Question for you guys. Usually when I do my taxes, I report any winnings in the gambling section of Turbo Tax. Now I was wondering if I cash out through bitcoins and sell them through an exchange, how do I report that on my taxes? Usually you are supposed report it in the capital gains section of your taxes but if you never really "bought" the coins and then sell them, you can't show any net profit. Should I just sell my coins like normal through itBit and then next tax season just write my profits where I usually write them in Turbo Tax? Any info you guys could provide would be great. Thanks.
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You don't report any of it, unless the casino gives you a tax form.
If the casino doesn't take it out, you don't report it.
You're welcome!!!!
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kj8210 - Had a friend of mine who was extremely honest in reporting offshore "winnings". I kept on telling him... "I don't know man.... I don't know man. I know nothing." That's exactly what I told him. Because in reality... what do we really fukking know? We don't know anything. So if we really don't know anything. What are we writing down?
It opened up a can of worms what he was doing. Audits on personal taxes. Etc. He had to get a tax attorney. All because "he wanted to do the right thing." Well then again.... what is the right thing? Never read a "right thing" handbook before.
All the best.Comment -
That's right Money!!
Don't phuck around with your offshore shit!!!
It might not even be legal in your state to do what you're doing anyways.
Ever heard of racketeering?Comment -
Another perspective:
the IRS is incredibly understaffed lately,
they are going after Panama papers, Real Estate, corporations,
not some minnow with a few hundred they can squeeze
Those days are overComment -
Hahaha thanks for the responses guys. I just dont want to get stiffed by having an extra 40-50k in my account incase people come questioning me. Do you think this would cause suspicion?Comment -
Check or P2P but back then I was wagering in as large amounts as I am now. Thats why I was worried.Comment -
I understand what he is saying...
If he won 50K last year, and it was all deposited (doesn't matter by what method) into his personal checking account over the course of the year...if he somehow got audited, he would have go give an explanation for where those deposits came from...Comment -
^^ right exactly, thats what I was inquiring about
Also MoneyShot I PMed youComment
All I'm going to say.
