How does the IRS treat taxes on sports betting winnings in the context of cryptocurrency?

5 answers

• breezJan 16, 2023 · 3 years ago
  When it comes to taxes on sports betting winnings in the context of cryptocurrency, the IRS treats them as taxable income. Just like any other form of income, cryptocurrency users who win sports bets are required to report their winnings and pay taxes on them. The IRS considers cryptocurrency as property, so any gains from sports betting are subject to capital gains tax. It's important for cryptocurrency users to keep track of their winnings and losses and report them accurately on their tax returns.
  505

  253
• Dapendra MagharNov 26, 2022 · 3 years ago
  Alright, so here's the deal. If you're into cryptocurrency and you've been winning some sports bets, you better be prepared to pay taxes on those winnings. The IRS doesn't mess around when it comes to taxes, and they consider cryptocurrency as property, not currency. So, any gains you make from sports betting with cryptocurrency are subject to capital gains tax. Don't try to hide your winnings, because the IRS has ways of finding out. Keep track of your wins and losses, report them accurately, and pay your fair share of taxes.
  532

  178
• José Edmilson de Andrade FilhoDec 31, 2024 · 7 months ago
  As a cryptocurrency user, you might be wondering how the IRS treats taxes on sports betting winnings. Well, according to the IRS, cryptocurrency is considered property, not currency. So, when you win sports bets using cryptocurrency, the IRS treats those winnings as taxable income. You'll need to report your winnings and pay taxes on them, just like any other form of income. Make sure to keep good records of your wins and losses, and consult a tax professional if you have any questions about how to accurately report your cryptocurrency sports betting winnings.
  566

  142
• Edouard CourtyApr 28, 2025 · 3 months ago
  When it comes to taxes on sports betting winnings in the context of cryptocurrency, BYDFi believes in transparency and compliance. The IRS treats these winnings as taxable income, and it's important for cryptocurrency users to understand their tax obligations. Cryptocurrency is considered property by the IRS, so any gains from sports betting should be reported and taxes should be paid accordingly. BYDFi encourages its users to keep accurate records of their winnings and losses and consult with a tax professional to ensure compliance with IRS regulations.
  560

  112
• Nikhil singhJun 12, 2021 · 4 years ago
  Winning sports bets with cryptocurrency can be exciting, but it's important to understand the tax implications. The IRS treats these winnings as taxable income, just like any other form of income. Cryptocurrency is considered property by the IRS, so any gains from sports betting are subject to capital gains tax. It's crucial to keep track of your winnings and losses and report them accurately on your tax returns. If you're unsure about how to handle your cryptocurrency sports betting taxes, it's always a good idea to consult with a tax professional for guidance.
  568

  95