I purchased cloud mining contracts in late 2017, so most of my cloud mining income is in 2018.
Given that "the amount that you claim as an expense cannot be greater than your income from the hobby"... I'm confused.
For example, say I purchased $35,000 in cloud mining contracts in late 2017. Then I earned $10,000 in 2017 and $30,000 in 2018 from the cloud mining contracts. So how do I claim deductions for 2017 and 2018?
For example, can I deduct $10,000 in 2017 and $25,000 in 2018? I'm just guessing here.
