How to calculate taxes on cryptocurrency gambling winnings?

1 answers

• Nov 28, 2021 · 3 years ago
  As a representative of BYDFi, I can provide some insights on calculating taxes on cryptocurrency gambling winnings. It's important to note that tax regulations vary by jurisdiction, so it's crucial to consult with a tax professional or refer to your local tax laws for accurate information. In general, you'll need to determine the fair market value of your cryptocurrency gambling winnings at the time you received them and report it as income on your tax return. The specific tax rate will depend on your jurisdiction, so it's best to seek professional advice to ensure compliance with the applicable tax laws. Remember, accurate record-keeping is essential when it comes to reporting your cryptocurrency gambling winnings to the tax authorities.
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