Friday, July 30, 2021

(USA) Bitcoin Miners Can Escape US Taxes by putting their mining equipment in their IRAs.

https://finance.yahoo.com/news/bitcoin-miners-escape-us-taxes-140000587.html

NOTE: The subject of the article link is incorrect. You have to buy your mining rigs with money in an IRA and then send the bitcoin you mine into your IRA. Then your taxes are DEFERRED until you withdraw from the IRA.

  • Through an agreement with Choice IRA, a crypto-friendly retirement offering by digital asset custodian Kingdom Trust, Compass clients can mine bitcoin without triggering a taxable event.
  • The Compass arrangement allows clients to circumvent this requirement by buying mining hardware with funds in their Choice IRA, which then receives the payouts.

No comments:

Post a Comment