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Tax Implications for Folding
I've been folding for Cure Coin and Folding Coin since June. As we approach year end, I'm wondering about tax implications for the coins that I've received. I'm not a tax person, so I've been doing some googling. The following article talks about bitcoins, but it does say that the information applies "...to alternative cryptographic assets and mining pools alike.".
Based on this, I'm thinking that I have to report as gross income the value of cure or folding coins on the day that they are issued to my wallet. The taxable amount would be gross - expenses (electricity plus possibly depreciation for the hardware). Does anyone have any thoughts on this ? It's all very confusing.
Talk to an account. Depends on how much you make, how much it cost you to make it. And if it is worth the governments resources to collect it.