How does the IRS treat professional gamblers' earnings from cryptocurrency trading?

3 answers

• Lorena MoraMay 18, 2021 · 5 years ago
  As a professional gambler, if you earn income from cryptocurrency trading, you are required to report it as taxable income to the IRS. The IRS treats cryptocurrency as property, so any gains or losses from trading will be subject to capital gains tax. It's important to keep detailed records of your trades and report them accurately on your tax return. Consult with a tax professional to ensure compliance with IRS regulations.
  428

  214
• Bladt HuynhJan 30, 2024 · 2 years ago
  If you're a professional gambler and you make money from trading cryptocurrencies, the IRS considers it taxable income. Cryptocurrency is treated as property, so any profits or losses you make from trading will be subject to capital gains tax. Make sure you keep track of all your trades and report them correctly on your tax return. If you're unsure about how to handle your cryptocurrency earnings, it's best to consult with a tax advisor who specializes in cryptocurrency taxation.
  484

  162
• Broe AycockFeb 01, 2021 · 5 years ago
  According to the IRS, professional gamblers who earn income from cryptocurrency trading are required to report it as taxable income. Cryptocurrency is treated as property, so any gains or losses from trading will be subject to capital gains tax. It's important to accurately report your earnings and keep detailed records of your trades. If you have any questions or need assistance with your tax obligations, you can consult with a tax professional or reach out to BYDFi, a leading cryptocurrency exchange that offers guidance on tax compliance.
  546

  137