- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Taxes and Crypto
Posted on 2/8/21 at 10:31 pm to JJJrich
Posted on 2/8/21 at 10:31 pm to JJJrich
quote:If you withdrew in BTC, there is no tax event. However, if you trade that BTC for USD or another coin, your cost basis would be whatever the USD value was when you withdrew the BTC from the sportsbook (if you can prove that). If you can't prove that, your cost basis is $0 and you get taxed on the entire value when you make a taxable transaction
So what if I deposited money into a offshore sports book, withdrew money using Bitcoin, but do not technically have any gambling winnings because total amount deposited by CC >> than the amount withdrew via bitcoin?
This post was edited on 2/8/21 at 10:32 pm
1
Posted on 2/9/21 at 1:13 am to TigerTatorTots
quote:
your cost basis would be whatever the USD value was when you withdrew the BTC from the sportsbook (if you can prove that)
Luckily Coinbase tells me the USD spot price at the transaction. So to make sure I am doing this correctly when inputting into turbo tax for each transaction:
I am not inputting my weekly purchases of btc.
My cost basis is the usd spot price at time of receiving btc from the sportsbook*quantity of btc received sportsbook, then for proceeds it is the usd spot price at time of converting btc*quantity of btc converted.
I am typically buying, selling, and converting the btc to usd in the same day so total gain/loss is pretty small.
Am I doing this right? Going into this I was worried I was going to owe alot, but my total net is a loss for the year.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News