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[QUOTE="Ellah10, post: 6242492, member: 461765"]
Hey gang, 
I am looking for advice on taxes and cashing out a large sum. I searched the forum and didnt quite find all the info i like. I recently won a few back to back tournaments at ignition poker. Since Jan, 2020. I usually buy like maybe $400 a month of crypto on coinbase and deposit to play. I have cashed out here and there but nothing over like 1 or 2k and then sell it on coinbase and back to my checking account. I havent ever claimed it on my taxes because 1) its ussually small and 2) i def have lost more than i have cashed for. Recently I have won and cashed 6 tournys for about 275k :). So im wondering how to cash out and deal with taxes and or if need to or how to lower their take. 
More info and my thoughts. 
Ignition doesn't report winnings. They also only pay out on crypto or p2p. So im wondering, is cashing out in bitcoin and then selling on an off-ramp like coinbase my only option to usd? 
Coinbase does give tax information to the irs on you which further complicates things?Any chance of just cashing out and not caring? Any thoughts?
Thanks!
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