Lottery winner guilty of tax evasion

An Ohio man won a million dollars at the lottery but tried to write off over a million dollars in losses.
After taxes, he collected $790,000 and claimed income of just under 1.1 million dollars, but then claimed 1.1 million dollars in gambling losses. I think it is safe to say his tax return set off alarm bells and the investigation indicated he had sent money overseas without properly reporting to the IRS.
This happened in 2015 and he was inditited in late October of this year, pleading guilty three weeks later.

Nowadays you can buy Bitcoin with the winnings and tell the IRS that Coinbase ate your money.

Quote: ChumpChange

Nowadays you can buy Bitcoin with the winnings and tell the IRS that Coinbase ate your money.
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Hmm. A lottery winner could do that, but he or she could be in deeper trouble for fraud/attempted fraud.

Quote: ChumpChange

Nowadays you can buy Bitcoin with the winnings and tell the IRS that Coinbase ate your money.
link to original post

Hey coin base really does eat your money

But Bitcoin losses are not gambling losses and would not offset gambling winnings. They would be short term investment losses with a max write off of $3000 per year.