Choice and Compass Mining teamed up to offer tax-free bitcoin mining within an IRA, but not all accountants are sure the IRS will approve.
Typically, when an individual mines for virtual coins, proceeds are classified as income by the U.S. government, and are subject to income tax.
Typically, when an individual mines for virtual coins, proceeds are classified as income by the U.S. government, and therefore, are subject to income tax. While the Compass miners overwhelmingly generate bitcoin, they do also make some litecoin and zcash machines available. "You're not getting access to the rental income, it just goes directly to the self directed IRA," explained Shehan Chandrasekera, a CPA and head of tax strategy at
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