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 aria. So? Did you even mine? No , not that kindof quarrying. 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 charge view, let’s cover what isNOT Helium mining. If “youre gonna” knack HNT, from a friend, this is no longer a taxable mining occasion. Or, ifyou paid currency for HNT you do not need to pay or report any tariff on your tax return this year.Simply time owning or acquiring HNT clues through endowment 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. Applying a Helium miner is consideredmining by the IRS. If you successfully mined any of the silvers on your screen and you live inthe USA, you owe taxes on mining. Any shape of mining, such as through working a Helium hot spot to quarry HNT tokens, is considered earned income by the IRS. So, if your miner payed any HNT tokensin the last taxable year, you do owe taxes. So, if I had a minor but I didn’t sell any ofmy HNT that I mined, do I still have to pay? Yes, you still have to pay. Even ifyou didn’t sell any of your quarried coins. To find out how much HNT you mined you willfirst need to know your Helium wallet address. Go to “explorer.helium.com”. Search forone of your hotspot’s lists in the delineate. Click on the accounts icon, and then click oncopy, to emulate the address. Now we can find the HNT mined for that wallet. Open a new invoice and go to the Helium Reward Log, check the description below for a connect, and paste your billfold address. Copy this into the Helium Reward Log. Enter the start date and demise date that you wantto research. Set the time zone if desired and then click on generate table. Then, clink download csv.This will open an excel enter. We’re going to select the first cell in the pillar entitled appreciate. Selectall the cadres in that line by pressing Ctrl Shift and the down arrow. Look for the summarize inthe bottom right of the screen. You may facsimile and glue this amount. This is your total HNT value indollars at the exact time of mining for the year collection you specified. This is the dollar amount youwill need to file as earned income on your taxes.The total HNT you quarried will be reported astaxable income based on the exhibition market value of the silvers at the precise moment they were quarried. 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 figure, look to line 8, other income. Then, look for Section z, other income.You may schedule Crypto Mining as the type and then enter the earned income amount found inpart four. Now, if you too traded 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 happens relatedto trading and selling HNT tokens. Happy mining!.

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