US Taxes

[searanchdude]

Suppose a player manages to put up a profit of $150K for 2018 on bitcoin sportsbooks. How do they come clean with the IRS and pay taxes? Is that even possible? Can they just transfer it all to coinbase and declare it as gambling winnings? Will they come asking how they won gambling and can the player even say it's offshore bitcoin books?

[TheMoneyShot]

Why do posters always have dumb tax questions for?

[searanchdude]

thanks for the supportive post TheMneyShot. Enlighten me please why it’s a dumb question.

I assume we’re all here on sbr to gamble on sports, and presumably we’re trying to win rather than lose. Since many of us are in the USA, I wouldn’t consider it dumb to think about whether it’s legal. Lastly, since this is a bitcoin secrion of the forum, it seems relevant.

If there are obvious reasons why my question shouldn’t be posted, I’d love some links or resources so I could refrain from future “dumb” questions.

[TheMoneyShot]

thanks for the supportive post TheMneyShot. Enlighten me please why it’s a dumb question.

I assume we’re all here on sbr to gamble on sports, and presumably we’re trying to win rather than lose. Since many of us are in the USA, I wouldn’t consider it dumb to think about whether it’s legal. Lastly, since this is a bitcoin secrion of the forum, it seems relevant.

If there are obvious reasons why my question shouldn’t be posted, I’d love some links or resources so I could refrain from future “dumb” questions.

1. Why don't you search the damn forum.... using the search bar?

2. Google CPA... call a local number and ask the tax question with them.

3. You aren't winning 150k this year anyways.... so don't worry about it.

Pick any of the 3 pal.

[mrpapageorgio]

https://www.irs.gov/taxtopics/tc419