Anyone here had already paid taxes on winnings?

Oluwa-btc

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Quote from: Botnake on January 03, 2025, 07:02:49 PM

Just curious since there are countries where gambling winnings are taxable... Those who have experience paying taxes on gambling winnings, how much do you typically pay? Also, is there a way to avoid these taxes without getting into trouble? If you don’t mind, please share your insights and mention the country you’re in if possible.

Well to some countries it's highly recommended that gamblers wins are taxable but most especially when one get a huge wins that's when they are open to such payable taxes but having to shy away from this wouldn't be that easy cause you'll be traced to some extent. Tho some casino take heed of this and some gamblers ain't charged for taxes reduction when they eventually win.

stompix

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Quote from: Botnake on January 03, 2025, 07:02:49 PM

Also, is there a way to avoid these taxes without getting into trouble?

Depends on what you're up to!
Avid some taxes by financial optimization, which means depending on what casino you play and the laws in your state withdraw just the right amount compared to your deposits so you can claim you had no profit from that activity or simply avoid paying a dime despite cashing out.
There is no way to avoid the law completely without risking getting into trouble, it's a bit like speeding, you might get away year after year breaking the law or you can get caught 10km from your home on your first try.

Also, the thing is pretty complicated depending on a ton of factors, for example here:
- are unemployed, then your winning won't be counted as taxable over x
- you are employed and you already are in the superior tax bracket every single penny will be taxed
- physical shops tax your winning on cash-out automatically, so there is no way to avoid this, lotteries do the same

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Quote from: Botnake on January 03, 2025, 07:02:49 PM

Just curious since there are countries where gambling winnings are taxable... Those who have experience paying taxes on gambling winnings, how much do you typically pay? Also, is there a way to avoid these taxes without getting into trouble? If you don’t mind, please share your insights and mention the country you’re in if possible.

In my jurisdiction, the gambling platforms that have their offices around and seem to have registered with the gambling and lotteries authority deducted the taxes from the winnings. This particular gambling sites deal with fiat currency.
30% is taxable from the winning.

For this other type of gambling platforms that mostly deal with crypto, We don't get taxed as of now since the regulatory body probably doesn't even know that they exist or serve people from my jurisdiction.

ovcijisir

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I had previously had some winnings in local lottery, I don't remember how big was the tax because winning was not big, but if you receive big win I believe there is no legal way to avoid the tax.

Botnake

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Quote from: Dr.Bitcoin_Strange on January 05, 2025, 07:38:36 AM

Tax paying is not exceptional in any country, in my country, if you are working, before you receive salary, the tax amount is subtracted. So, I expect that if there is tax on gambling winning here, the amount will also be subtracted during withdrawal but there's non approach here yet. If I win my bet and request for withdrawal, I get credited the amount I withdraw. Only casino and bookies operators are paying tax for their business.

That’s a different case when it comes to gambling. Taxes on salaries are pretty standard worldwide, with employers required to withhold and file them on behalf of employees. But for gambling, the winnings are usually considered part of income tax.

I’ve yet to see a country where casinos are required to withhold a specific tax before paying out winners. It ultimately depends on how strict the consequences are for not paying taxes. That’s what usually dictates how winners react, whether they’ll comply and report their winnings or risk ignoring it altogether.

Smartprofit

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There are no legal online casinos in my country. Only offline casinos are allowed and only in 4 regions. One of them is in Altai, another in Sochi (in the mountains, in the village of Krasnaya Polyana), the third in Kaliningrad, the fourth - I don't remember where ...

I had to play in offline casinos and of course I paid taxes on my winnings. In the casino, right at the registration desk, you need to go through mandatory certification and show your passport. After that, you can start gambling (for example, roulette).

In my country, income tax is called Personal Income Tax.

Paying tax in such a situation is easy, since the casino acts as a tax agent (that is, it withholds tax at the source and transfers it to the budget).

Dr.Bitcoin_Strange

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Tax paying is not exceptional in any country, in my country, if you are working, before you receive salary, the tax amount is subtracted. So, I expect that if there is tax on gambling winning here, the amount will also be subtracted during withdrawal but there's non approach here yet. If I win my bet and request for withdrawal, I get credited the amount I withdraw. Only casino and bookies operators are paying tax for their business.

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Quote from: Russlenat on January 05, 2025, 06:53:56 AM

Quote from: Julien_Olynpic on January 05, 2025, 01:11:53 AM

In many developing countries with relatively liberal laws, few people pay taxes, especially if the winnings are small and especially if the winnings were in cryptocurrency. You can get a big win in Bitcoin and just put it in your cold wallet. I know that the laws of many countries require taxation even on capital gains. And casino winnings are mandatory taxation.

That’s one of the big advantages for us gamblers using crypto -- it’s not fully regulated in some countries yet. This means they have no idea we’re using crypto for gambling, especially if we’re doing it on overseas platforms that aren’t under our government’s jurisdiction. In cases like this, they’re completely in the dark about our activities.

Exactly since most of government entities doesn't regulate it yet that's why we are not force to pay taxes comes from our gains or losses from gambling. But we need to prepare for some changes since crypto transactions has been slowly recognize by government and maybe there might be some time that they required all of their people to pay taxes not only for gambling but also with other things they do using their cryptocurrencies.

But for now we can enjoy without getting bothered by government and this is what I really like, compare if we play on government regulated casino since we are force to follow those regulation done to some platform that we are using.

Nrcewker

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Do you mean general fiat gambling or crypto gambling? In my country, both have different sets of rules and taxes imposed on them. In my country, both fiat gambling and crypto gambling are illegal, hence I can tell you about crypto gambling taxes. If you withdraw any cryptos into your bank account, they impose tax on it. They don’t see generally from where you get the coins from. They directly impose a 30% tax on the total amount you withdraw. Whether you lose money or make money in crypto, they don’t care about it. They just straightaway put the taxes from the amount. I live in an Asian nation.

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Quote from: Julien_Olynpic on January 05, 2025, 01:11:53 AM

In many developing countries with relatively liberal laws, few people pay taxes, especially if the winnings are small and especially if the winnings were in cryptocurrency. You can get a big win in Bitcoin and just put it in your cold wallet. I know that the laws of many countries require taxation even on capital gains. And casino winnings are mandatory taxation.

That’s one of the big advantages for us gamblers using crypto -- it’s not fully regulated in some countries yet. This means they have no idea we’re using crypto for gambling, especially if we’re doing it on overseas platforms that aren’t under our government’s jurisdiction. In cases like this, they’re completely in the dark about our activities.

Quote from: Julien_Olynpic on January 05, 2025, 01:11:53 AM

Luckily, I live in a country where tax evasion is not a serious crime, like in the US, for example. And most players' winnings are not so big that they constantly think about paying taxes.

or maybe they aren't enforcing it strictly, but I'm sure tax evasion is a serious crime, if you get caught.

ethereumhunter

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Quote from: Miles2006 on January 04, 2025, 05:49:33 PM

Definitely if the law is officially it’s a must you pay else you might face the consequences depending on the law, taxes extending to casino site has always been for long so it’s nothing new definitely I’m sure they meet the required amount. I read a topic concerning the government starting a tax scheme for gambling win alone although my country has not implement any rule as such still if this law is implemented I have no choice but to obey.

Yes, it is right because we can not avoid that and must obey the rules in our country. The government will know if we are not pay the tax because they can easily gets more information about us especially from our bank account. So that will depend on how the law situation in our country and follow all requirements from the government. Maybe we can visit the tax office to ask about tax in gambling for more to their officials so we know how much money that we should pay as the tax.

Julien_Olynpic

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In many developing countries with relatively liberal laws, few people pay taxes, especially if the winnings are small and especially if the winnings were in cryptocurrency. You can get a big win in Bitcoin and just put it in your cold wallet. I know that the laws of many countries require taxation even on capital gains. And casino winnings are mandatory taxation. Luckily, I live in a country where tax evasion is not a serious crime, like in the US, for example. And most players' winnings are not so big that they constantly think about paying taxes.

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Quote from: Botnake on January 03, 2025, 07:02:49 PM

Just curious since there are countries where gambling winnings are taxable... Those who have experience paying taxes on gambling winnings, how much do you typically pay? Also, is there a way to avoid these taxes without getting into trouble? If you don’t mind, please share your insights and mention the country you’re in if possible.

If you are gambling in a KYC casino and have given them your documents, detailing who you are and where you live then you can be sure that if your tax authorities find out they can and will get a copy of all your winnings, deposits, withdrawals and so on. Especially if they suspect you are not paying the taxes that you are liable for.

Of course there is a chance they will never find out but why set yourself up for failure like that?

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Quote from: Botnake on January 03, 2025, 07:02:49 PM

Just curious since there are countries where gambling winnings are taxable... Those who have experience paying taxes on gambling winnings, how much do you typically pay? Also, is there a way to avoid these taxes without getting into trouble? If you don’t mind, please share your insights and mention the country you’re in if possible.

In my country, betting companies pay taxes and players pay taxes on each ticket, which is 17%. For example, if a person from my country goes to a betting company and wants to bet on the Barcelona game and places $10, the company will tell him that 17% tax will be deducted from the $10. However, if he wins, nothing will be deducted. The same thing happens with lottery tickets in my country. Lottery companies set ticket prices that already include the 17% tax. For example, they set the price at $2, the person pays $2 and takes the ticket, and the ticket will say that the ticket price was $1 + gambling tax + other taxes.

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Quote from: Botnake on January 03, 2025, 07:02:49 PM

Just curious since there are countries where gambling winnings are taxable... Those who have experience paying taxes on gambling winnings, how much do you typically pay? Also, is there a way to avoid these taxes without getting into trouble? If you don’t mind, please share your insights and mention the country you’re in if possible.

If a gambling casino is regulated whether online or offline, I think it is normal for the government of a country to collect taxes from every gambler who wins a big win or even if it is just a small amount. But the sad thing is that you can find out that the casino you entered is not regulated or illegal and you are still charged taxes.

So it is important that before you enter a casino that we first know if it is legal or not, but this is a normal habit for regular gamblers who often play gambling.

Text

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I’ve never dealt with paying taxes on gambling winnings and even among my family members who love betting on the lottery or buying scratch cards I can’t recall them ever paying taxes just because they won at gambling. Maybe it’s because their winnings weren’t that big or they didn’t hit the jackpot prize. It really depends on the amount won like in the lottery if you win the jackpot you definitely need to declare it.

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Quote from: Botnake on January 03, 2025, 07:02:49 PM

Also, is there a way to avoid these taxes without getting into trouble?

If your country or the country you reside in collects tax on gamble winnings, please do well to pay yours before you run foul of the law and get severely dealt with. In my country, it's more of indirect tax system than the direct tax thing where a certain percent is deducted. As such, gamble winnings aren't taxed but you get deducted whenever cash deposits and transfers are made to your account. It's general for every accounts, whether you're gambling or a regular person.

Quote

If you don’t mind, please share your insights and mention the country you’re in if possible.

Even if they don't mention their countries and you feel it's necessary, all you've to do is check the LB where they post (if they've any). A lot of users aren't likely to mention country of origin or residence.

Darker45

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Quote from: cryptoaddictchie on January 03, 2025, 11:22:45 PM

Quote from: Darker45 on January 03, 2025, 08:57:49 PM

Having said that, I have not paid any taxes on my gambling winnings, whether online or offline. Even brick-and-mortar casinos here don't deduct withholding taxes from winnings. I also often go to regulated cockfighting arenas where people place millions in bets. Some go home a lot richer, but nobody from the tax department made sure they've paid the appropriate taxes.

Thats how shitty are our Government. Also they only tax those got a name or famous one. Maybe thats why the users doesnt do the payment due to their unfair circumstances.

I think if winning big on casino, they deducted the appropriate taxes on winning like in lotto winnings. But not in the case of online gambling which they dont take a look or maybe due to no law for this or hard implementation on crypto sites.

That our tax bureau fails to collect taxes whether in gambling or others is probably about incompetence and corruption. In fairness, as far as gambling is concerned, both small-time and big-time gamblers are probably not paying taxes. For small-time gamblers, because the bureau is incompetent. For big-time gamblers, because the bureau is corrupt.

Lottery winnings are heavily taxed because the government itself is running it. The prize money comes from them. Winners have no choice because taxes are automatically deducted.

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Quote from: Botnake on January 03, 2025, 07:02:49 PM

Just curious since there are countries where gambling winnings are taxable... Those who have experience paying taxes on gambling winnings, how much do you typically pay? Also, is there a way to avoid these taxes without getting into trouble? If you don’t mind, please share your insights and mention the country you’re in if possible.

Well so far I have experienced paying a certain amount funds as task, I saw the deduction from my account afi did placed a withdrawal then I saw the diffrand later discovered it was a tax remitted to the government from my account but wasn't described as gambling tax, but it's a fixed amount and not measured in percentage. That has very taxing experience and I don't know about how others have had their's.

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Quote from: Botnake on January 03, 2025, 07:02:49 PM

Just curious since there are countries where gambling winnings are taxable... Those who have experience paying taxes on gambling winnings, how much do you typically pay? Also, is there a way to avoid these taxes without getting into trouble? If you don’t mind, please share your insights and mention the country you’re in if possible.

I'm from Nigeria; here we only hear and read about gambling tax in some news headlines, but deep down I have not really come across it in any of the casinos that I make use of. It's something that I don't pay attention to, and it really didn't matter for the main time.

But if gambling winnings are to be taxed, it won't be a fixed amount, but it will be based on how much the person wins. The amount left after deducting the wager amount, the tax can be calculated from there.

If your country makes tax a mandatory something, don't even try to learn how to invade it; it's either you compile and avoid future punishment or avoid using such service that will require you to tax.

Topic: Anyone here had already paid taxes on winnings? (Read 540 times)