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Get your taxes done using TurboTax
No. Suppose you mine 1 unit on June 1 at a market price that day of $5000. That’s taxable income.
Then, if you cash it out on July 1 for $6000, you only pay tax on the gain, the difference between your basis ($5000) and the selling price ($6000), or $1000. Only your gain is taxable , not the entire sales price.
April 15, 2021
1:32 PM