Has anyone received a payout thru crypto? How do you treat when doing your taxes? Coinbase shows proceeds but unknown for cost basis? Do you put the receive amount as your cost basis?
Has anyone received a payout thru crypto? How do you treat when doing your taxes? Coinbase shows proceeds but unknown for cost basis? Do you put the receive amount as your cost basis?
Has anyone received a payout thru crypto? How do you treat when doing your taxes? Coinbase shows proceeds but unknown for cost basis? Do you put the receive amount as your cost basis?
Bro if you in the Us you shouldn't be using crypto for your gambling pleasures. Too many legit books in the states to take your action without the hassle.
Bro if you in the Us you shouldn't be using crypto for your gambling pleasures. Too many legit books in the states to take your action without the hassle.
Each transaction will be a different price you purchased it for
your cost basis is just the amount you bought it for
coinbase
Has a record of each transaction
Each transaction will be a different price you purchased it for
your cost basis is just the amount you bought it for
coinbase
Has a record of each transaction
Never had an issue with Bitcoin payouts. Bitcoin is considered property in the US not currency. If concerned, I’d consult an accountant. In Florida, I am now only able to play off shore via this method (Hard Rock is only book in FL and has severely limited me).
Never had an issue with Bitcoin payouts. Bitcoin is considered property in the US not currency. If concerned, I’d consult an accountant. In Florida, I am now only able to play off shore via this method (Hard Rock is only book in FL and has severely limited me).
you likely will lose so input a price you paid for buying BTC in turbo tax. Then that will offset the paper gain w no cost basis they send you. If you're up big it will still work just put in a number you paid for the crypto no one is auditing this.
you likely will lose so input a price you paid for buying BTC in turbo tax. Then that will offset the paper gain w no cost basis they send you. If you're up big it will still work just put in a number you paid for the crypto no one is auditing this.
Don't worry about the government taxing it. Given the volatility of Bitcoin, the losses/gains will equal out over a tax year.
However, you will need to convert from Bitcoin to USD in order to send to your bank. Coinbase charges a percentage fee for this transaction. And make sure when sending the money from Coinbase to your bank NOT to use the default instant transfer method, or you will be charged another fee.
Hope this helps,
RT2
Don't worry about the government taxing it. Given the volatility of Bitcoin, the losses/gains will equal out over a tax year.
However, you will need to convert from Bitcoin to USD in order to send to your bank. Coinbase charges a percentage fee for this transaction. And make sure when sending the money from Coinbase to your bank NOT to use the default instant transfer method, or you will be charged another fee.
Hope this helps,
RT2
Coinbase sucks ass. So many ridiculous fees
Coinbase sucks ass. So many ridiculous fees

If you choose to make use of any information on this website including online sports betting services from any websites that may be featured on this website, we strongly recommend that you carefully check your local laws before doing so.It is your sole responsibility to understand your local laws and observe them strictly.Covers does not provide any advice or guidance as to the legality of online sports betting or other online gambling activities within your jurisdiction and you are responsible for complying with laws that are applicable to you in your relevant locality.Covers disclaims all liability associated with your use of this website and use of any information contained on it.As a condition of using this website, you agree to hold the owner of this website harmless from any claims arising from your use of any services on any third party website that may be featured by Covers.