How to deal with legal/tax issues from RWT selling?

I made like 75b this quarantine (chucking at arena) and I am going to cash out today. I am expecting a ban but don't care, I just play rs to stake.

Anyways, I'm looking at a large amount of cash coming into my bank account from BTC conversion. Anyone know if I need to report this income to the IRS? My understanding is that, in my country, RWT isn't prosecutable by Jagex, so the money is 'clean'.

 

yes you need to pay tax on it in there eyes you earnt it legit

 

Yes, it is income it does need to be reported.

 

It definitely needs to be reported. Don't get into trouble with the IRS over what's probably no more than $10-20k in taxes.

 

75B, damn that's some nice "rainy day" winnings right there.... LOL. Congrats man.

 

Damn those are some nice winnings to cash out on RS... grats man

 

So essentially sell for BTC, then sell to a supplier like me who would be transferring the money to you in fiat. Claim it as paid services you're doing for the person buying all the bitcoin from you. I have a legally registered corp I can help you with if you need someone to buy all the bitcoin in a clean way.

Good luck!

 

This is the best way to do it. You could reliably transfer BTC to Coinbase and then cash under your own name as a Sole Proprietor and claim "services rendered" et al.