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Started By
Message
Question for a CPA re: gambling winnings
Posted on 1/19/22 at 1:44 pm
Posted on 1/19/22 at 1:44 pm
Trying to find the best way to handle this so I'll ask here first
Let's say I have a friend who has won a pretty large amount via a gambling website (bookmaker.eu), the site has no troubles with cashing out, however he wants to do this as best as he can to cover his tax reporting obligations and such, he doesn't want to even mess with evasion or anything like that
Cashout would be in the form of btc or a straight up bank wire.
How should this friend handle this?
Let's say I have a friend who has won a pretty large amount via a gambling website (bookmaker.eu), the site has no troubles with cashing out, however he wants to do this as best as he can to cover his tax reporting obligations and such, he doesn't want to even mess with evasion or anything like that
Cashout would be in the form of btc or a straight up bank wire.
How should this friend handle this?
5
Posted on 1/19/22 at 2:13 pm to The Egg
Go to the track and dig through the trash, hopefully you can find some big ticket losers to offset the win, and congrats.
Posted on 1/19/22 at 3:04 pm to The Egg
Gambling winnings can be offset with losses.
If he can get a statement from the website showing his wins and losses for the year, he only has to pay taxes on the net winnings.
If he can get a statement from the website showing his wins and losses for the year, he only has to pay taxes on the net winnings.
Posted on 1/19/22 at 3:32 pm to The Egg
Stick with the bookie. Cash business.. If yours won't take large bets, he knows one that will.
Not that I would ever have a problem winning a large sum of money!
Not that I would ever have a problem winning a large sum of money!
Posted on 1/19/22 at 3:38 pm to The Egg
The method of payment is irrelevant.
You need to report total winnings, and if you (I'm sorry, your friend) itemizes, they can itemize the losses.
You need to report total winnings, and if you (I'm sorry, your friend) itemizes, they can itemize the losses.
Posted on 1/19/22 at 4:44 pm to LSUFanHouston
quote:
You need to report total winnings, and if you (I'm sorry, your friend) itemizes, they can itemize the losses.
Yeah. pretty sure you have to itemize to offset your losses.
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.
Posted on 1/19/22 at 6:29 pm to The Egg
If they have roulette bet it all on red. If he wins that will cover his taxes. If he loses, no more taxes.
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.
Posted on 1/20/22 at 1:31 pm to eng08
quote:My grandmother used to always collect our losing tickets whenever we went to the races.
Go to the track and dig through the trash, hopefully you can find some big ticket losers to offset the win, and congrats.
Posted on 1/20/22 at 10:03 pm to Jor Jor The Dinosaur
quote:
My grandmother used to always collect our losing tickets whenever we went to the races.
Apparently Granny was nailing the Pick 6’s on the days she went alone
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