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Started By
Message
re: Question for a CPA re: gambling winnings
Posted on 1/19/22 at 4:58 pm to LSUFanHouston
Posted on 1/19/22 at 4:58 pm to LSUFanHouston
quote:
The method of payment is irrelevant.
Well it is somewhat relevant.
If you cash out in Bitcoin, you’d report the value of that Bitcoin same as if it’s cash.
Difference would be you need to record that because it’s now your cost basis in the Bitcoin. If you ever get rid of it, you’d have gain/loss on it.
1
Posted on 1/20/22 at 12:30 pm to Weagle25
quote:
Well it is somewhat relevant.
If you cash out in Bitcoin, you’d report the value of that Bitcoin same as if it’s cash.
Difference would be you need to record that because it’s now your cost basis in the Bitcoin. If you ever get rid of it, you’d have gain/loss on it.
Yes.
Sorry, meant it was irrelevant in terms of dealing with taxation on the actual winnings.
If you took the winnings in BTC you are now in a capital investment and you have a new set of stuff to deal with.
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