Bigmike93 (OP)
Newbie
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Activity: 4
Merit: 0
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June 30, 2015, 04:36:25 PM |
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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
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Whoever mines the block which ends up containing your transaction will get its fee.
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TheGame
Member
Offline
Activity: 66
Merit: 10
You just lost
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June 30, 2015, 06:11:53 PM |
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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.
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S4VV4S
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June 30, 2015, 06:27:49 PM |
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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
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  |
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BayAreaCoins
Legendary
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Activity: 3906
Merit: 1240
Owner at AltQuick.com & FreeBitcoins.com
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June 30, 2015, 06:31:37 PM |
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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. |
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Fullbuster
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June 30, 2015, 06:35:09 PM |
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Why don't you get your BTC wallet and make them send there? and then you can either collect or spend that BTC
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pedrog
Legendary
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Activity: 2786
Merit: 1031
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June 30, 2015, 08:44:15 PM |
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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/ |
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satnof
Newbie
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Activity: 28
Merit: 0
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June 30, 2015, 09:10:25 PM |
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coinbase reports for sports betting?
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. |
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Bigmike93 (OP)
Newbie
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Activity: 4
Merit: 0
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June 30, 2015, 09:22:20 PM |
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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?
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jonald_fyookball
Legendary
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Activity: 1302
Merit: 1004
Core dev leaves me neg feedback #abuse #political
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June 30, 2015, 10:08:25 PM |
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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. |
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satnof
Newbie
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Activity: 28
Merit: 0
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June 30, 2015, 10:33:21 PM |
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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?
use localbitcoins.com |
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BayAreaCoins
Legendary
Offline
Activity: 3906
Merit: 1240
Owner at AltQuick.com & FreeBitcoins.com
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July 01, 2015, 05:49:04 AM |
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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?
use localbitcoins.com I prefer Bitquick.co over Localbitcoins. |
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Amph
Legendary
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Activity: 3206
Merit: 1069
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July 01, 2015, 01:48:36 PM |
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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?
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 |
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Wary
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July 26, 2015, 01:26:12 AM |
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Regarding taxes, an accountant from your country should be able to help. Be careful with accountants although. Unlike tax lawyers, they have no right to keep your secrets from the state. |
Fairplay medal of dnaleor's trading simulator.
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