How does the IRS treat casino winnings in cryptocurrency?

3 answers

• Sherman WieseJul 09, 2020 · 5 years ago
  As a tax professional, I can tell you that winning cryptocurrency in a casino is subject to taxation, just like any other form of income. The IRS treats cryptocurrency as property, so any gains from winning it are considered taxable income. It's important to keep track of the fair market value of the cryptocurrency at the time of winning, as that will determine the amount of taxable income. Make sure to report your winnings accurately on your tax return to avoid any potential penalties or audits.
  501

  251
• Andrea CavallariJul 30, 2020 · 5 years ago
  Oh boy, winning cryptocurrency in a casino sounds like a dream come true! But before you start planning your luxury yacht, you should know that the IRS treats those winnings just like any other income. They consider cryptocurrency as property, so you'll have to pay taxes on your winnings. Keep in mind that the fair market value of the cryptocurrency at the time of winning is what matters for tax purposes. So, make sure to report your winnings and consult a tax professional if you need help.
  495

  165
• Sehested CrowleyMar 27, 2023 · 2 years ago
  BYDFi, a leading cryptocurrency exchange, advises that winning cryptocurrency in a casino is subject to taxation. The IRS treats cryptocurrency as property, so any gains from winning it are considered taxable income. It's important to accurately report your winnings on your tax return and consult with a tax professional to ensure compliance with tax laws. Remember to keep records of the fair market value of the cryptocurrency at the time of winning to determine the taxable amount. Failure to report cryptocurrency winnings can result in penalties and audits by the IRS.
  574

  144