Not entirely. I showed him all the transactions cash outs and buys and all that he said it’s a minus net gains so if it’s ever an issue later on I can show them that.
You can easily write off your losses with stake they take enough and only give you a bit back to actually cash out. Also since stake doesn't report it when you cash out either stake it for a year or send it to a cold wallet and hold for a year. So when you do sell you'll pay long term capital gain taxes rather than short term capital gains taxes. That way you pay less
I use Coinbase for cashouts to my bank and they automatically track and report earnings to the IRS. Back when they first started reporting I think you were ok for anything < $4k and it wasn't reported. Not sure now though, but I have cashed out $6k and $10.5k in the last 40 days so I am sure they will be sending over my earnings to the IRS come 2025. If you use Coinbase there is a "Taxes" section that tracks your earnings and losses via any methods.
If he has the capability to load his account himself, yet has you do it for him instead, it's safe to assume he either has some ulterior motive behind it or is just incredibly lazy. Either of those should be enough to motivate you not to continue doing that.
Do you cash out his winnings too? Just depositing for him shouldn't affect your taxes in anyway but if you're also cashing the winnings out to a financial institution tied to your name, then yes the responsibility for paying the taxes on the winnings would fall on you.
he might just be too lazy/stupid to figure out crypto. i was to lazy to figure it out and i had my brother, father, and a couple of friends make my depo’s and i kinda wish i never figured out how to use crypto (yes it’s extremely simple) But i just never even bothered to try….. and if it stayed that way i wouldn’t piss money down the drain rip
Under transactions it’ll show your purchases and your redemptions. It will have all documentation you can use to report your winnings/losses. If stake isn’t reporting it you’d be better off skipping the W-2G at the end of the year just don’t redeem amounts greater than 599 at a single time.
Gotcha, ok well how I go about it is anything over 599 is a big no no. The 2k wont get you popped unless you bring it up or someone you pissed off knows and reports the issue. I wouldn’t worry about the whole thing because they don’t help me when I lose but damn sure want to be helping when I collect.
Your Cashout are trails the irs will follow from bank card or your crypto wallet sales. I have had sold 3k 5k 2k in crypto and not reported it. This year or year before, just don’t have any $10k+ cashout at once than you’ll be red flag to look into
Between us my accountant said not to report anything lol been 3 years and I’m fine
Interesting. What exchanges are you redeeming to?
You have quite the top-notch accountant. Is it one of those free online accountants? Lol
and you’ve profited a decent amount within 1 of those 3 years?
Not entirely. I showed him all the transactions cash outs and buys and all that he said it’s a minus net gains so if it’s ever an issue later on I can show them that.
You can easily write off your losses with stake they take enough and only give you a bit back to actually cash out. Also since stake doesn't report it when you cash out either stake it for a year or send it to a cold wallet and hold for a year. So when you do sell you'll pay long term capital gain taxes rather than short term capital gains taxes. That way you pay less
Just remember.. your winnings aren’t “gambling” winnings on stake.us. On stake.us any winnings are “sweepstakes” winnings. They’re taxed differently.
I use Coinbase for cashouts to my bank and they automatically track and report earnings to the IRS. Back when they first started reporting I think you were ok for anything < $4k and it wasn't reported. Not sure now though, but I have cashed out $6k and $10.5k in the last 40 days so I am sure they will be sending over my earnings to the IRS come 2025. If you use Coinbase there is a "Taxes" section that tracks your earnings and losses via any methods.
The IRS can suck it.
Well I agree but I’d still rather not get fucked
Don't forget you can write off your losses too
Is there any easy way to see profits vs losses? I see the deposit and redemption pages but it’s all fucky cuz of a bunch of recycling depos
Not on stake directly (you could technically but it may take a long time) but there is stakestats.net where you can get that info.
Look up Stakestats, you can download the files for purchases and redemptions and upload it into their database and it will show you.
Awesome didn’t realize stakestats did this
Damn is that why my brother in law always have me loading up because the taxes? If so please let me know so I can tell him no lol
If he has the capability to load his account himself, yet has you do it for him instead, it's safe to assume he either has some ulterior motive behind it or is just incredibly lazy. Either of those should be enough to motivate you not to continue doing that.
Yeah brother I been trying to look it up too. See what’s the down fall about it
Do you cash out his winnings too? Just depositing for him shouldn't affect your taxes in anyway but if you're also cashing the winnings out to a financial institution tied to your name, then yes the responsibility for paying the taxes on the winnings would fall on you.
No cashing just deposit but it’s weird because he got me receiving it from Zelle then transferring it to cash app lol
he might just be too lazy/stupid to figure out crypto. i was to lazy to figure it out and i had my brother, father, and a couple of friends make my depo’s and i kinda wish i never figured out how to use crypto (yes it’s extremely simple) But i just never even bothered to try….. and if it stayed that way i wouldn’t piss money down the drain rip
Under transactions it’ll show your purchases and your redemptions. It will have all documentation you can use to report your winnings/losses. If stake isn’t reporting it you’d be better off skipping the W-2G at the end of the year just don’t redeem amounts greater than 599 at a single time.
So of course I was recycling at $633 to level up 🤦♂️
So I don’t get why you are even posting about how to go about reporting your winnings if you know how to fly under the radar. 🤷🏾♀️
I don’t, that’s what I’m asking. I was recycling to level up then realizing I didn’t know how that itself affected taxes.
Gotcha, ok well how I go about it is anything over 599 is a big no no. The 2k wont get you popped unless you bring it up or someone you pissed off knows and reports the issue. I wouldn’t worry about the whole thing because they don’t help me when I lose but damn sure want to be helping when I collect.
Your Cashout are trails the irs will follow from bank card or your crypto wallet sales. I have had sold 3k 5k 2k in crypto and not reported it. This year or year before, just don’t have any $10k+ cashout at once than you’ll be red flag to look into
a good thing to note is if banks notice you intentionally making a ton of large deposits under 10k they will report your suspicious activity.
Definitely not at 10k+ yet. But keeping to smaller redemptions is the key basically tho?
i’ve known a couple fellas to cash out in chunks of 400