Receiving bitcoin from a gambling site - does it get reported to IRS?

[Runeblade]

When I gamble on roulette. I'm supposed to chart both my wins and losses as well. You actually get a tax credit on your losses. In the state of Mass they tax 25% of your winnings which is right around how much they take out of your pay check. The amount of credit you get for losses I do not know.

[EGrecu]

Maybe if you take it to coinbase but just get an private wallet like electrum

but I need to sell the Bitcoin to withdraw cash to my account

can I sell the Bitcoin on electrum?

[BeatTheJerk]

but I need to sell the Bitcoin to withdraw cash to my account

can I sell the Bitcoin on electrum?

No.

[Ghenghis Kahn]

Capital gains is tricky. Find some old threads and you might find the answer but get a BTC card and just use it.

If you go through exchanges in America to your bank account, I'm sure it'll get reported to the IRS

[EGrecu]

Capital gains is tricky. Find some old threads and you might find the answer but get a BTC card and just use it.

If you go through exchanges in America to your bank account, I'm sure it'll get reported to the IRS

I can use BTC card like cash?

[BeatTheJerk]

___

[Mac4Lyfe]

so if I take the money out and sell it, this will get reported to Bitcoin? even if I do it immediately?

[Fishhead]

small amounts no

Just withdraw on a bitcoin card in cash and no worries

[Fishhead]

If you’re looking for inaccurate information you’ definitely read this thread