Advice on withdraws

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Ellah10

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Mar 25, 2021
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Hey gang,
I am looking for advice on taxes and cashing out a large sum. I searched the forum and didnt quite find all the info i like. I recently won a few back to back tournaments at ignition poker. Since Jan, 2020. I usually buy like maybe $400 a month of crypto on coinbase and deposit to play. I have cashed out here and there but nothing over like 1 or 2k and then sell it on coinbase and back to my checking account. I havent ever claimed it on my taxes because 1) its ussually small and 2) i def have lost more than i have cashed for. Recently I have won and cashed 6 tournys for about 275k :). So im wondering how to cash out and deal with taxes and or if need to or how to lower their take.
More info and my thoughts.
Ignition doesn't report winnings. They also only pay out on crypto or p2p. So im wondering, is cashing out in bitcoin and then selling on an off-ramp like coinbase my only option to usd?
Coinbase does give tax information to the irs on you which further complicates things?Any chance of just cashing out and not caring? Any thoughts?
Thanks!
 
Nafor

Nafor

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FI
This is a question that has no 'one size, fits all' solution.

You have cashed out some amount of money during previous years but you haven't reported any of it. Now you have ended up with whopping 275k.

No advice on this forum can be solid enough to ensure the best outcome to your situation. My advice is that you should find a tax consultant of some kind who is familiar with these kind of things. Spending 1-2k on a good game plan could save you money.
 
Z

zapadlol

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what documents are needed to withdraw money from ACR POKER?
 
archielrv

archielrv

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I would like know more, how do you do?
 
K

kristersb123

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Yeah its pretty big money, I assume it depends in which country you live, you have to pay taxes and do other things that are needed so the best way is contact support and ask for the best way to get your money
 
F

freestocks

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You don't have to claim anything until withdraw. As your attorney, I suggest withdrawing less than 10,000 at a time and not claiming anything.Withdrawing once a month might take over 2 years.
 
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