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Old 02-26-2019, 03:42 AM   #1
KiloMan468
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I think I have quite a dilemma

Where I'm at, online poker is illegal.

I made some $300 and am thinking about cashing it out.

I'm deciding to use bitcoin and coinbase in order to do it, but my question is where will people (i.e., the government) think that I got it? Do I have to pay taxes on it?

I don't know what to do.

I'm in the U.S.
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Old 02-26-2019, 04:11 AM   #2
sixfour
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Re: I think I have quite a dilemma

Specify where you are in the US. Chances are online poker is not actually illegal. And yes, pay your taxes
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Old 02-26-2019, 08:38 AM   #3
pokerhsmtt
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Re: I think I have quite a dilemma

always pay caesar money from what you earn.
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Old 02-26-2019, 08:46 AM   #4
answer20
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Re: I think I have quite a dilemma

People will 'think' you got it from where you tell them you got it. Just be prepared if you are asked to prove where you got it, which is a pretty small possibility especially for that amount.

Start with reading your site's policies and even look for a forum/thread where that specific site is discussed. I'm not familiar with BC transactions but I don't think it really matters either. You put in $X and got $Y in return from 'gambling' .. there's a pretty easy way to pay taxes on those gains. GL
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Old 02-26-2019, 09:47 AM   #5
Kurn, son of Mogh
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Re: I think I have quite a dilemma

Quote:
Originally Posted by KiloMan468 View Post
Where I'm at, online poker is illegal.

I made some $300 and am thinking about cashing it out.

I'm deciding to use bitcoin and coinbase in order to do it, but my question is where will people (i.e., the government) think that I got it? Do I have to pay taxes on it?

I don't know what to do.

I'm in the U.S.
With the exception of a couple of States (IL and WA, I think, but my knowledge might be outdated), playing online poker is NOT illegal in the US.

That said, not reporting income (from any source) is.
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Old 02-26-2019, 12:55 PM   #6
michelle227
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Re: I think I have quite a dilemma

Three hundred bucks won't raise an eyebrow. It would be different if you had left off a K and we were talking about three hundred thousand dollars.

Impact upon taxes obviously depends on your individual situation. And if you just leave it in the Coinbase account, remember that you will need to account for the basis if/when you get to the point of dealing with capital gains (or loss)...although again, if it is really just three hundred dollars, it will not be an amount creating a measurable impact upon taxes.
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Old 02-26-2019, 02:38 PM   #7
LordPallidan12
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Re: I think I have quite a dilemma

i know somebody who gets paypal/venmo/zelle payments from poker in >thousand dollar sums monthly
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