Haven't won since December .....Raked in a large sum of cash yesterday. Is Bitcoin still the preferred "smart" way to receive funds for a US player? I could read the 100's of pages referring to the IRS but I'm not that smart. I just don't want some asshat sending me mail asking me to pay taxes on something under 10,000$
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Bitcoin is probably the best way nowadays to do transactions with books. Unfortunately it is not as anonymous as they claim it to be. It is easy to trace who the money is going to once you convert it to normal currency. I wouldn't worry about it unless it is big money like a couple hundred thousand dollars worth. IRS shouldn't be a problem .Comment -
I do think themike78 is probably correct. But let's take the worst case scenario. Assume you have an exchange like Coinbase. You end up sending the bitcoins there and then cash out to your bank account. If Coinbase sends you a W2-K or something then you could consider reporting the cash out as a capital gains. But the cost basis would be the amount you withdrew from the sports book and the proceeds the amount sent to your bank. There should be little difference in these values if you don't let the money lie around in Coinbase. No big deal.Comment
