Crypto and taxes

T

Thanjay55

Rising Star
Joined
Mar 26, 2021
Total posts
1
Hi everyone,
I'm an American and I play on ignition. I've recently been running real good and just cashed out a significant (for me) sum of money. It's currently all in my coinbase acct but I'm wondering what to do about taxes when i convert back to cash and deposit in my bank account.
I know I could sit on the BTC but the market seems super volatile and I'd rather just have the money.
 
perrypip

perrypip

Rock Star
Joined
May 30, 2020
Total posts
499
Coinbase won't report it to the IRS unless its above a certain amount. But you should report it as gambling income.
 
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