Bitcoin Forum

Hello everyone.

I have a sports book that I use to be sports on daily. I live in NY and when I get a payout there's a new option for Bitcoin. Whatever you cash out from the sports book, $1000 being the maximum, they'll send to you the amount in Bitcoin to I guess your wallet address or whatever.

I did a little research and figured out that you'll need to use block chain to receive the Bitcoin, transfer to coin base, then sell it, then transfer to your bank account.

I make 600-1000$ a week on the betting, and would get 2-4.5 or so in Bitcoin a week.

Regarding taxes, how would I go about paying taxes if necessary? And how much would the taxes be?

Any and all advice would help

Thank you

http://taxes.about.com/od/income/qt/Gambling-Income.htm

disclaimer:  i'm not a tax professional and this should not be considered advice.
consult a tax professional.

I'd advise getting some proper advice from an expert especially if you're a professional gambler. Be careful about what sports book you use as well as some will likely be ilegal to use if they don't comply with aml and kyc laws etc.

Regarding taxes, an accountant from your country should be able to help.

Regarding cashing out, you do not necessarily need to use coinbase to sell your Bitcoins.
There are many exchanges but you can also use localbitcoins.com and sell your coins using a variety of payment methods.

Hope that helps :)

Do not use Coinbase.

Look at www.Bitquick.co.

You'd report your taxes just like you would if you were getting paid out cash from your sport book.

Why don't you get your BTC wallet and make them send there? and then you can either collect or spend that BTC

Bear in mind that bitcoin price fluctuates a lot, unless you sell it right after you receive it you may have loss or gains, and I'm pretty sure that will complicate the situation. :)

Check: https://bitcoinwisdom.com/

Coinbase reports to the IRS for any amount that accrues over $600. So if you've received more than $600 in BTC to your coinbase account, the IRS already knows about it if you're a US citizen.

If you're a foreigner, it depends on the laws of the countries they're operating in. Coinbase obeys the law and is obligated to obey the law as a real registered company.

Okay so I won't be using coin base.. Anything else I can use to sell the bitcoins?

How about buying valuable gold coins with but coins. Then sell the gold coins?

Not sophisticated enough to avoid legally owing taxes.  It would still be income.

use localbitcoins.com

I prefer Bitquick.co over Localbitcoins.  

use the market place on bitcointalk with escrow, it is not much different than localbitcoin or anything similar, like http://www.100bit.co.in, which is more anon than localbitcoin but with much less volume

Be careful with accountants although. Unlike tax lawyers, they have no right to keep your secrets from the state.