So I deposited $50 and built it up to $35k last night and pulled out 30k. The withdrawals are processing. I guess what my question is about the taxes on it. I live in the US do I need to report it somehow and if so what do I report it as? Just crypto profits?
Update: for those wondering I did get all of the funds from Roobet with 24 hours
Damn good come up!! What did you play?
you should get advice for this from a real tax guy.
but, from what i understand, some people go raw and say fuck it hopefully they don’t audit me.
i’ve seen some (this seems likely to me), they count it as general crypto gain on your app. so, example of coinbase. they see that i have bought 50 worth of LTC and sent it wherever. they see that i got 30k worth of LTC a day later. it miiight be counted as general crypto gain and taxed accordingly.
other people withdraw it in small chunks of like 500 so that it’s under the taxable line (idk if this makes a difference).
itemize your gambling with each loss so that don’t don’t have to pay taxes quite as much, if it can be reduced at all this could be a way. but crypto gamblin throws a wrench into that from traditional casino stuff.
if you’re in the US, get a tax guy since roo not legal lmao. id lie and say it was from stake us just to help that.
what did i do when i won a lil somethin? not a thing lmfao fuck em. i don’t recommend that.
you never know til you see a professional because the high variability of the replies that come w these type of posts.
nfa, dyor, im not a professional im a tard
Who the hell pays taxes on gambling wins? The U.S. government didn’t give you calls, so why pay them?
Honestly man if I was you I wouldn’t report shit. Only way for irs to find out about it is if you sell and transfer to bank account. If you are a W2 employee you can probably get away with transferring to your account. If you’re w9 or own any LLCs I would leave it in your exchange. Worst case get a Bahamian LLC and transfer funds there.
How were you able to bypass KYC L2?! I’m also on US using VPN and am debating whether to even try and deposit to play if I may not be able to cash out/withdraw.
Congrats on the big wins!!
Get yourself a cold wallet (trezor), send the crypto there, “lose” it in a boating accident. Wait a few years, take a nice vacation somewhere out the states where you will magically find your lost wallet.
$50 to $35K congrats what games you got winning that sum?
Have you never done taxes before? It always asks you if you have made any crypto money or if you have won money gambling. Also roobet is not legal in the US so have fun explaining that.
you’re not even supposed to be on the website it’s illegal for us players once they do KYC for a large withdrawal they can seize all the funds from you… this is why you would draw in smaller amounts. you probably won’t ever get the money
Did you end up getting it brother I hope so fuck the haters
Started with roo bonanza and hit big up to about $700 played some more games ended up at lightning roulette and hit on a 500x at $8 and was up to around 5k went to crazy time and was hitting hundreds on the bonus and hit a 100x coin flip to bring me to around 14k and I pulled out 10 and kept playing crazy time and hit another coinflip for 250x
Why does it matter that I asked?
Amazing man enjoy winnings