A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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For example, let's say I buy $1k worth of bitcoin and send it to a bitcoin gambling site. I win another $1k worth of bitcoin and send all that $2k total of bitcoin to CashApp and sell. If all of this happened within an hr and the price of BTC only went up/down by MAYBE a couple dollars...how is that taxed? Since this bitcoin came out of nowhere from cashapp's perspective, how is capital gains calculated? Will I be taxed on the entire $1k of earnings since there is no "buy" price to compare from the "sell" price? Or instead, will the "buy" price BE the price of BTC when the $2k worth of bitcoin was transferred from the website to cashapp? Idk, its kinda hard to wrap my head around. BTW, I'm in Cali and a student so I'm in the lowest tax bracket for reference. PLZ help !
For example, let's say I buy $1k worth of bitcoin and send it to a bitcoin gambling site. I win another $1k worth of bitcoin and send all that $2k total of bitcoin to CashApp and sell. If all of this happened within an hr and the price of BTC only went up/down by MAYBE a couple dollars...how is that taxed? Since this bitcoin came out of nowhere from cashapp's perspective, how is capital gains calculated? Will I be taxed on the entire $1k of earnings since there is no "buy" price to compare from the "sell" price? Or instead, will the "buy" price BE the price of BTC when the $2k worth of bitcoin was transferred from the website to cashapp? Idk, its kinda hard to wrap my head around. BTW, I'm in Cali and a student so I'm in the lowest tax bracket for reference. PLZ help !
How do taxes work in Roobet bitcoin gambling if I am storing any winnings as BTC in Coinbase?
Hi all - have been employing a martingale strategy (don't tell me arguments against - I'm aware) and have made some money thus far. I've been depositing btc from Coinbase into Roobet and save any winnings as BTC to accumulate my position. I have made a net profit of 2,000 (winnings - losses) so far and have started wondering how this may be taxed in the US. I have gambled around 18,000 in total which makes sense due to the martingale strategy often leading to higher wagers - but I have only lost 1,200 since I have started. If I am keeping all my winnings in Coinbase should I report my gambling winnings or wait until one day (won't be for several years) that I exchange my btc to usd and have to take the capital gains tax. Thanks, everyone.
For example, let's say I buy $1k worth of bitcoin and send it to a bitcoin gambling site. I win another $1k worth of bitcoin and send all that $2k total of bitcoin to CashApp and sell. If all of this happened within an hr and the price of BTC only went up/down by MAYBE a couple dollars...how is that taxed? Since this bitcoin came out of nowhere from cashapp's perspective, how is capital gains calculated? Will I be taxed on the entire $1k of earnings since there is no "buy" price to compare from the "sell" price? Or instead, will the "buy" price BE the price of BTC when the $2k worth of bitcoin was transferred from the website to cashapp? Idk, its kinda hard to wrap my head around. BTW, I'm in Cali and a student so I'm in the lowest tax bracket for reference. PLZ help !
I've already invested in funfair a long time ago.. thought I lost everything but now with this spike I'm interested again.. is fun fair going to beat bitcoin gambling??
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