Cloud Mining Free [NEW] 2017 Tax Returns

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How to Claim Cloud Mining Free 2017 Tax Returns

Cloud mining is a popular way of earning cryptocurrency without investing in expensive hardware or electricity. But did you know that you can also claim cloud mining free 2017 tax returns In this article, we will explain how to do that and what are the benefits of doing so.

What is Cloud Mining

Cloud mining is a service that allows you to rent computing power from a third-party provider and use it to mine cryptocurrency. You pay a fee to the provider and receive a share of the mining rewards. This way, you don't have to worry about setting up, maintaining, or upgrading your own mining equipment. You also save on electricity costs and avoid the noise and heat generated by mining machines.

What are Cloud Mining Free 2017 Tax Returns

Cloud mining free 2017 tax returns are a special offer that some cloud mining providers have made available to their customers. If you have used their service in 2017, you can claim a refund of the taxes that you have paid on your mining income. This is because the IRS has issued a guidance in 2018 that clarifies the tax treatment of cryptocurrency transactions. According to this guidance, cryptocurrency is treated as property, not as currency, for tax purposes. This means that you have to report your mining income as capital gains or losses, not as ordinary income. You also have to use the fair market value of the cryptocurrency at the time of receipt as your basis for calculating your gains or losses.

How to Claim Cloud Mining Free 2017 Tax Returns

To claim cloud mining free 2017 tax returns, you need to follow these steps:

Contact your cloud mining provider and request a statement of your mining activity and income for 2017. You should also ask them to provide you with the fair market value of the cryptocurrency that you have received at the time of receipt.

Download and fill out Form 8949 from the IRS website. This is the form that you use to report your sales and exchanges of capital assets. You need to list each cryptocurrency transaction that you have made in 2017, including the date, amount, basis, and gain or loss.

Transfer the total gain or loss from Form 8949 to Schedule D of Form 1040. This is the form that you use to report your capital gains and losses for the year.

If you have paid taxes on your mining income in 2017 as ordinary income, you can claim a refund of the difference between the taxes that you have paid and the taxes that you should have paid based on your capital gains or losses. You can do this by filing an amended return using Form 1040X.

What are the Benefits of Claiming Cloud Mining Free 2017 Tax Returns

Claiming cloud mining free 2017 tax returns can have several benefits for you, such as:

You can reduce your tax liability and get a refund of the excess taxes that you have paid.

You can avoid penalties and interest that may apply if you fail to report your cryptocurrency transactions correctly.

You can comply with the IRS guidance and avoid future audits or disputes.

Conclusion

Cloud mining free 2017 tax returns are a great opportunity for cloud mining users to save money and comply with the tax laws. If you have used cloud mining services in 2017, you should contact your provider and request a statement of your mining activity and income. Then, you should file an amended return using Form 8949, Schedule D, and Form 1040X. This way, you can claim a refund of the taxes that you have paid on your mining income and enjoy your cryptocurrency earnings without worries. aa16f39245