New to BTC, have some questions

[DegenSquad]

I am new to using BTC. Just created an acct with nitrogen book. ive studied up on how to use coinbase and blockchain with nitrogen etc. I now wonder that if I am lucky enough to sell BTC once I withdraw, how to play it off to the IRS. I am not against paying taxes on my net profit, but I obviously dont want them knowing where the net profit is coming from. I am just curious as to how you BTC vets handle this, since coinbase does report to IRS.

Thanks, and I hope this makes some sense.

[DegenSquad]

Sportsbook to wallet to a place like gyft

If I am going from sportsbook to wallet to gyft or somewhere that takes bitcoin as payment, is this trackable? Or how do I go about paying taxes on BTC if if is trackable? I saw a place like bitcoin.tax to track and then just pay on capital gains, but does that look fishy if we are selling far more than buying? Or can we say we mine and there wont be any further questions asked?

[littlekona]

If I am going from sportsbook to wallet to gyft or somewhere that takes bitcoin as payment, is this trackable? Or how do I go about paying taxes on BTC if if is trackable? I saw a place like bitcoin.tax to track and then just pay on capital gains, but does that look fishy if we are selling far more than buying? Or can we say we mine and there wont be any further questions asked?

you are fine. if you are doing multiples big amounts mix it up with egifter but I prefer gyft....I use btc to buy all sorts off stuff online through newegg and overstock too....no worries

[DegenSquad]

you are fine. if you are doing multiples big amounts mix it up with egifter but I prefer gyft....I use btc to buy all sorts off stuff online through newegg and overstock too....no worries

Can I just go from Sportsbook to gyft or egifter? do they use a payment processor that may report? sorry, new to btc and am intrigued. Also is bovada book of choice?

[themike78]

Can I just go from Sportsbook to gyft or egifter? do they use a payment processor that may report? sorry, new to btc and am intrigued. Also is bovada book of choice?

I believe they both use bitpay as a payment peocessor. You are better off going from sportsbook to a separate wallet because gyft and egifter only give you like 20 minutes I think to send the payment and sportsbook payouts can take hours. If you don't send the exact amount within 20 minutes or whatever it is it will cause a delay and you will probably have to send again. If you are just using bitcoin nitrogen is much better than bovada when it comes to payouts. You can withdraw 24/7 7 days a week with no limit on number of times you can cashout.

[themike78]

First of all I would stop using coinbase. Not only because they report to the i.r.s but because they have high fees and it takes days to buy bitcoin and sell it there. Sign up for a bitpay debit card. You can transfer bitcoin to it and it hits your card instantly. Its a **** debit card so you can use it pretty much anywhere and withdraw from atms. I wouldn't worry about IRS unless you are cashing out 100s of thousands of dollars.

[littlekona]

dont send direct from book to gyft....use middle man

[raiders72001]

dont send direct from book to gyft....use middle man

agree

[DegenSquad]

thanks for the info. I was looking towards bovada because they will transfer to USD for me, as im not sure I like the idea of BTC being so volitale and using nitrogen. No wallets report to IRS, right? So like blockchain, or another wallet? And bit pay doesnt report spending to irs either since they dont require SSN if they are just a processor?

[Optional]

thanks for the info. I was looking towards bovada because they will transfer to USD for me, as im not sure I like the idea of BTC being so volitale and using nitrogen. No wallets report to IRS, right? So like blockchain, or another wallet? And bit pay doesnt report spending to irs either since they dont require SSN if they are just a processor?

Any US licensed business can potentially be asked to provide your data to the IRS.

If you are winning enough to have tax concerns, the smart thing to do is invest some of those winnings into paying for professional advice.

[DegenSquad]

dont send direct from book to gyft....use middle man

so book, (bovada preferably) to Rahakott (wallet) to gyft or egifter? is any of this traceable by the irs?

[DegenSquad]

Any US licensed business can potentially be asked to provide your data to the IRS.

If you are winning enough to have tax concerns, the smart thing to do is invest some of those winnings into paying for professional advice.

Im not concerned about paying taxes, I will if I have to. Its just I dont want to say where the winnings came from since its a gray area

[littlekona]

Im not concerned about paying taxes, I will if I have to. Its just I dont want to say where the winnings came from since its a gray area

do not worry. if you work bitcoin is just another way to pay bills and load pre paid debit cards so unless u are moving mega bucks no worry...even then if you spread it out i very hard for them IRS to detect

[DegenSquad]

do not worry. if you work bitcoin is just another way to pay bills and load pre paid debit cards so unless u are moving mega bucks no worry...even then if you spread it out i very hard for them IRS to detect

So you would say you either get paid in bitcoin or that you mine it if they ever asked?

[raiders72001]

thanks for the info. I was looking towards bovada because they will transfer to USD for me, as im not sure I like the idea of BTC being so volitale and using nitrogen. No wallets report to IRS, right? So like blockchain, or another wallet? And bit pay doesnt report spending to irs either since they dont require SSN if they are just a processor?

Bitpay doesn't report but of course they would have to turn it over if asked. Bitpay makes it easy for those wanting tax information. https://blog.bitpay.com/tax-tools/

[DegenSquad]

Bitpay doesn't report but of course they would have to turn it over if asked. Bitpay makes it easy for those wanting tax information. https://blog.bitpay.com/tax-tools/

they wouldnt ever get asked to turn over info I imagine. They must report your Bitpay **** transactions when you load onto the card though??

[LLXC]

It's possible they get asked in the future.

Sounds like they don't report unless over 20K, though they have tools handy for you so that you can report.

[Bsims]

I've bumped a thread from last year about tax reporting. If you're really interested, wade through it.

[DegenSquad]

I've bumped a thread from last year about tax reporting. If you're really interested, wade through it.

Just finished reading that whole thread. im so confused and worried about all this tax stuff with btc. sounds like a nightmare to me that might make me stop gambling