HNT clues. Happy mining!.