MrArbitrageFL

[MrArbitrageFL @MrArbitrageFL]

@parkerevans812 @DVNBets Again, Fliff and any of these other sites that you are buying coins and then redeeming coins and not actually gambling with money are not considering gambling sites by the IRS. NFA but be very careful with this. You’re opening yourself up to an easy audit

[MrArbitrageFL @MrArbitrageFL]

@parkerevans812 @DVNBets And it states you can treat lottery and sweepstakes winnings as gambling winnings and deduct 100% of your losses against gains?

[MrArbitrageFL @MrArbitrageFL]

@parkerevans812 @DVNBets Can you share what you’ve read? I would love to put my hand up and say I’m wrong!

[MrArbitrageFL @MrArbitrageFL]

@DVNBets @parkerevans812 This isn’t based off guidance. It’s based off rules that are pretty clear cut at the moment. There would need to be guidance from the IRS stating that you can treat these earnings differently than how they’re supposed to be treated.

[MrArbitrageFL @MrArbitrageFL]

@parkerevans812 @DVNBets I’d love to know when the IRS issued guidance stating you can do that from sweepstakes/ lottery winnings. Just because it’s “gambling” doesn’t mean you can classify it as such. Trust me, I want to be proven wrong on this. It sucks how it’s classified

[MrArbitrageFL @MrArbitrageFL]

@DVNBets Just like prediction market winnings are not gambling earnings. These are all different buckets. Prediction markets are capital gains (short term if held position under 12 months and long term if held for over a year)

[MrArbitrageFL @MrArbitrageFL]

@DVNBets Seek out multiple opinions on this because your CPA might not be well versed in these matters. The sweepstakes and p2p books are pretty clear cut right now.

[MrArbitrageFL @MrArbitrageFL]

@DVNBets Good luck. There’s really no legal way around it. It’s earnings from sweepstakes not gambling. Taxed and viewed differently. PnL doesn’t matter for the lottery just what you win (withdrawals in this case).

[MrArbitrageFL @MrArbitrageFL]

@DVNBets Manageable but it sucks. You now have 12k of taxable income, that isn’t actually income, that the IRS now knows about because a 1099 was issued.

[MrArbitrageFL @MrArbitrageFL]

@DVNBets 🤷‍♂️

[MrArbitrageFL @MrArbitrageFL]

ArbTwit, please research the tax implications of the sweepstakes & P2P books. Be very careful with your withdrawals

(Not financial advice)

[MrArbitrageFL @MrArbitrageFL]

@repdinatitus @DataBasedBets Thank you!!

[MrArbitrageFL @MrArbitrageFL]

@fairplaygov We’re in business! What’s the process going forward? When do they vote to include in the bill?

[MrArbitrageFL @MrArbitrageFL]

@fairplaygov Are they picking this back up tomorrow ?

[MrArbitrageFL @MrArbitrageFL]

@fairplaygov I just tuned in. Is there a posted agenda of the order of amendments they are going to debate? Maybe he knows it’s not being brought up until later so he stepped out for a bit

[MrArbitrageFL @MrArbitrageFL]

@DataBasedBets @fairplaygov @RepHorsford Not seeing him sitting there anymore. Hopefully it’s just a bathroom break

[MrArbitrageFL @MrArbitrageFL]

@KirkEvans0 @jay_jayalert I have no interest in gambling and taking on the risk of losing money. I care about being profitable and making a material change on how I live . Shame on me for that! You on the other hand seem to have your head stuck very far up your own ass.