RE: Depreciating Fixed Assets in Cryptocurrency Mining

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Depreciating Fixed Assets in Cryptocurrency Mining

in tax •  7 years ago 

You do not need to be incorporated to deduct hardware depreciation. To claim the deduction you would fill out Form 4562 which would produce amounts which would be reported on Form 1040 Schedule C.

You could potentially deduct 100% of the original value under section 179. If it doesn't apply, you'll be able to deduct 50% of the cost of the equipment + any MACRS depreciation.

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