Cryptocurrency and Virtual Currency Accounting
Real Estate and Construction Accounting
Hey Saim, how do we account for Helium mining transactions?
Helium HNT mining income recording is similar to how other miners are taxed. As soon as you receive your HNT, FMV of such HNT is your considered your income, and you want to record it in your cryptocurrency accounting software or report it to your accountant. The capital gain window starts post income recognition.
Cost basis are a major part in computing your profit and losses. You need to know how to write off the hardware you bought using tools provided by IRS.
It’s best to speak with a cryptocurrency accountant about your specific case.
© Saim Akif, 2021