What are the tax implications for professional poker players who receive their winnings in cryptocurrency?

1 answers

• Song StorgaardMay 16, 2024 · a year ago
  As a professional poker player, receiving your winnings in cryptocurrency can have tax implications. The tax treatment of cryptocurrency winnings can vary depending on your country's tax laws. In the United States, for example, the Internal Revenue Service (IRS) treats cryptocurrencies as property, not currency. This means that if you receive cryptocurrency as winnings, you may be subject to capital gains tax. The tax is calculated based on the fair market value of the cryptocurrency at the time of receipt. It's important to keep accurate records of your cryptocurrency transactions and consult with a tax professional to understand your tax obligations. Please note that this information is not tax advice and you should consult with a qualified tax professional for personalized advice based on your specific situation.
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