Crypto Gambling Tax Calculator
Track your crypto gambling transactions for tax reporting
Add Transaction
Fair market value when you won/lost
Transaction History
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Tax Summary
Total Winnings
$0.00
Total Losses
$0.00
Net Gain/Loss
$0.00
Total Transactions
0
⚠️ Important Tax Information
- In the US, gambling winnings are taxable income
- You can deduct gambling losses up to the amount of your winnings (if you itemize)
- Cryptocurrency is treated as property by the IRS
- Each crypto transaction may trigger a capital gains event
- Keep detailed records of all transactions, including dates and fair market values
- Consult a tax professional for specific advice
Crypto Gambling Tax Guide
How Crypto Gambling is Taxed
Cryptocurrency gambling has two tax implications:
- Gambling winnings/losses: Treated as ordinary income and deductions
- Capital gains: Using crypto to gamble is a taxable disposal event
Record Keeping Requirements
You must track:
- Date and time of each transaction
- Amount of cryptocurrency won or lost
- Fair market value in USD at time of transaction
- Platform/casino where gambling occurred
- Cost basis of crypto used (for capital gains)
Reporting on Tax Return
US Taxpayers:
- Report gambling winnings on Form 1040, Schedule 1
- Deduct losses (up to winnings) on Schedule A if itemizing
- Report capital gains/losses on Form 8949 and Schedule D
- Large winnings may require W-2G forms from casinos
Common Mistakes to Avoid
- Not reporting crypto gambling winnings
- Claiming losses without proper documentation
- Forgetting about capital gains on crypto used for gambling
- Not tracking fair market values at transaction time
- Mixing personal and gambling crypto wallets
⚠️ Disclaimer
This calculator is for estimation purposes only. Tax laws vary by jurisdiction and change frequently. Always consult with a qualified tax professional for advice specific to your situation.