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Other gambling winnings are taxed annually if they exceed 1 million koruna. So if you couldn’t resist getting in on bitcoin’s wild ride in 2020 – it went up about 680% over the past year and has been trading north of $55,000. This includes cash and the fair market value of any item you win. Person who gives the gift: You can gift crypto up to $15,000 per recipient per year. Step 2: If there are remaining losses of either type, apply them to offset gains of the opposite. 3. 5 Bitcoin when one Bitcoin was worth $30,000, you would report $15,000 as your gambling income. 00000001 BTC). Each Bitcoin dice roll – so to speak – is an independent wager. From dice games to slots, there is something for everyone. 32. Interest earned from a savings account, e. When you do, your cost basis will be the same cost as the person who gifted it to you. On the other hand, a key case where gambling winnings were found to be business income was in the case of Luprypa v. 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