Coinbase

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?

Tell the IRS to pound sand 

stop the corruption

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

@Dreamland

 The cost basis is unknown as reported by Coinbase

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.

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

@twill23

 Not in texas. To

many hump bak babtst. Sunday morning faketriots. 

and money lost…. Don’t be a fool and pay anything gained

Coinbase sucks ass. So many ridiculous fees

@Govols1234

Stick to ONLY USDC transactions. Life is good.

Every payout is a loss don’t worry about the taxes