Have you deposit some money in your online poker account with Bitcoin by using cashap

[GrindFreak]

I live in Connecticut. I know legal online poker is coming to Connecticut after July 4th.. I’ve been playing on Bovada and betonline for 3 months now and made some money. So I was wondering do you guys pay your tax through your cashapp? What am I suppose to do? I just withdraw 800 monthly. Will I get caught if I do nothing or get red flag?

 

[phoenixKK]

I live in Connecticut. I know legal Online poker is coming to Connecticut after July 4th.. I’ve been playing on Bovada and betonline for 3 months now and made some money. So I was wondering do you guys pay your tax through your cashapp? What am I suppose to do? I just withdraw 800 monthly. Will I get caught if I do nothing or get red flag?

Can you explain better what is Cashapp? I really would like to earn some extra money with these Apps.

 

[magister1]

What do you mean pay your taxes through Cashapp?

I've used Cashapp to buy BTC before, but if you're talking about withdrawing/depositing to a poker site you really want to use an intermediary wallet. Something like Electrum for BTC.

As far as tax implications for poker winnings, I think that requires more expertise than I have.

 

[GrindFreak]

Can you explain better what is Cashapp? I really would like to earn some extra money with these apps.

Cashapp is like paypal or Venmo where you can send and receive your money. Cashapp also has bitcoin (crypto currency) which you can buy and sell. It works great for online gambling transactions because you can send and receive bitcoin. However I don't earn some through this App. I just need it for online poker only for deposit and withdraw... I hope my explanation is clear

What do you mean pay your taxes through Cashapp?

I've used Cashapp to buy BTC before, but if you're talking about withdrawing/depositing to a poker site you really want to use an intermediary wallet. Something like Electrum for BTC.

As far as tax implications for poker winnings, I think that requires more expertise than I have.

Yea I'm sorry I thought I did write about depositing/cashing out on title but yeaa. I wanted to ask about it because it confused me people say I don't have to worry about pay tax on my winnings and losses I'm using cashapp (bitcoin) and others saying I have to report and pay tax every 3 months. And I'm not sure