swift5387 said:
so pretty much if i receive and put it into my bank account i don't owe taxes correct?
Like any other time you place money in your bank account, you do not owe taxes on the the money itself. You could owe taxes depending on how you came into having that money.
From a contract job? You owe
As a gift? Not if it's not over the gift threshold per person
Profit from an investment? You owe
In this case, are you going to make a profit from gambling this year? If so, you are supposed to pay taxes. If not, you can deduct your losses from your wins until you zero out.
Like I said before, if you are makes several multi-thousand dollar deposits, and are still a losing bettor, you need to make sure you have documentation of your losses.
If you have two deposits for $4,000 from selling bitcoin, it probably won't be a huge deal even if you aren't keeping records.