If you receive bitcoin and withdraw the money to your bank account, are you liable for taxes?
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10-26-21 10:47 AM #1
Receiving bitcoin from a gambling site - does it get reported to IRS?
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10-26-21 10:50 AM #2
We don’t discuss that on here, do your own internal research & make the decision that best fits your personal situation.
Points Awarded:
KVB gave BeatTheJerk 1 Betpoint(s) for this post.
Nomination(s):This post was nominated 1 time . To view the nominated thread please click here. People who nominated: JacketFan81
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10-26-21 10:54 AM #3
I can't seem to find any real answers
Originally Posted by BeatTheJerk
it says coinbase reports to IRS when you have gains of 600 but receiving and withdrawing immediately is no gain at all, right?
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10-26-21 11:04 AM #4
The transactions over $600 will get reported but it doesn't necessarily mean that you owe tax. When you do your taxes you can show that money in and money out did not produce a profit. I wouldn't concern yourself with it unless you are doing massive amounts of transactions. Originally Posted by EGrecu
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10-26-21 11:06 AM #5
Based on your posting history you need a lawyer and an accountant.
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10-26-21 11:49 AM #6
I thought online it said only gains over 600 dollars gets reported? So if I just take the money out immediately, it gets reported? Originally Posted by A4K
either case you're saying it's not anything to worry about?
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10-26-21 11:50 AM #7
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10-26-21 11:51 AM #8
ANY bank account transaction is traceable
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10-26-21 11:52 AM #9
wow Originally Posted by mjsuax13
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10-26-21 11:56 AM #10
Any transaction on the internet is traceable. Originally Posted by Fishhead
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10-26-21 12:02 PM #11
Let's assume you're a loser
Check with your tax professional
Write the losses against the wins
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10-26-21 12:02 PM #12
I find that hard to believe. It's pretty clear. Originally Posted by EGrecu
Track all your transactions, gains, and losses, and be ready to report them to the IRS.
Like I said, the answers are verly clear, and can be found in many places. There is not some elusive secret here.
Don't ask any more questions here, ask a tax advisor. This is not a tax site.
Good Luck
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10-26-21 12:04 PM #13
Big bear gets us Everytime!!
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10-26-21 12:08 PM #14
small amounts no
Just withdraw on a bitcoin card in cash and no worries
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10-26-21 12:13 PM #15
exactly this Originally Posted by jjgold
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10-26-21 12:15 PM #16
also how do you show that you didn't produce a profit when you're getting the Bitcoin from off shore website? how do you prove how much you paid for it? Originally Posted by A4K
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10-26-21 12:17 PM #17
Not true. Originally Posted by jjgold
No matter what you do you have to keep track and report your activity.
That's the official Forum stance. Don't avoid taxes using bitcoin and don't let bitcoin transactions lead you to messing up your taxes.
Gold we don't discuss the US tax situation at SBR unless it's to say pay your taxes, don't cheat, and, most importantly, ask a tax advisor, even that just means using software.
Which shift JJ is that anyway?
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10-26-21 12:22 PM #18
Keep a record of your transaction. You bought the BTC, you paid a price. Originally Posted by EGrecu
Now the next event to matter will be when you sell the BTC.
If you sent it too a book, made a profit betting, then send it back and sell for either a higher value, or just plain more BTC, then there is no issue.
Report your offshore gambling, keep track of all those trades too.
It is very, very simple in both concept and execution.
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10-26-21 12:24 PM #19
In NYS anything over $600 is taxed, so check local state laws.
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10-26-21 12:26 PM #20
Originally Posted by KVB
I'm so confused
say you sent 5K to a book to gamble with and then wok 10K. You're getting 5K more in Bitcoin than you sent... so you would be taxed on the 5K right?
and in my case I won 20K after depositing with a credit card, how does that work?
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10-26-21 12:27 PM #21
Just get a BitPay card God
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10-26-21 12:29 PM #22
What do you mean how does that work? What do you mean you're confused? Originally Posted by EGrecu
It can't be any more plain and simple than it is.
If you made a profit, report it, and have records of all the transactions you made.
It's simple.
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10-26-21 12:36 PM #23
Originally Posted by KVB
my only question is if you get 2500 worth of Bitcoin from a sportsbook, sell it and withdraw the money - does that get reported to IRS?
online it says gains over 600 dollars are reported to IRS. Is that considered a gain?
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10-26-21 12:57 PM #24
Yes, if you plan to report your cypto transactions or made money, then yes. Originally Posted by EGrecu
Don't worry about what an individual exchange might be doing. If you're worried enough about taxes to even start a thread like this, then track your shit and report it.
Go talk to a tax advisor.
Read the second post in this thread, the first reply.
Quit beating a dead horse.
Post a play. You like anything in the world series? Are we at the world series yet? As long as LAD didn't make it their I'm good.
Who's playing in the world series?
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10-26-21 01:01 PM #25
If you’re looking for inaccurate information you’ definitely read this thread
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10-26-21 01:02 PM #26
Or ask tax advice, medical advice, etc with a PT thread. Originally Posted by jjgold
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10-26-21 01:02 PM #27
Originally Posted by KVB
dude if the crypto wallet reports it, you have to report it or you will get in trouble
do any of the crypto wallets not report it?
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10-26-21 01:06 PM #28
Common Gold, read his question... Originally Posted by jjgold
I filed a shit ton of crypto transactions. Also used a card. Originally Posted by EGrecu
But they want to know.
But this dude is actually putting it in is bank account and wondering if he's liable. He's not doing one of a million things to avoid it, he's just putting it in his bank account and wondering if there's potential liability.
Common man.
At least I'm telling him to track to possibly eliminate that liability. Any other advise would just be unwise to post in the thread.
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10-26-21 01:11 PM #29
Dude if you made a transaction you have to report it. The requirement is the requirement. Originally Posted by EGrecu
If you're looking for advice on how to cheat on your taxes we're trying to tell you to not do that in a thread in the Forum.
If you're that worried about taxes, if you think you're in a position to get audited, then just report everything you do. You'll sleep easier at night.
Consult a tax advisor. Ask the exchanges you seek to use themselves.
Good Luck.
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10-26-21 01:13 PM #30
I'm starting to think this guy is an IRS employee trying to get posters to admit they are tax cheats. Sigh...the Biden era.
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10-26-21 01:37 PM #31
Doubt it. He works too hard to be an IRS employee under the Biden Administration. Originally Posted by Mr KLC
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10-26-21 02:02 PM #32
so if I take the money out and sell it, this will get reported to Bitcoin? even if I do it immediately? Originally Posted by KVB
Dude if you made a transaction you have to report it. The requirement is the requirement.
If you're looking for advice on how to cheat on your taxes we're trying to tell you to not do that in a thread in the Forum.
If you're that worried about taxes, if you think you're in a position to get audited, then just report everything you do. You'll sleep easier at night.
Consult a tax advisor. Ask the exchanges you seek to use themselves.
Good Luck.
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10-26-21 02:04 PM #33
KVB fairly accurate but not an expert
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10-26-21 02:06 PM #34
Maybe if you take it to coinbase but just get an private wallet like electrum
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10-26-21 02:06 PM #35
Yes pay your bleeping taxes dude. Originally Posted by EGrecu
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