I've mentioned in another thread (https://www.sportsbookreview.com/for...l#post30002166) about the taxing headache you may incur if you are an active crypto player that relies on the popular exchanges such as coinbase and kraken.
In 2020, I was playing legally within my state, but they will most likely report my activity to the IRS and the taxes will dip into my gains. It could have been worse where I had a net loss for the year and still owed significant tax because of the income report of the winnings. I would like to avoid this stress for 2021.
Are there crypto buys and deposits into sportsbooks that eliminate the IRS paper trace reporting? If not, I may have to give up on this as the tax stress the past two years has made sports betting even more difficult.
In 2020, I was playing legally within my state, but they will most likely report my activity to the IRS and the taxes will dip into my gains. It could have been worse where I had a net loss for the year and still owed significant tax because of the income report of the winnings. I would like to avoid this stress for 2021.
Are there crypto buys and deposits into sportsbooks that eliminate the IRS paper trace reporting? If not, I may have to give up on this as the tax stress the past two years has made sports betting even more difficult.