This scheme lets you mine bitcoin tax-free inside an IRA, but may not pass muster with the IRS

  • 📰 CNBC
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Qulity Score:
  • News: 13%
  • Publisher: 72%

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.

United States Headlines News

United States Latest News, United States Headlines

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

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Justice Department says IRS must give Trump tax returns to CongressJustice Department says the IRS must provide the House Ways and Means Committee Donald Trump’s tax returns, apparently ending a long legal showdown.
Source: latimes - 🏆 11. / 82 Read more »

IRS Must Hand Over Trump’s Tax Returns To Congress, Feds SayThe decision follows years of legal battles over House Democrats’ attempts to subpoena the former president’s tax records. 😂😂😂 I AM DESPERATELY BEGGING GOD FOR HELP AT THIS POINT!!!! We are about to lose what little we do have, we desperately need to get a reliable replacement car asap and get caught up on expenses anything helps at this point! God Bless you all!!!
Source: Forbes - 🏆 394. / 53 Read more »

Biden's Justice Department says IRS 'must' hand over Trump tax returns to CongressThe Justice Department advises the Treasury Department to turn over former President Trump's tax returns to the House Ways and Means Committee, which requested them more than two years ago Stop using tfg's picture.. you are giving him twitter exposure he can't get himself. 2yrs and nothing done and guess what, nothing will be done......
Source: CNN - 🏆 4. / 95 Read more »

IRS Must Hand Over Trump’s Tax Returns To Congress, Feds SayThe decision follows years of legal battles over House Democrats’ attempts to subpoena the former president’s tax records. Where will be discovered the true meaning of Trump's term, 'The Big Lie'.
Source: Forbes - 🏆 394. / 53 Read more »

Justice Department: IRS Must Hand Over Trump’s Tax Returns to CongressDemocrats celebrated but the administration said it will give the former president a chance to weigh his options and respond before giving any documents. Must ? Very interesting. “I confidently predict the Trump Crime Family gets MORE criminal charges filed against them than most people expect, not less.” Is it Biden talking?
Source: Slate - 🏆 716. / 51 Read more »

'We live in a boat that survived Dunkirk and an IRA bombing'In total we've spent $167,000 (£120,000) buying and renovating the boat, but we now have a home in London and we are moored by apartments that can sell for as much as $9.7million (£7million). It didn't mention how much he mooring/docking cost... That's usually like renting a monthly apartment cost.
Source: Newsweek - 🏆 468. / 52 Read more »