The rising popularity of cryptocurrency gambling has brought about important considerations regarding tax implications. Here’s what you need to know to ensure compliance with tax authorities while enjoying crypto gambling. Tax Classification: In many jurisdictions, the classification of cryptocurrency varies, and its treatment can range from being considered a commodity to a currency. It’s essential to determine how your country’s tax authorities categorize cryptocurrency to understand your tax obligations. Taxable Events: Gambling winnings, whether in fiat or cryptocurrency, can be subject to taxation. If you’ve made profits through crypto gambling, it’s crucial to report these gains accurately. Note that losses
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Bitcoin was once viewed as a means to opt out of violent, legacy financial systems. Now, it is being co-opted by the very same, and zealous newcomers to crypto think that’s a good thing, while still giving lip service to peer-to-peer values. Ignoring the problems with fiat money, they beg political interests and bad actors […]
While its well-known that the revised Schedule 1 form for U.S. taxpayers now contains a question about cryptocurrencies, what is lesser discussed are the legal ramifications this may have for filers who answer incorrectly. The vague nature of the yes or no inquiry has one tax expert doubting the constitutionality of the question, urging all […]
Tax season is one of the most dreaded times of the year for many, and when the added confusion of filing crypto returns is thrown into to the mix, things can get even stickier. News.Bitcoin.com recently talked with Clinton Donnelly of Donnelly Tax Law, a service that specializes in crypto returns. The U.S. Treasury-licensed Enrolled […]
Tax authorities around the world are increasing their focus on crypto transactions and companies are rushing to help investors navigate the unclear regulations. The latest example is Thomson Reuters which has added a new tool for American tax payers to report crypto dealings to the IRS. Also Read: Thomson Reuters Eikon to Display Data on […]
The U.S. Internal Revenue Service (IRS) released a new report and infographic on Thursday illustrating unpaid or underpaid taxes for the years 2011 – 2013. The numbers reflect estimates based on the last such findings, for the years 2008 – 2010. With commissioner Chuck Rettig citing the importance of voluntary compliance, and crypto’s popularity on […]
Various local branches of the Israel Tax Authority have sent out letters to those they suspect are trading bitcoin without reporting it. The tax agency demands in those letters that the recipients will divulge all of their involvement in the cryptocurrency market including all past transaction history and current holdings. People are being asked to […]
Bitcoin in Brief is your roundup of everything that matters from the all over the vast cryptosphere that you might have missed. This week’s daily editions included stories about taxes, forks, pranks, porn and so much more. This weekly edition will bring you up to speed with everything covered; just make sure you keep up. […]
Cryptocurrencies are often criticized for failing to replicate some of the basic functions of fiat money. Governments are always ready to warn you that you can’t spend, or save, or trade, or make digital coins. This state of mind, however, is slowly but surely changing, as more benefits become apparent. Paying, saving, investing – bitcoin […]
A growing number of governments can’t resists the temptation to get their hands on some of the bitcoins their citizens are making. Several states, however, think that leaving some breathing space for crypto users and entrepreneurs is a better idea in the long run. Crypto-friendly tax regimes can still be found around the world. Also […]