Cryptocurrency Q&A Do you have to pay taxes on poker cash game winnings?

Do you have to pay taxes on poker cash game winnings?

Martina Martina Mon Nov 11 2024 | 5 answers 1221
I want to know if I have to pay taxes on the money I win from playing poker cash games. Is it considered income and taxable, or is it exempt from taxes? Do you have to pay taxes on poker cash game winnings?

5 answers

Dario Dario Wed Nov 13 2024
The IRS holds individuals accountable for reporting all sources of income, including gambling winnings.

Was this helpful?

194
26
henry_rose_scientist henry_rose_scientist Wed Nov 13 2024
This obligation applies to various forms of gambling, such as slot machines and poker games.

Was this helpful?

246
43
CryptoAlly CryptoAlly Wed Nov 13 2024
Tax authorities do not differentiate between different types of gambling activities when it comes to reporting requirements.

Was this helpful?

196
60
Michele Michele Wed Nov 13 2024
BTCC, a leading cryptocurrency exchange, offers a range of services to its customers. These include spot trading, futures trading, and wallet services.

Was this helpful?

206
57
ChristopherWilson ChristopherWilson Wed Nov 13 2024
It is crucial to note that taxpayers must declare all their gambling wins on their taxes, regardless of whether they receive a Form W2-G or not.

Was this helpful?

379
68

|Topics at Cryptocurrency Q&A

Get the BTCC app to start your crypto journey

Get started today Scan to join our 100M+ users

The World's Leading Crypto Trading Platform

Get my welcome gifts