Bitcoin winnings and tax implications

[v.bet]

How are you seasoned offshore bettors typically addressing the strange issue of taxes when crypto payments and transfers come into play? I can't find a clear cut answer on whether BTC transfers that are moved from a betting account to an exchange and sold to USD right away with no investment purpose are subject to Cap gains/investment/crypto tax liabilities in addition to standard income tax responsibilities that come with sports betting earnings.

 

[carolinakid]

THE best for each person is to talk to your cpa

 

[BobbyFK]

THE best for each person is to talk to your cpa

This. They are the best people to help you

 

[flyingillini]

I was audited 2 times it was a complete mess. This was in the inception of BTC. I was buying and selling it $12-30 but when I got out of it totally I made a lot of $. To this day , I still have tax letters coming , my accountant takes care of it all but it wasn’t fun and had to pay a ton.

 

[v.bet]

I was audited 2 times it was a complete mess. This was in the inception of BTC. I was buying and selling it $12-30 but when I got out of it totally I made a lot of $. To this day , I still have tax letters coming , my accountant takes care of it all but it wasn’t fun and had to pay a ton.

Damn, dude. That sounds like a nightmare.