(US) Before I say anything, I fully intend on paying due taxes and consulting a tax professional. But before I do I’d like to ask you guys a few things.
Long story short I purchased $250 worth of Bitcoin on cash app. I sent that to a private wallet then to my sports book account. After a few weeks and a few big parlays I was up $117k, around 16 BTC. I decided to call it quits and transferred the funds to my private wallet, then to my Gemini account where I sold 100k worth and kept the rest in BTC.
I’m aware that banks are required by law to report any deposit or withdrawal of $10,000 or more. If I wired this to my account without reporting it would I 100% be audited? Also, which tax category does this fall under? Crypto or Gambling winnings?
I recently just got married and already have a little boy on the way so I just wanna make sure I do this right. Any advice or experience you guys can throw my way would be greatly appreciated. Thanks
Submitted August 02, 2018 at 06:54AM by Christ0naBike32 https://ift.tt/2LLmkhM
