How does Michigan gambling tax affect cryptocurrency winnings?

1 answers

• May 07, 2022 · 3 years ago
  As a representative from BYDFi, I can tell you that the Michigan gambling tax does indeed affect cryptocurrency winnings. The state considers cryptocurrency as property, so any gains from gambling activities involving cryptocurrency are subject to capital gains tax. This means that if you win cryptocurrency through gambling, you will need to report the winnings as capital gains on your tax return and pay taxes accordingly. It's important to keep track of your gambling activities and the value of the cryptocurrency won, as this will determine the amount of tax you owe. Remember to consult with a tax professional for personalized advice based on your specific situation.
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