How does the IRS treat gambling winnings in cryptocurrencies?

3 answers

• Gora NiangFeb 11, 2021 · 4 years ago
  When it comes to gambling winnings in cryptocurrencies, the IRS treats them as taxable income. Just like any other form of gambling winnings, they are subject to federal income tax. It's important to report these winnings on your tax return and pay the appropriate taxes. Failure to do so can result in penalties and legal consequences. Make sure to keep accurate records of your gambling activities and consult with a tax professional for guidance on how to properly report and pay taxes on your cryptocurrency gambling winnings.
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• Jacobs FossOct 08, 2022 · 3 years ago
  Oh boy, the IRS doesn't mess around when it comes to taxing your gambling winnings, even if they're in cryptocurrencies. They consider it as taxable income and expect you to report it on your tax return. Don't even think about trying to hide it, because the IRS has ways of finding out. So, if you've hit the jackpot in the crypto gambling world, make sure you're prepared to pay your fair share of taxes. It's always a good idea to consult with a tax professional to ensure you're following the IRS guidelines and avoiding any trouble.
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• maedehMay 14, 2024 · a year ago
  According to the IRS, gambling winnings in cryptocurrencies are treated the same way as any other gambling winnings. This means they are subject to federal income tax. It doesn't matter if you won your crypto through online poker, sports betting, or any other form of gambling, the IRS wants its cut. So, if you're lucky enough to win big in the crypto gambling world, be prepared to share your winnings with Uncle Sam. Remember to keep accurate records of your gambling activities and consult with a tax professional to ensure you're in compliance with the IRS rules.
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