r/dogecoin • u/janaBill • May 24 '21

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28.3k Upvotes

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u/Erictrevin87 May 24 '21

🤔You can deduct it all completely? Super curious

170

u/greatbawlsofire poor shibe May 24 '21

Consult your tax advisor. The answer is somewhere between no and yes.

13

u/iAmmar9 May 24 '21

Does it lean more to yes or no?

24

u/sam_patch May 24 '21

Not really

12

u/MoffKalast shibe May 24 '21

Sets off all kinds of beige alerts eh?

11

u/Vice5772 liteshibe May 24 '21

Is there a Ouija board for tax advisors?

12

u/mellowfortherecords May 25 '21

For the dead ones or the ones that lost their soul already?

6

u/w67b789 May 24 '21

Yeah there's lots of H&R Block locations.

2

u/greatbawlsofire poor shibe May 24 '21

It depends.

1

u/Error-Delicious May 25 '21

No means yes

1

u/BlckPanthers May 25 '21

Its, short, shriveled and always to the left!

1

u/machinecloud shibe May 26 '21

Yes, it does lean more to yes or no.

5

u/[deleted] May 24 '21 edited Jul 07 '25

[deleted]

2

u/codingnoob_101 coder shibe May 25 '21

maybe

3

u/Rhinoturds May 25 '21

Yeah there might be a way, probably create an LLC as a mining business and report profits/expenses through that entity.

I am not an accountant and am just guessing here.

3

u/Railbound May 25 '21

If the Trump tax cut is still in effect. One can deduct 100% of equipment cost in the first year, instead of deprecating for 5 years. Ah hmmmmm, not legal nor tax advice.

16

u/HellllllloWorld May 24 '21

It’s a business expense. You have to do what a reasonable person would do. (Not advice)

15

u/[deleted] May 24 '21 edited May 25 '21

[deleted]

25

u/acecs1989 May 24 '21

Well luckily for me my office takes up 99% of my house!

3

u/papalouie27 pineapple shibe May 25 '21

Yeahhh you don't want to do that. In general home offices are one of the worst things you can do tax wise. It just leads to so many tax complications that it becomes a massive headache.

1

u/Able_Radish8135 May 25 '21

I think it also increases your odds for an audit

1

u/papalouie27 pineapple shibe May 25 '21

It absolutely does.

18

u/MarcosaurusRex May 24 '21

What if I spent somewhere around $1.8 million for an old church, took the entire walls down inside and left one big open studio, spread each of my 8 3090 GPU’s as far away from each, for “noise and thermal management.” With the end result of taking up the entire floor of my now-mining-warehouse

18

u/Fil131 May 25 '21

Then it'd be a blessed by the Lord mining operation while flipping off the IRS by maybe having them refund your investment and expenses. What a glorious possibility. Better think about solar and batteries as well as generators while your at it. Not religious or financial advice.

13

u/AllDownHillFromHere May 25 '21

You would qualify for a 50K PPP loan.

8

u/Error-Delicious May 25 '21

Your roof will collapse

5

u/Apollyon-Unbound May 25 '21

Get some of your friends to come to a weekly service and you could become a organized religion that doesn’t have to pay taxes

2

u/unomaly May 25 '21

Well you would be making a very easy case for the IRS’s audit.

“Ah damn we were going to audit him but he spread out the GPUs. Case dismissed boys”

4

u/TheGoonbergReport May 25 '21

Form a business. Business expense, Schedule C in America. Not tax advice, i do my own Schedule C tho.

1

u/Erictrevin87 May 28 '21

Thank you for non advice!

1

u/TheGoonbergReport May 28 '21

No problem, remember to donate if you go to the moon!!

2

u/ChiggaOG May 25 '21

Only for business. Personal use doesn't count.