Topic: Are You Tax Efficient With Your Gambling Habbits? - page 7. (Read 2046 times)

America cannot ban gambling, as they generate significant tax revenue from a billion-dollar industry. Major sports like MLB, NFL, NBA, and others are responsible for a large portion of these bets, and it benefits the government to allow more gambling sites to operate legally. As long as proper tax enforcement is implemented, there's little chance they will consider banning the entire gambling industry.

It is quite confusing that there is not specific definition of a professional gambler and also that America is one of the countries with strict gambling taxation law. But America is making money from gambling taxes, they shouldn't ban gambling. It just makes no sense.

In my country, gambling winnings are not taxed. It is considered more of a recreational activity than a source of income. This though is likely to change as more gambling organizations are created. The government may wake up one day and demand a piece of the gambling pie.

I never thought there were more effective ways to not pay taxes on your gambling winnings.

But these methods are also good to try if they can still be done now. People who frequent offline casinos use that method by dividing it into several withdrawals. Well, it really helps them not to pay taxes because I think it would probably be too large if they had to pay taxes.

Things are more beautiful when in a country where you live the government gives something to be well, maybe your country is like that and if those laws are Fulfilled , but the one I am in is not, the one I am in is not as you think , Things don't work like that here, when you Live in a corrupt system you don't want to pay any kind of tax, because I live in a rich country, which has gold, oil, rubies, everything, and what they do is exploit it and make the country poor. , then everyone has to migrate to other countries to see if they can have a better pace of life and lifestyle, so since it is crypto, be it casinos, whatever has to do with Bitcoin, the government should not stick its nose in, That is something that has to be clear, at least I am clear About it, and that is why there are so many problems now, in the casino the biggest problem there is is the KYC, the VPN, why? because things are going in the direction that they like to prohibit, and that is not the way out, the more people are banned, the irreverence will always be sought, because a government cannot tell you what to do, how to do it, here the government can put its hands in you. pocket and pay their expenses with your pocket they do it, so in this order of ideas I at least, because in the style of life system in the government that is in my country I do not admit that , of course it is my way of To think , some may not Agree because the government systems are much better, they are not as corrupt and they can and do Allocate tax money for what they are actually intended for.

Things are not like that here, the government is very corrupt, it's like giving money to thieves, so there are things that many people don't know about, because they don't live within the country's system because they think that way, there are countries that do make it difficult to pay taxes. , because they know that it means improvements for their country, but when it is not like that, that an entity from the government, who did not study anything, who is simply a person who is there by inertia , but who has the power , well, that one does It Carries a tax, that's why I don't agree.

And one more moment i forgot. In offline casino in my country there is a limit for one moment withdrawal. If you withdraw more than $150 - the casino pay taxes for you. They decrease your withdrawal to pay taxes. So if i need to withdraw large sum i split it to several withdraws. In such way everything ok and no one pay taxes.

Yes when you read the thread, you'll see a lot of individual saying they're paying taxes and some countries are actually collecting tax from gamblers because they recognized gambling as a form of earning as those participating in them gets profits form their gambling activities. As I said earlier, I don't consider gambling a form of earning because profits aren't assured as you can make profits today but tomorrow you lose and the next day isn't assured as well.

Some countries are well developed and illegal taxes isn't happening because all taxes are paid directly to the government and not to random individual claiming to be the government in most under developed countries in Asia and Africa, some developed countries taxes everything.

But does this really make sense? What happened to the tax the gambling sites owners are paying? This is very unfair to gamblers and it's an injustice that need to be address before they'll ask you to hand over the whole of your winning some day. Before a gambler get a win, it's possible that he's lost x10 of what he won and no one compensate him for loosing his money and it's not proper to ask for some percentage as tax when he's trying to recover some of his loss.

The casinos are fully registered with government and should be taxed for being given chance to operate and not the innocent gamblers. You can not tax the taxi driver and also the passenger at the same time. If tax is to be paid from winning, then there should be compensation for losing as well.

Governments are inherently pragmatic, if a person is making a few dollars while gambling they are not going to take the time to go against that person since it simply makes no sense for them as they will lose money if they do so, however if you are earning a good amount of money out of gambling you can be sure that eventually the government will come knocking on your door regardless of whether you use fiat or crypto to gamble, as if you are a consistent winner then at some point you will have to go through KYC and the government of the country where you live will find out about your earnings.

Hard truth yes as long as we win big the government always has the advantage and you know what the government says? They will just give it back to us by building roads, giving aid, and helping the economy grow which is something true but still we are skeptical because there are times that they just put it in their pockets.

Not sure where country you are residing but here in our country if we win over $200 your winnings are subject to tax. But again this is where the catch is youll need to go to the tax department to declare it so others won't go and declare it. But there are times that someone who got jealous of your winnings will report you on tax evasion because you didn't declare it which is where you've got a big case.

It could be a debit card. But I also don't know that because I have never gambled other than using crypto. And despite using crypto, I also don't pay taxes on my gambling. Even though I lose or win, no one knows except myself, and I also don't need to report the wins or losses I get from gambling. Perhaps I still pay taxes for other things, but specifically for gambling, I don't pay taxes, perhaps in countries where gambling is permitted, and gamblers use the money in their bank accounts to report to the bank about their winnings and losses. But for crypto gambling, I don't think it's easy to track it, but I don't know.

The government usually does not care, if you are making money or the casino is making money. They are only concerned with the taxes.
This means that if you are making a significant amount in gambling, you will have to pay the taxes. The casino is making money and they will separately pay the taxes.

However, the gamblers who are doing online gambling using crypto, sometimes do not declare anything to the government and the government also cannot figure out if they are making money through gambling, so they save their tax but still, it is risky as if they got caught could face legal consequences.

It's better if we do not have to pay taxes at all; it would be fair for gamblers that way since casinos are the ones making money. The government can seem too greedy when they tax everything. You see, if a casino wins, they will need to file income tax, and if we win, we are going to file income tax, so the government makes money both ways.

That sounds better than if we will pay some taxes in each bets that we placed no matter if they are a win or a loss. But if we win, we are going to pay a little bigger for the tax again. When it comes to payment methods to play gambling, indeed that using a credit card as a way to place bets are not good idea because apart from your stated reason, it can also tempt us to borrow more money and become move divested once we also lose them.

Maybe it's true that tax obligations in gambling can depend on the country that we are living because I'm not asked yet about it. But it can also depend on the game because lottery winners here are being charged by a tax and the amount is huge.

Yes, actually it also depends on each other's personal self if you feel that it is a very important thing to report the Gambling Winning Tax there is no problem and if you don't want to report there is also no problem, after all, not everyone can win big money every month in gambling, Except for someone who gets a big win in gambling, it may need to report income to the tax office because it is an obligation as a tax -obedient society.

But personally I have never reported income to the tax office about my income in gambling because I have never won a big money in gambling so that in my opinion it does not need to report it, even though I have an obligation as a tax -obedient citizen. Unless my other income tax may need to report to the office, everything returns to each

Are people really paying tax on the money they won from casinos? If this is possible then it's illegal, maybe some group of people are illegally taking tax from gamblers on their wins without been authorized by the government.

In my country many illegal taxes are being paid by the people, and that's because many people don't know their rights, they aren't educated and some who are even educated are dumb like zombies.

Several cases later got busted after many people have paid some official workers illegally, see everyone is fighting for their own good, either illegal or legal they don't care, if you are tax for winning money on casinos you should seek help from a lawyer, or get a police man and ask him, they will bring light to this for you, it might be illegal and some group of people might be behind it, even government workers are doing illegal activities using the government names.

Be a wise being.

It possible may be debit card, but i don`t cares about it because i set myself limits in gambling and even if i lose - i easily return money to the credit card.
I haven`t pay taxes for winning yet. It is strange situation as for me. I get profit, but if i don`t tell about it to tax service - it means, that i mustn`t pay anything. The same situation with cryptocurrencies. And i`m in gambling for at least 6 years and still didn`t pay any taxes for it.

It seems to me that in every country, if you earn small amounts from gambling, you don’t have to file a declaration of your income with the tax office. I won many times in poker tournaments and sometimes in casino slots, and at the same time when I withdrew money to a credit card, I never filed a declaration. I believe that if your income from gambling is less than $1,000 per month, then no matter what country you are in, you do not need to declare yourself to the tax authorities. I think you can constantly withdraw money and not be noticed.

This is the simple explanation why gamblers should not be taxed. It is fair to tax the game house or the case but not those that patronize them because if they are taxed, it amounts to double taxation and that is cheating. For example a gambler bets a game and loses then his bet ticket is traced where his KYC is identified and he is taxed on the loses again, that is injustice. Except for countries that gambling is taxable, they could do that on certain amount of winning but then I believe many gamblers will try to evade it because while they were losing, they weren't getting any refund from the tax office.

Life is gambling... whatever we do we face risks, and sometimes we win and sometimes we lose. But here we are talking about paying taxes on "fun & entertainment", do you really think that we should pay tax after every gambling session? So if I plan to gamble I need to be a "pro" accountant, to open spreadsheets and take care of all my deposits/withdrawals, wins/losses? Well, I would rather stop gambling or I would go 101% illegal just to avoid that.

And it's a bit stupid to compare starting some business with playing slots... do you really think that risk is the same? And possible long-run gains?

I don't buy the idea of paying tax when I win a bet. To pay tax when we win a bet is just another way of just dashing the government our funds, if we should pay the government tax from our winning that means we are supposed to pay taxes when we also lose bets too.
As we all know, we don't always win bets, and the only time we win from gambling by then, either the gambling company or the government diminish some amount of money from our winnings. That means customers will be leaving the gambling company to bet in other casinos.