Topic: Are You Tax Efficient With Your Gambling Habbits? - page 11. (Read 2046 times)

If someone is rich because of gambling, of course he will pay taxes, but for example, if he is rich because he won the lottery, maybe the lottery organizer has deducted the tax from the winnings so he doesn't need to pay other taxes for himself, especially for poor people who suddenly get rich in an instant because the lottery may not have to pay any more taxes on itself.

But if you want to pay taxes for yourself and want to fulfill the state's requirements, I don't think there will be a problem as long as you have a lot of money and you can pay it to the state which will be used for all of society, including you in the end, after all, taxes in gambling are quite efficient. and it's not something annoying either.

My first question is, does my country even have such a tax law? And what's the point of taxing gamblers when they are already benefiting from the tax that the gambling industry pays to them to maintain their licence? What's the need to do this again?
 
In my country, I don't think such a law exists, and even if it does, it's not taken very seriously because a lot of gamblers are losing more than they are even making at the end of every game, so it will entirely be a waste of time for them to start thinking about how to pay tax for games that they did not win or how to reduce the loss from the gambling tax they are to pay in the coming weeks. It won't really be nice to gamblers, though.
 
Back to how I will deal with such a tax system, if I am a gambler who happens to play bet more often and I notice such a law, I will find it difficult to pay, as that will definitely be a double loss for me because I don't think there is any perfect system that could keep my past record for games that I have played over the years, so my one-time big win, if calculated properly, will not even be enough to cover up all the losses I have encountered during my playing period, so where will I get the money to pay for the tax? And beside, in whatever purchase and game we play, I believe there is a small percentage of tax deductions from the wager amount.

Actually, there's a significant difference because not all countries regulate crypto. When it comes to paying taxes on crypto winnings, the challenge lies in explaining those gains. In many cases, authorities might struggle to account for them due to the lack of comprehensive regulations. Essentially, cryptocurrency becomes taxable only when you decide to convert it into traditional currency. However, there are methods such as using a mixer to obscure your transactions, making it difficult for authorities to enforce taxes on unregulated crypto holdings.

In general, it shouldn't matter if you're gambling in crypto or fiat, if your winnings are above a certain threshold, and if you're in a country which taxes gambling winnings, then you would need to pay taxes on it.

It's your responsibility to know how much taxes you owe. And if the tax man needs to "ask you", they will not ask kindly

I seen many people who won a big lottery and they need to pay tax for it which is almost 30% of their total winnings and left with other 70% winnings. they can do anything they want after paying 30% tax.
gamblers like us who play with small money and not are professional don't need to worry about taxes until we found a good strategy to win regularly, or win a big lottery or 10000X.
taxes are payed by the casinos, the tax percentage are different at different countries, for my country it is 30% for casinos and players.

When you say that poor gambler cannot pay the tax, then we should know that not every one has to pay the taxes. Only those who have certain amount on income falls in the tax net. If a gambler is poor, the he would not have that much money on which he need to pay tax and therefore he would be exempted from the tax.

However, if that poor gambler win big amount and he suddenly become rich and have taxable income, then he would be need to give the tax and I think in that case, he should give the tax if it is the requirement from the law of his country.

Not sure how to do it , because like if I play in online casino using crypto and i can easily withdraw the funds without any issue , so not sure where or why need to pay taxes? and I believe i am not going against the law .
but if being asked? of course i will surely bring to tax all my winnings.

To me, social rights are essential. You mentioned welfare and, according to a study I recently heard of, I strongly believe that in those countries where money is well redistributed the capacity for growth is greater. A country where the poor is poorer can't organically grow. I understand why poor people feel that they are being robbed when they have to pay their taxes and still don't see any benefits.

But we unfortunately live in an era where greediness in the norm. It is clear in the private sector, to the point of putting basic sustainability itself at risk, but the public sector is not any better in many cases, and changing that should be the first step to improve people's quality if life.

But not in other countries where corruption can still move freely and get "deposits" from cases to use for their interests.
It is not surprising that this happens in developed countries where there is a high awareness of paying taxes because the government can use its taxes correctly and well to improve the welfare of its people.
And it can save the country from a crisis that may have hit neighboring countries so that it can still survive the crisis and even rise again.
If developing countries can really use their tax money properly and correctly, their country can progress.
With that tax money, they can develop the potential in their country, including improving the welfare of their people to improve the economy.

Me too, im not really into that level yet on which im already minding about taxation in regarding my gambling spending or winning and since gambling online and offline is allowed in my country then i do already expect that taxes would really be that much implied or would really be that typical to those who had been dealing with it but since crypto gambling platforms had existed then it cant really be possible for something that needs to be traced up and this is the beauty on making use of these platforms. Taxes are the least things that we do really mind about specially if regulations and other related aspects arent really that strict when it comes to this then
it would really be on least of your concern.

Same as me also, i have never hard of any big winning that will make me think of taxation, because all the winning that I have experienced combined, is not still up to the money I have lost in gambling so that tax doesn't even occur to me at any point because I see it as a total waste of funds since gambling is not regulated in my country and the government doesn't pay attention to gambling incomes and same with other activities too that are unregulated in my country.
But in countries where gambling is regulated by the government and licensed all winning from gambling will be subject to taxation at the point of settlement of the winning

I would love to live in a country where taxes are effectively utilized. Personally, I don't mind paying taxes or any new taxes they might implement because I'm confident that I, along with future generations, will benefit from them. However, in some other countries, the situation is different. The government is often controlled by oligarchs—wealthy businessmen who run major businesses in the country. Consequently, their personal interests tend to take precedence in all matters.

I wonder where you all live, because it is important in order to know whether you are right or just paranoid. There are countries where public money is really well controlled and, unlike decades ago, corrupts (the exception) end in jail.

For example, cases like Norway are paradigmatic: Norwegians don't only happily pay more than half of their salary in taxes (and happily because they do know that the money will be well used), but in cases like the 2008 crash, instead of rescuing the banks with public money, corrupt bankers went to jail, too.

I think that Europe is moving in this line, too (although the landscape varies a lot from country to country). But, for the rest of the world, you may be right, unfortunately.

Of course not
Those are just words that I often hear from the government and we as a society can only nod our heads because we already understand that those are just sweet words from them.
This has happened everywhere. They even commit corruption just to buy luxury goods and then show them on their social media page.
We as a society cannot do anything and just follow the rules of paying taxes while not knowing the actual allocation of tax money.
And thankfully, there are no taxes related to gambling so people who gamble don't pay taxes.

Honestly, I would have to say that I am not tax efficient, at all. At least, not when it comes to gambling.

As far as I understand it, gambling losses cannot be deducted fully in my country (or perhaps only certain kinds of losses but not other types can be deducted... I am not sure about the way it works). I only gamble for fun with small amounts of money in the first place. I do not wish to hire a tax consultant merely to save up on a few dollars. I am not interested in deducting my meager gambling losses from my taxes. It is not really worth the time to me.

Now if I ever win a gigantic sum of money, I will think about whether or not I want to hire a tax consultant to tell me on how to keep most of my money.

That's true unfortunately.
Tax laws are made by abusers that later take our money and spend them on legislation so that they can take pass new laws and take even more of it. The government has a monopoly on lawful theft.

Yes I'm pretty efficient with my taxes. Sometimes I even manage to avoid paying them altogether.
I live in a place where I don't have to pay tax on my bitcoin, so my profits from crypto casinos are exempt as long as I gamble using the one and only king of digital assets.

Hey dude all gamblers are not equal even though they all loss and win. There are some gamblers that gamble without fear because of losing and also thinking of what to eat when they get home while the others tremble when gambling and thinking of what to eat and these are the two classes of gamblers. Which are the poor and the rich. The rich gamblers pay tax easily than the poor gamblers.

Exactly, tax efficiency can work well in the country where tax is compulsory for all to pay and not in a country that tax is heavily on the manufacturing Companies and other mega multinational companies. Mostly in my country we don't experience direct tax but indirect tax.

Gamblers that can easily pay tax are those that are living in a country where tax payment are very crucial to the government and they don't leave a gap for anyone to sneak from tac payment. In some of the countries that don't have a strict rules on tax payment, they can easily sneak tax and go about there regular gambling because it is very difficult for the government to know who is paying there tax or not especially when they gambler and make winnings. The casinos are the ones the government do hold responsible for the payment of tax and not individually because it would be very difficult to achieve.

I don't know what you mean by poor and rich gamblers. A gambler at the end of day is a gambler whether he win big or lose everything. Don't forget that majority of gamblers lose money at the end of the day and it's the house that's most of the time winner.
As far as tax is concerned it's applicable whenever you have money above a thread hold level set by the local government. So even if you are poor and win big then you are bound to pay tax.

It will be very hard for gamblers to pay tax so it is better for the casino company to pay the tax that collect the tax from the gamblers indirectly. Why I said indirect because poor gamblers do not like to pay tax because they are there to look for their daily meat and if a casino try to tax them directly they won't agree for that. Though the rich gamblers can pay their tax directly because they have enough to gamble and pay the tax but that is contrary to the poor gamblers which is more in the gambling field. Therefore tax efficiency can not found in the lower class gamblers but can be in the middle and upper class gamblers.