Topic: Are You Tax Efficient With Your Gambling Habbits? - page 10. (Read 2046 times)

My case is like yours because I haven't had an experience when my local casino ask me to pay a tax on the amount I want to withdraw because those money are profits that I made gambling using their casino. If the government wants to tax, they should increase the taxes for casino because they're making big profits because of the amount of individuals that use their casino daily and are losing money to them. The casino are making big profits already therefore they should pay for us.

It's not right for we to pay for the fun that we're having when we're gambling using casino, for those countries that their government is taxing their profits, they should protest because it isn't right, will the government pay them compensation when they lose while gambling.

in my country there is a tax on lotteries of 20% of the winning amount, but it applies only to national lotteries, to various crypto sites and other gambling sites there is no. That is, I don’t have to pay taxes on the winnings if the game was for cryptocurrency, I can then withdraw the winnings to cash without problems.

30% is a lot, in my opinion. Imagine you are winning a lottery worth 1 million dollars and you are being charged 30% as tax for that which will take away a whooping $300k from your total winnings. $300k is a very large amount for anyone living in any corner of the world, you can run a very good business with that money in most parts of the world and live your life off of it. So, I would probably feel extremely bad if I had to pay that much money in taxes after a big win.

I think authorities need to lower that percentage a little bit because even if the money is won in gambling, the person who is winning it must have spent a lot of money before this and it might just be a recovery for them but if they are taking away 30% from it, they will be left in a loss once again.

That sound nice,  but I will like to know,  this taxed holidays on international earnings,  is it only applicable to gambling earnings or other activities such as trading and cryptocurrency holdings.

I am sure most of those earnings will have their separate laws and taxation but the fact still remains that,  not many countries have been able to establish a tax regime on gambling earnings or Bitcoin trading and other decentralized assets.

I think paying such amount in tax for gambling winning is on the high and that will have effect on payment because many will evade the tax but if the government is serious about collecting the tax they will through the casino.
So if your government doesn't approve crypto payment, maybe it could be levied through your fiat account but if you actually want to remit your gambling winning tax, you can go to your tax office to enquire.

I currently live in a country where tax residents are not obliged to pay tax if their source of income is abroad and is not related to work the do or services they provide. This country is Georgia.

For people who play in offshore companies or in Web3 DAOs, this country is a tax paradise.

The major challenge with cryptocurrency tax is that,  most times you are left with the option of paying the tax by yourself,  and that is why there have been a lot of defaulters and non-payment of income tax on cryptocurrency and gambling winnings.

This failure in payment of tax for those incomes is the fault of the government and not the individuals involved since the government while placing such a 30% tax on gambling winning and cryptocurrency income, failed to develop a mechanism that will make it impossible to default in payments.

If you keep gambling with crypto alone then the government will find it difficult to track the transactions.
The problem will arise when you exchange it for fiat. You will have to pay the taxes when you exchange crypto with fiat.

My case is different, I am in a country where they do not require me to pay taxes for playing in a cryptocurrency casino, when I enter a casino that uses local money, that is why I do not think I have to pay a fee, the only thing they ask me for is identification and I enter, in a casino I am not contemplating paying because it would be somewhat silly to ask that they charge me for using cryptocurrencies in a casino, I don't see it well either because freedom would be ending in these things, I believe that the KYC of the casinos is sufficient as For us, paying more just to play in a casino is like paying a tax for having the right to have fun, there is little logic in that.

Big win must be reported by casinos to the appropriate tax authorities, particularly in many regulated areas. The casino usually takes out the applicable tax before paying out your winnings when you hit it big on the slots, or any other game for that matter. Keep in mind that casinos are establishments subject to stringent laws.

True, a lot of people don't report lesser wins. That might, however, theoretically be considered tax evasion, which has repercussions. Now, the way that online casinos function varies depends on their location. But being a law-abiding citizen and a prudent gambler is crucial. Seeking advice from a tax professional is usually a smart idea if you have questions regarding your tax obligations. I mean, it's better to be safe than sorry, right?

It won’t be fun indeed, but if governments would tell us to do so then we’d have to comply with regulations. With web 3.0 they won’t be able to put taxes in every transaction but they could question the amount you would be withdrawing and transferring to your banks which is more likely to happen especially if you’re in a country wherein gambling and crypto industry isn’t widely allowed. They may also used centralized exchanges to help them with taxes and these platforms happened to be preferred by many investors in this industry ‘coz it promotes a better security with other exchanges in particular with funds. But this is how things work for this industry and for years already. Changes might come but for sure it won’t happen in an instant. So for now, compliance is the only option to most of us.

Gambling is banned in my country, so there isn't any official news about taxing gamblers. Those who gamble, do it secretly and they don't need to pay anything in taxes. So you can say that it is not required here. As it is banned here, there aren't any gambling platforms available here. But people can gamble online through crypto gambling. They don't need to pay anything because the government can identify them. Although they will be punished and not taxed. That's a different story. 

Crypto gambling has opened up many opportunities for people like us who live in a country where gambling is banned.

Well as far as I'm concerned, at least in the country I live in they don't ask for these types of queries for taxes, I know they're doing a survey, but with those who are Bitcoin miners, they have to subscribe to a government body, so basically when A person does this, it can be reported in a database that they control, so when they register the government can do whatever they want with them, like taking away their machines and anyone who resists basically goes to jail, that's why it's It's not a very good thing to do these fiscal things in the country I live in, meanwhile they're busy with the miners, but they haven't gotten involved with those who are in casinos and do activities there or with those who bring them, because it's very difficult to do so, Unless the brokers provide them with that information.

So in the meantime the geese cannot be seen, like this, the other is that one of the casinos that are normally in the forum provides information to the government, and I don't see it as viable, because no online crypto casino has that option until now So when we make a very arbitrary scheme of everything that casinos can be, what they can become, it is for me one of the things that can always happen, so when we think about doing certain things such as paying a tax for pay in a crypto caisno, I would not do it, because cryto, bitcoin was made to not pay taxes, to be free, and to not be at the mercy of a government or a banking entity so that they take money from them for doing or having fun in a casino, this is something that I don't see well, therefore we, as good people, should not accept something like this, and more so because something that is free we should not let it become a dictatorship, because our finances are what They are going to be affected, while the economy of a government will never be affected, this is the only thing we can do to avoid anything like Paying taxes for crypto.

I get it. So you are talking about the ceiling amount in gambling. This means your country taxes you on the amount of money you have gambled if it reaches the ceiling, instead of taxing capital gains or winnings? If that's the case, I think it's anti-gambler. I mean, who would gamble if they have to pay taxes regardless of the outcome of their gambling activity? It's not fun, to be honest.

Paying upto 30% on tax is much for the way i see this on the crypto gambling section, though some gambling platforms can afford such but this may not be affordable by many individual gamblers, having the mentality that some money are taxable while some are not, people will appreciate every efforts in seing that they are able to byepass any form of tax if possible on gambling because there's no particular way they remit the money back to the government, there are other non taxable jobs and source of income we can afford to cope and remain mute about them because there's no direct tax payment on them.

means playing with very small amounts which i mostly lose in the end.

What do you mean by 'taxable money'? You mentioned that cryptocurrency and gambling are taxable, so I'm curious about your statement.

In my country, the government also imposes a 30% direct tax on cryptocurrencies and gambling.
I don't know how to pay taxes when I win the game by playing with cryptocurrency. And I don't play with taxable money so i not concerned about it for now.

In my country gambling companies collect tax on behalf of the government. Taxes are withdrawn from wins but this is only applicable to fiat gambling. In crypto gambling, you are not taxed because there is no policy of crypto tax currently. But I think that gamblers should not be taxed for wins. Gambling is very risky and wins sometimes hardly come. Before you win,  you have lost for a long time. The best approach should be that gamblers will subtract all their losses from the win and the balance should be taxed.  This should be applied in fiat gambling, but crypto wins shouldn't be taxed.

So the casinos are paying the tax? How about winning big? like in slots? Is the casino still shouldering it? But I still noticed that no one declared their winnings in the casino so that they wouldn't pay tax, only those lottery winners as I saw in the news that they were receiving this amount as the other percentage was for tax that they needed to pay. Even at an online casino if you win that amount you can get that amount and spend it without declaring it to the tax department.

We are not evading tax but who else wants to pay tax on our winnings? Unless it is really known that you have won big then that is the time when you have no choice but to pay the tax. But if you win in an online casino then I would just withdraw it and spend it on things I want. Just keep quiet about my winnings in the tax department.