Are You Tax Efficient With Your Gambling Habbits? - page 13.

traderethereum

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I don't pay taxes on my gambling winnings, especially since I gamble at crypto casinos where I don't deposit money from my bank account.
It seems that, even though people gamble using fiat, they also don't pay taxes, regardless of whether they win or lose, but maybe the government will ask them to pay taxes.
But even if there is a tax that will be imposed on me, I don't think the tax will be big because I have never won big from gambling Grin

Usually, if we get income from our work, the government will ask us to pay income tax, where the tax money will be used for the benefit of the citizens and the country.

Stedsm

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The best way is to stay away from doing anything to the sleeping giant (lion) or else you may get f**ked up by the government. TBH I don't report anything because the taxes are way too high here in my country, but yeah I do pay taxes (but I don't show that I gamble and make/lose some money). However, I'm hardly gambling these days due to limited funds on hands so I keep myself under control and only gamble once a month or sometimes in 2 months.

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Quote from: mirakal on September 17, 2023, 05:37:47 PM

I don’t even have remarkable winnings from gambling so I can tell that I’m not paying taxes with my gambling habits. And if ever I won huge amount, most likely from lottery, the organization itself already deduct an amount intended to pay for the tax. So I don’t pay it personally since the prize amount has already been reduced probably by 20% out of my whole winning amount.

Yes, if it's legal, I think you will definitely deduct tax on your winnings, but if it's illegal, maybe you don't have to pay tax because it's clearly illegal, so it will be a problem if you pay tax and say you're a gambler, actually this depends on the country, whether it's a lottery or other gambling is legal or illegal, if it is legal I believe that your lottery winnings will definitely be taxed by the organizer or organization you are referring to.

I probably won't pay taxes on my gambling winnings because in my country gambling and lotteries are illegal so it would be nice to keep all my gambling profits for investment or use my gambling winnings for fun, so no need to pay taxes for countries that consider gambling and the lottery is illegal, besides I'm just like you never get a big win so why think about paying taxes Grin

lienfaye

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Quote from: Nrcewker on September 17, 2023, 09:18:11 PM

Are we talking about crypto gambling which we do online or physical gambling which we do at physical casinos? Because due the to decentralised nature of cryptos, no person or organisation can know that how much money you have made from gambling. Hence you are saved from paying unnecessary taxes. On the other hand, if you are gambling at a physical casino, then they will have certain rules regarding the taxes and fees. Moreover I am highly doubting that any person gambling with cryptocurrencies will be paying taxes to the government every year.

Indeed. Playing online saves a gambler from paying tax (well at least here) because the Government is not aware how much winnings or losses you spent for the particular casino especially if you're using crypto. So there's no way they can charge me, but this is not the case on land based casino.

Let's say you play lottery and able to win a jackpot. Before you'll get your money, necessary charges are already deducted so it's automatically reflected on how much you can only get in your winning amount. In land based casino here, the tax for $200 below is 10% and 20% if more than that amount. But this is only applicable for physical casino and not for online casino winnings/losses.

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Quote from: xSkylarx on September 17, 2023, 05:37:30 AM

In my country the lottery winners that won over $200 they are already automatically deducted with 20% tax on it

Funny, do they also charge tax on lottery ticket purchases?

I'm also curious whether gamblers benefit from the taxes they pay especially on winnings? As far as I know, gamblers don't take much financial benefit from government facilities, for example there is no loss insurance. If everywhere there is a refusal to pay taxes for gambling or even disagreement with the winnings tax policy, I think that is normal.

Oasisman

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Quote from: SirJohnVonSlotty on September 17, 2023, 05:42:32 AM

Quote from: xSkylarx on September 17, 2023, 05:37:30 AM

In my country the lottery winners that won over $200 they are already automatically deducted with 20% tax on it meaning you wont received your full winnings because it was already deducted 20% in that shop and they are the one who will remit it to the tax department.

The lottery part was always interesting, every country has some type of "national" lottery and usually that framework is automatically (and heavily) taxed. If someone wins a million on the lottery, they don't even get a chance to get the whole amount onto their bank account, the tax is automatically deducted before they even get the winnings.

Interesting on the governing bodies' part, but not for the ones who purchased the ticket. 20% is such a huge chunk of from the winning amount you have. $200k is such a great amount of money if you hit a million dollar jackpot. There's no way you'll get rid of the imposed tax in lottery because the facility who handles it will deduct it themselves for you. So, that's kind of one of the major negative side of winning from lottery.
While winning in the casino on the other hand will not require you to pay anything for taxes, since there's nothing on paper officially stating/documented or that proves you've won a certain amount.

Nrcewker

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Are we talking about crypto gambling which we do online or physical gambling which we do at physical casinos? Because due the to decentralised nature of cryptos, no person or organisation can know that how much money you have made from gambling. Hence you are saved from paying unnecessary taxes. On the other hand, if you are gambling at a physical casino, then they will have certain rules regarding the taxes and fees. Moreover I am highly doubting that any person gambling with cryptocurrencies will be paying taxes to the government every year.

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Quote from: mirakal on September 17, 2023, 05:37:47 PM

I don’t even have remarkable winnings from gambling so I can tell that I’m not paying taxes with my gambling habits. And if ever I won huge amount, most likely from lottery, the organization itself already deduct an amount intended to pay for the tax. So I don’t pay it personally since the prize amount has already been reduced probably by 20% out of my whole winning amount.

i believe, this tax compliance depends on the country you are in. some are strict, some are too lenient. so much better to know your government protocols when it comes to online gambling.
but as far as i know, most govt run lottery programs deduct certain percentage of tax depending on the amount of your winnings.

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Quote from: coolcoinz on September 17, 2023, 02:47:16 PM

Of course I am, meaning that I don't pay them Cheesy

I don't play with high stakes and I don't win large amounts of money, but I'm against taxation of activities where I have no government help and protection and I have to take the risk, but if I happen to win anything the government wants a share.

Quote from: 3kpk3 on September 17, 2023, 07:41:19 AM

I truly pity the people who are forced to pay taxes for gambling in some countries.

I pity people who pay crypto taxes at all.

If being tax efficient with our gambling habits is not letting a single dollar of the winnings go to tax then I think I am also tax efficient with my gambling habits. Grin

I don't plan to give tax to my winnings because it will only go to the pocket of the corrupt officials of my country. I would rather enjoy the amount than let these corrupt people enjoy the fruits of my gambling activities.

Quote from: coolcoinz on September 17, 2023, 02:47:16 PM

Quote from: 3kpk3 on September 17, 2023, 07:41:19 AM

I truly pity the people who are forced to pay taxes for gambling in some countries.

I pity people who pay crypto taxes at all.

It is a good thing that my country had yet to implement a taxation on cryptocurrency.

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Quote from: Latviand on September 17, 2023, 03:15:23 AM

Quote from: SirJohnVonSlotty on September 17, 2023, 02:46:46 AM

Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all.

So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?

Tax code in my country which is the Philippines is pretty vague when it comes to gambling winnings, although it says that if my winnings are around 200 USD below are taxed at 10% while anything above would be taxed at 20% pretty big to be honest and this is the first time that I've known of this because I don't think the Revenue Service in my country hasn't been on my ass yet for taxes regarding gambling winnings, I only play poker though so it's possible casinos and lottery wins are a different thing.

Tax codes at the Philippines are not quite good and strict compared to other country especially the US. BIR or IRS on other country aren't gonna be on your ass if you're not super rich and you won't even feel them. But still there's a lot of regulation and policy as to how much are taxable to your winnings as it varies depending on the amount of your winnings.

mirakal

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I don’t even have remarkable winnings from gambling so I can tell that I’m not paying taxes with my gambling habits. And if ever I won huge amount, most likely from lottery, the organization itself already deduct an amount intended to pay for the tax. So I don’t pay it personally since the prize amount has already been reduced probably by 20% out of my whole winning amount.

TimeTeller

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Quote from: goaldigger on September 17, 2023, 05:18:52 PM

Quote from: SirJohnVonSlotty on September 17, 2023, 02:46:46 AM

I'm researching the topic on how many users actually report their winnings or losses to the tax authority, and from the current research there's a major discrepancy in the processes from country to country;

This is also why many regulations are strict with the casinos since most of the players are not reporting their income with casinos. Personally, I’m not reporting this since the amount is not that big and I’m just an occasional gambler and i spend right away most of my winnings. Some Country have a strict monitoring team and if you get caught for sure you’ll be in big trouble.

And if you are using crypto casinos and bookies, I don't think the government would know about that.
This is why most crypto gamblers don't bother to report such winnings, unless, your government is strictly implementing about the submission of your gambling transactions.
Where I live, only government lottery operations that I know are being taxed for certain amount of winnings.
And if you go inside a land-based casino, I don't think the player himself will be taxed. But of course, the business itself is being taxed by the government.

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Quote from: SirJohnVonSlotty on September 17, 2023, 02:46:46 AM

I'm researching the topic on how many users actually report their winnings or losses to the tax authority, and from the current research there's a major discrepancy in the processes from country to country;

This is also why many regulations are strict with the casinos since most of the players are not reporting their income with casinos. Personally, I’m not reporting this since the amount is not that big and I’m just an occasional gambler and i spend right away most of my winnings. Some Country have a strict monitoring team and if you get caught for sure you’ll be in big trouble.

Odusko

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Who reports gambling winning to the authorities any ways, in countries where gambling is not licensed and are run by none state actors, it winning becomes untaxable and that is the current situation with gambling and taxation in my country, Italy may have different regulations altogether since gambling is licensed and regulated in that country, but even for that reason there will still be some form of tax evasion since is the gambler that reports his winning to the tax office instead of having the tax automatically deducted before payout on winning.

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The Philippines doesn't have an entirely laid out framework for taxing gambling activities. All I know is that the government is not actively seeking for gamblers to file their winnings, losses, or whatever expenditures related to gambling for tax purposes. I myself have been gambling using crypto for more than 6 years and haven't been reprimanded by the tax office to file the necessary documents and get cleared from tax. I know they will just categorize gambling winnings to capital gains, and I do hope that they do not because it is extremely high.

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Quote from: SirJohnVonSlotty on September 17, 2023, 02:46:46 AM

]
Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all.

So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created?

Those who will be managing this can only be those gamblers that live in a country that gambling winnings are taxed, for those gambling whose countries doesn't tax gambling winnings they have nothing to manage in this subject.

As a citizen of a country I understand how essential tax is all embracing to the well-being of a country so therefore paying my gambling tax for my winnings shouldn't be something done under consideration but a necessity but unfortunately taxes ain't taxed from gambling winnings from gamblers in my country.

Quote

If not, what is the reasoning behind it?

Because my country doesn't tax gambling winnings. Taxes on gambling is taxed from the gambling company not the gambler.

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I have read on how rough and insane taxes in the United State can be, but... keeping a yearly track of your wager, losses and also earnings from gambling? That is whole new level. I could barely to keep track of my wager for 3 months.

So in order for someone to legally gamble and do not lose track of the numbers they are supposed to write down on their tax declaration,they must use some tool like a spreadsheet or some special software for gamblers who live in the USA...

Even though, one could initially like the idea of a system which do not tax gamblers, like the UK does. Undoubtedly, money for the government to function must come from somewhere.

Good for those who live in tax free jurisdictions.

coolcoinz

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Of course I am, meaning that I don't pay them Cheesy

I don't play with high stakes and I don't win large amounts of money, but I'm against taxation of activities where I have no government help and protection and I have to take the risk, but if I happen to win anything the government wants a share.

Quote from: 3kpk3 on September 17, 2023, 07:41:19 AM

I truly pity the people who are forced to pay taxes for gambling in some countries.

I pity people who pay crypto taxes at all.

BitDane

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Quote from: SirJohnVonSlotty on September 17, 2023, 02:46:46 AM

So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?

Gamblers have the responsibility to pay for tax if they are in a profit and in my case, if the annual tally of my gambling activity exceed the threshold of tax exemption then yes. But so far I haven't got that huge amount yet so I don't need to pay for taxes. Aside from that, from my activity where I seldom gamble, I do not think that I will ever have to pay taxes for my gambling habit.

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Quote from: Yogee on September 17, 2023, 06:32:37 AM

Quote from: edmundduke on September 17, 2023, 06:12:20 AM

Generally speaking i think we do not need to pay taxes on gambling here so not an issue. But its a completely different ballgame when it comes to paying taxes on trading. We need to pay taxes on every winning trade, while losses are not counted. So that messes up people a lot

Trading crypto is synonymous to trading stocks and forex so I think it's only normal when gains or losses treated the same way when it comes to tax. Different states have different taxation rules but have you checked if capital losses from stocks or forex are also not deductible from capital gains?

Unfortunately not when trading as a private person. To make them deductable i would need to register a business or something similiar then i could do it. At some point it would probably make sense to operate as a business tho, not sure where the breakpoint in terms of taxes is tho. Would need to calculate

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