tax reporting for crypto gambling wins?

[Alice29]

won about 3.5 ETH (~$12k) gambling on stake this year. any US users here know how to properly report this for taxes? do i need to report individual sessions or just net profits? platform doesn't provide any tax forms obviously

 

[gacika37]

irs expects you to report all gambling winnings as income and losses as itemized deduction (if you itemize). but with crypto casinos... good luck proving anything

 

[CatsGotANoseBleed]

technically supposed to track every session but literally no one does that for crypto gambling. most just report net profit/loss for the year if they report at all

 

[Alice29]

technically supposed to track every session but literally no one does that for crypto gambling. most just report net profit/loss for the year if they report at all

what counts as a "session" though? each day? each time i log in?

 

[CatsGotANoseBleed]

i track by calendar day. one net win/loss entry per day of gambling. not official advice but worked for me past 3 years

 

[Alice29]

thanks everyone. think i'll just report the net gain and keep records of deposits/withdrawals in case of questions. sounds like there's no perfect system for this yet