It was the first year that major retailers started accepting the online currency and it was the first time many taxpayers learned exactly what it was if you have questions about Bitcoin, be sure to read this.
Some taxpayers needed to quickly change their returns last year when the IRS made a late tax season change, announcing bitcoins were to be treated as property, rather than currency. This year, however, owners of Bitcoin are better prepared for their filing requirements. Bitcoin exchanges and other programs, such as LibraTax, made it much easier to track individual transactions to determine when a taxable event took place.
Since Bitcoin is considered property like a stock , every time you purchase something or sell a portion of your holdings, a taxable event has occurred. What should you do?
How to Pay Taxes on Gambling Winnings and Losses - TurboTax Tax Tips & Videos
You must document this transaction in order to calculate the correct tax ramification at the end of the year. Your basis in the original 0.
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The use of cryptocurrencies in online wagering is preferable because of the anonymous nature of such transactions, Adam S. Tracy, founder of the Tracy Firm Ltd. Tracy, an attorney who represents individuals and businesses that operate with Bitcoin and other forms of cryptocurrency, said for online gamblers, cryptocurrencies—through their anonymous structure—allow U.
According to its website, 99 Bitcoins is the largest information source for bitcoin newcomers. Online gamblers in the U. Cryptocurrencies change all of that, Beigel said.
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The legality of offshore sports betting in the U. Many state laws explicitly prohibit such gambling. For the most part, under broad interpretations of both state and multiple federal laws, online betting is illegal in the U. Despite the uncertain legal nature of online gambling activity, Americans are consistently drawn to offshore accounts. The black market in the U. While cryptocurrency-funded gambling allows individuals to maintain their anonymity, U. But what about the taxes from your winnings?
Crypto gambling taxes
Most of the gambling sites that accept cryptocurrencies do so only as a way to provide another payment method. Granted, gambling with cryptocurrencies does provide several benefits over traditional fiat gambling. But at the end of the day, crypto is simply one more funding method among many others.
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You also may need to pay state taxes as well as federal taxes — it depends on the local laws of the city and county you live in. A great article on Kiplinger helps determine the rules you must follow if you live in the US.