[DISTROYA]

"proceeds from broker and barter exchange transactions"
its in the high 5 digits...
Not very tax savvy and this is first year up in sports, but nowhere near the amount it says here.
Does this mean have to pay taxes from amount shown when form is submitted to accountant?
These are all BTC from withdrawals, but how the hell could one show all the deposits that were made to the books via BTC to offset? It seems like I won high 5 digits when most of it is just the BTC payouts from blockchain to the brokerage. Shit, how deep in trouble/potential problem is this here?
Would appreciate any advice private or not.
I dont know what to do.
Accountant is a friend of family dont wanna disclose nature either.

(sorry posted in 2 forums)

[eaglesfan371]

Ah yes, one of the first unsuspecting people to receive one. If you netted 20k in withdrawals last year, that will trigger it.

I would likely seek out a tax professional because a 1099-b is going to be hard to write off. You are likely going to get audited so I would reach out to any casinos you play at, online sites etc and collect win/loss statements. You can say your expenses were the full amount earned but realize you will likely trigger an audit.

Use multiple bitcoin exchanges next year to ensure under 20k total from any exchange.

[eaglesfan371]

For example, I keep receipts of all bitcoin purchases i make now. Start keeping receipts. While sports betting is becoming legal, so are the potential tax forms.

[BetJesus]

I’m not saying I would throw it away, and I’m not saying I wouldn’t consult a tax professional and disclose it, but being audited is fairly rare.

[raiders72001]

"proceeds from broker and barter exchange transactions"
its in the high 5 digits...
Not very tax savvy and this is first year up in sports, but nowhere near the amount it says here.
Does this mean have to pay taxes from amount shown when form is submitted to accountant?
These are all BTC from withdrawals, but how the hell could one show all the deposits that were made to the books via BTC to offset? It seems like I won high 5 digits when most of it is just the BTC payouts from blockchain to the brokerage. Shit, how deep in trouble/potential problem is this here?
Would appreciate any advice private or not.
I dont know what to do.
Accountant is a friend of family dont wanna disclose nature either.

(sorry posted in 2 forums)

Which wallets and exchanges do you use and who gave you the 1099-b?

[DISTROYA]

I used blockchain wallet and only itbit...latter giving the 1099

[wildemu]

the actual withdrawal from a sportsbook via bitcoin is considered a "BUY" into bitcoin, and then you execute a "SELL" at the exchange. You should be calculating the offset gains/losses between the BUY and SELL amount. It should be minimal if you are doing it right away.

Where taxes really come into play is when you would be filing the MISC Gambling Income if you were up for the previous year.