No, not until you have a value for the cryptocurrency. Pi coin is not yet available to trade on any cryptocurrency exchange or trading platform. The price of PI has yet to be established.
Since there is no value, you are in the preliminary stages of the business, or startup cost position. If you are mining cryptocurrency the reporting rules are as follows.
Reporting :
Start-up Expenses: You can deduct up to $5,000 in these expenses the first year your business is actually operating to produce a profit, which may be the current year even though income has not yet been achieved. For the past several years this limit has been $5,000. You’ll have to deduct any additional start-up expenses in excess of the first year limit in equal amounts over the first 180 months (15 years) you’re in business. This is referred to as an amortization deduction and is similar to depreciation but somewhat different. TurboTax will help you with this deduction.
No, not until you have a value for the cryptocurrency. Pi coin is not yet available to trade on any cryptocurrency exchange or trading platform. The price of PI has yet to be established.
Since there is no value, you are in the preliminary stages of the business, or startup cost position. If you are mining cryptocurrency the reporting rules are as follows.
Reporting :
Start-up Expenses: You can deduct up to $5,000 in these expenses the first year your business is actually operating to produce a profit, which may be the current year even though income has not yet been achieved. For the past several years this limit has been $5,000. You’ll have to deduct any additional start-up expenses in excess of the first year limit in equal amounts over the first 180 months (15 years) you’re in business. This is referred to as an amortization deduction and is similar to depreciation but somewhat different. TurboTax will help you with this deduction.