More Detail on First Post Regarding GameFi

[Joseph_Butler_1]

Hello everyone, 

Thank TT for hosting this Q&A. I'll try to be brief.

I purchased approx 50k in USDC and deposited it in a game platform through Coinbase.  That platform is called gamefivip.one.

I entered a Member Event (ME) for which I was assured there was no deadline to reach the 100k goal, and I have proof.

A few days into the event, gamefivip.one announced that there was now a deadline of Oct 27  to complete the balance of deposits, or my existing 50k would be frozen. There would be no way for me to access my funds until I completed the ME. In order words, I would have to deposit 60k by Oct 27.

IMHO, they are holding my deposits 'hostage.'

Any thoughts, please? 

[marctu]

@Joseph_Butler_1 thank you for your question.  There are times where the questions that are asked unfortunately are beyond the scope of tax advice.  This is one of those cases.  I would strongly suggest that you review all the documentation you have carefully and then consider contacting the Attorney General’s Office for the state you live in or the Bar Association for your state if you need legal advice. 

I do hope this works out the way you expected it to. 

Be well and safe.

All the best,

Marc T.

TurboTax Live Select Time Tax Expert

26 Plus Years of Experience Helping Clients

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[Joseph_Butler_1]

Thank you Mark Tu,

I was afraid a TurboTax crypto Q&A would not offer me much help for anything but tax related questions. 

I figured it was worth a try since I've gotten no help from any other entities I have contacted.

Memphis Police told me they couldn't file a report since no crime had been committed! 

I submitted all I had to the FBI's IC3 site, but I'm sure their plates are full of more important complaints than mine.

I appreciate your suggestions about the Tennessee Attorney General’s Office and the Tennessee Bar Association.

I doubt I'll be using TurboTax to file this year unless their cryptocurrency info and advice about problems such as mine are very robust about more than just the taxing of crypto.

Thank you for not making me wait all day for an answer that is of little help.

Regards,

Joey