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legendary
Activity: 1302
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August 17, 2015, 04:49:12 AM
#13
If someone in your circle reports you that you gamble online with bitcoins you may be in legal trouble because they can slap you with a lot of fines and possibly go to jail. I would suggest not mentioning any gambling sites whatsoever.

Are you sure about that? Well, consider that I have not bought or sold bitcoins yet. Nor have I bought anything with it. This is just pastime. Smiley

I am not an expert in the slightest. Plus that pastime you have is regulated in your country. Bitcoins are not regulated in Europe still as far as I know. I think only Russia did something. Have you tried opening some online sportsbooks like Bet365 or Bwin? Heck even Betfair needed a license.

You are enjoying yourself with unregulated money for regulated fun lol.

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

I never said Bitcoin is regulated in my country. It isn't. Huh

And I am not talking about operating any gambling site either.
Operating a sportsbook without license is certainly illegal.

Edit: what does regulated fun mean? This is a more precise replies I'd expect.

Things are not clear yet. We have to wait....

legendary
Activity: 2604
Merit: 1036
August 17, 2015, 04:13:09 AM
#12
If someone in your circle reports you that you gamble online with bitcoins you may be in legal trouble because they can slap you with a lot of fines and possibly go to jail. I would suggest not mentioning any gambling sites whatsoever.

Are you sure about that? Well, consider that I have not bought or sold bitcoins yet. Nor have I bought anything with it. This is just pastime. Smiley

I am not an expert in the slightest. Plus that pastime you have is regulated in your country. Bitcoins are not regulated in Europe still as far as I know. I think only Russia did something. Have you tried opening some online sportsbooks like Bet365 or Bwin? Heck even Betfair needed a license.

You are enjoying yourself with unregulated money for regulated fun lol.

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country
legendary
Activity: 1302
Merit: 1005
New Decentralized Nuclear Hobbit
August 17, 2015, 03:59:35 AM
#11
If someone in your circle reports you that you gamble online with bitcoins you may be in legal trouble because they can slap you with a lot of fines and possibly go to jail. I would suggest not mentioning any gambling sites whatsoever.

Are you sure about that? Well, consider that I have not bought or sold bitcoins yet. Nor have I bought anything with it. This is just pastime. Smiley
newbie
Activity: 1
Merit: 0
August 17, 2015, 03:39:00 AM
#10
Things are not clear yet. We have to wait....
legendary
Activity: 2604
Merit: 1036
August 17, 2015, 03:35:11 AM
#9
In regards to paying taxes, the most likely answer would be to declare any income you earn from your gambling as well as any earnings from owning the gambling site and from payments from your running the signature campaigns.

I have not yet bought or sold bitcoins.

Can I declare it together when I cash it out? It is more convenient (than keeping track of all this) though I will end up paying more tax this way.
I have no idea. Again, this would depend on the (tax) laws of the jurisdiction of where you live (and where you for a variety of reasons would owe taxes).

You should consult with a tax professional in regards to when you owe taxes on what income.

It is my understanding that, in the US, when someone receives bitcoin in exchange for their services (e.g. they earn a salary in bitcoin), they would owe taxes the same way as if they were paid in fiat, then the difference in value from when they received the bitcoin verses when they sold the bitcoin would count as a capital gain(loss). However please do not take my word for this (plus I understand you to not be in the US, so this really does not apply to you).

I am curious to know if you pay any income tax on your online-gathered gains through this forum and other possible online ventures as you seem to be a very active trader of the internet commerce. Do you report your bitcoins?

If you decide to declare it then don't say anything about Casinos, since you said they're illegal where you live but you will have to clarify where and how you acquired those Bitcoins.

You can say you worked for them then you'd have to tell the whole history, where you worked, whom you worked for etc. or you can say you bought those then again you'd have to tell whom you bought it from, where the money came from which you bought those etc. A Tax lawyer might give you best advice on how to go about declaring them without getting into trouble.



I meant there is no casinos in (most of) my jurisdiction, and as far as I know, online gambling is neither legal nor illegal esp. when it comes to bitcoin.

Why can't they just ban the sites if it is so, through ISPs or something? I have never came across a single site that is banned in my country.

And personally, I don't see anything wrong with playing, since I am risking my own money which I am fine with. I am sure I am not addicted to it, and only do it for the fun. Well, we should have the freedom with our own money as long as it doesn't hurt anyone or anything. Smiley
That said I don't endorse or suggest anyone and I always advice players who are risking too much to stop playing and quit it.

In most of Europe ONLINE gambling is ILLEGAL only on the UNLICENSED sportsbooks and casinos that don't hold a LICENSE yet. You will get ISP BANNED accessing these sites only if you are in a REGULATED country from where you are currently connecting. The message usually reads something about the supreme court of the country outlawing this and that and you could go to prison for couple of years and paying a huge fine.

Now bitcoin casinos are still a gray area with unlicensed casinos whose license from costa rica or wherever doesn't mean shit in your country if the goverment finds it illegal because these casinos must pay a tax for them to make it legal.

If someone in your circle reports you that you gamble online with bitcoins you may be in legal trouble because they can slap you with a lot of fines and possibly go to jail. I would suggest not mentioning any gambling sites whatsoever.

I hope that helps.
legendary
Activity: 2156
Merit: 1082
August 17, 2015, 02:58:12 AM
#8
In italy, the situation is more confused, you can bet only to italian licensed site (but nobody write for bitcoin betting).
I remember bikinidice, have sell his site, for not have problem whit italian rules
hero member
Activity: 812
Merit: 1000
August 17, 2015, 12:56:50 AM
#7
If you decide to declare it then don't say anything about Casinos, since you said they're illegal where you live but you will have to clarify where and how you acquired those Bitcoins.

You can say you worked for them then you'd have to tell the whole history, where you worked, whom you worked for etc. or you can say you bought those then again you'd have to tell whom you bought it from, where the money came from which you bought those etc. A Tax lawyer might give you best advice on how to go about declaring them without getting into trouble.

copper member
Activity: 2996
Merit: 2374
August 17, 2015, 12:27:10 AM
#6
In regards to paying taxes, the most likely answer would be to declare any income you earn from your gambling as well as any earnings from owning the gambling site and from payments from your running the signature campaigns.

I have not yet bought or sold bitcoins.

Can I declare it together when I cash it out? It is more convenient (than keeping track of all this) though I will end up paying more tax this way.
I have no idea. Again, this would depend on the (tax) laws of the jurisdiction of where you live (and where you for a variety of reasons would owe taxes).

You should consult with a tax professional in regards to when you owe taxes on what income.

It is my understanding that, in the US, when someone receives bitcoin in exchange for their services (e.g. they earn a salary in bitcoin), they would owe taxes the same way as if they were paid in fiat, then the difference in value from when they received the bitcoin verses when they sold the bitcoin would count as a capital gain(loss). However please do not take my word for this (plus I understand you to not be in the US, so this really does not apply to you).
legendary
Activity: 1302
Merit: 1005
New Decentralized Nuclear Hobbit
August 17, 2015, 12:22:35 AM
#5
In regards to paying taxes, the most likely answer would be to declare any income you earn from your gambling as well as any earnings from owning the gambling site and from payments from your running the signature campaigns.

I have not yet bought or sold bitcoins.

Can I declare it together when I cash it out? It is more convenient (than keeping track of all this - income, gains, losses, long term capital gains, etc.) though I will end up paying more tax this way.
legendary
Activity: 1302
Merit: 1005
New Decentralized Nuclear Hobbit
August 17, 2015, 12:07:53 AM
#4
vanish.
copper member
Activity: 2996
Merit: 2374
August 16, 2015, 11:54:50 PM
#3
The answers to your questions depend largely on what jurisdiction you reside in and what jurisdiction you were physically in when you placed your bets (and engaged in other gambling related activities).

Having a stake in a gambling site may cause you issues depending on both where MoneyPot is located and where the site that you own is located, as well if either of these take steps to comply with local laws of the locations of your players.

Your involvement with DaDice could make you an agent of DaDice and when they finally implode, there is a possibility that you will be looked at as being involved in their ultimate scam.

In regards to paying taxes, the most likely answer would be to declare any income you earn from your gambling as well as any earnings from owning the gambling site and from payments from your running the signature campaigns.

My advice to you would be to consult with an attorney who is familiar with your local laws, and at a bare minimum, s/he will want to know the answers to the above questions. I am sure you will get a lot of advice in this thread, however in my experience, most of it is made up and in most cases the people giving the advice will not know what they are talking about.
legendary
Activity: 3766
Merit: 4554
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August 16, 2015, 11:53:26 PM
#2
im not sure of the answers you seek but rather than believe a few guys on the internet you might try calling a few local lawtyers in your area and get a free consultation. i think advice from an actually trianed legal rep might be better obtained vs guys from here. the thing you gotta think about from users on here is theres users from all over the world on here and the advice they may give you could not pertain to the region you are in.

at the very least i would include the region youre asking for laws about in the OP
legendary
Activity: 1302
Merit: 1005
New Decentralized Nuclear Hobbit
August 16, 2015, 11:42:41 PM
#1
vanish.
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