God help me! A question on my taxes basically asked if I had any dealings or transactions involving cryptocurrency. I mainly buy btc from Bitcoin.con or other companies to transfer btc to offshore books but never get btc sent back. I usually get bank wires in amounts at the most of $3-4,000. I normally lose, play for entertainment. How the hell is everyone here dealing with this? Any tips?
God help me! A question on my taxes basically asked if I had any dealings or transactions involving cryptocurrency. I mainly buy btc from Bitcoin.con or other companies to transfer btc to offshore books but never get btc sent back. I usually get bank wires in amounts at the most of $3-4,000. I normally lose, play for entertainment. How the hell is everyone here dealing with this? Any tips?
I always buy the bitcoin and have it transferred to the Sportsbook immediately. Never transact with bitcoin other than the transactions to get money to my Sportsbook account. Have lost more than I have made in 2020.
I always buy the bitcoin and have it transferred to the Sportsbook immediately. Never transact with bitcoin other than the transactions to get money to my Sportsbook account. Have lost more than I have made in 2020.
In the U.S., you are required to report your cryptocurrency taxes via the IRS Form 8949, Schedule D, and if necessary, the 1040 Schedule 1 and / or 1040 Schedule C.
If you receive a Form 1099-K or Form 1099-B from a crypto exchange, without any doubt, the IRS knows that you have reportable cryptocurrency transactions. This is thanks to the “matching” mechanism embedded in the IRS Information Reporting Program (IRP).
I'm sure others here can provide more detail based on their personal experience.
Good to hear from an honest gambler who admits they have lost more than won.
In the U.S., you are required to report your cryptocurrency taxes via the IRS Form 8949, Schedule D, and if necessary, the 1040 Schedule 1 and / or 1040 Schedule C.
If you receive a Form 1099-K or Form 1099-B from a crypto exchange, without any doubt, the IRS knows that you have reportable cryptocurrency transactions. This is thanks to the “matching” mechanism embedded in the IRS Information Reporting Program (IRP).
I'm sure others here can provide more detail based on their personal experience.
Good to hear from an honest gambler who admits they have lost more than won.
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