Topic: Are You Tax Efficient With Your Gambling Habbits? - page 8. (Read 1873 times)

Completely agree with you bud, and the part of your comment which I really like is the part you asked that 'who is crazy  enough to report their self and pay tax on their gambling gains; I personally believe that the answer to that question is "No one", for any body who does that should really have his or her brains checked.

We lose money in gambling, and the government pays us nothing back as a compensation, how then does it make any sense to win money and then want to pay tax to the government? How about the monies that we have previously lost...?

When you say that it's our money and the profit should be ours only, where do you think the money comes from that people use to start businesses or make investments? It's also their own money, but they are bound to pay taxes on their income even if they have used their own money. The government doesn't give people money that they can use to do business and then pay taxes with that money, so it's not really about who the money belongs to.

However, a lot of people don't really declare their gambling winnings so that they can pay their taxes on them unless the authorities find out about their winnings and send them a notice about declaring their winnings and paying the taxes that they owe the state, and this happens only when gambling is legal in your country.

When you say that it's our money and the profit should be ours only, where do you think the money comes from that people use to start businesses or make investments? It's also their own money, but they are bound to pay taxes on their income even if they have used their own money. The government doesn't give people money that they can use to do business and then pay taxes with that money, so it's not really about who the money belongs to.

However, a lot of people don't really declare their gambling winnings so that they can pay their taxes on them unless the authorities find out about their winnings and send them a notice about declaring their winnings and paying the taxes that they owe the state, and this happens only when gambling is legal in your country.

This should be the scenario: they say we can never win in gambling, so we are on the spending side, and we shouldn't have to pay taxes. Casinos are the ones making a lot of money, so to simplify things, they should be the ones obligated to pay taxes. Actually, taxes should not be complicated, as complexity can lead to issues where people fail to pay taxes due to a lack of understanding. We are aware of the high penalties for non-payment, and we might even face jail time for tax evasion, which we certainly don't intend.

I wouldn't pay taxes on any gambling profits either... who's crazy enough to report himself and pay tax on gain from gambling? After all, it's our money, our risk, so if by any chance we make some profit it should be ours only!

Well, I only visit crypto casinos... so I don't visit local casinos or their online versions. So I am not sure how that works and if there are any taxes on that... And I don't have a wish to find out more about it.

if we win a lottery or a large sum of money in a crypto casino that doesn’t know who we are because of the privacy of cryptocurrency, we can hide this amount without converting it into fiat and spending it on shopping by paying in cryptocurrency.

but if you won in a fiat casino that mostly requires KYC and need to withdraw your funds in a bank account where banks or financial institutions can track your winnings, then you can’t hide your winnings and you must pay the tax on your winnings..

Of course, the payments of taxes depend on where an individual lives, and in countries where it's been demanded, they are reasonable enough to ensure that the payers are not cheated in any way, but this can't still be entirely fair. Although my country does not demand taxes from individuals, it's the operators themselves that are taxed, yet I still prefer no tax for everyone because it's not an easy thing to gain from gambling which is never uncertain. This is another proof that world leaders see things differently and it's causing some citizens to suffer from their policies if it's bad. I wonder how some countries would be able to track it fairly whether someone earns regularly with gambling or uses loan money for the tax to know if they are fairly taxed or not.

Thanks to the various ways we can gamble these days, and gambling with an offshore casino by using a payment system that is not linked to any government-controlled institutions like crypto is the best way out in this regard.

Completely agree with you bud, and the part of your comment which I really like is the part you asked that 'who is crazy  enough to report their self and pay tax on their gambling gains; I personally believe that the answer to that question is "No one", for any body who does that should really have his or her brains checked.

We lose money in gambling, and the government pays us nothing back as a compensation, how then does it make any sense to win money and then want to pay tax to the government? How about the monies that we have previously lost...?

I wouldn't pay taxes on any gambling profits either... who's crazy enough to report himself and pay tax on gain from gambling? After all, it's our money, our risk, so if by any chance we make some profit it should be ours only!

Well, I only visit crypto casinos... so I don't visit local casinos or their online versions. So I am not sure how that works and if there are any taxes on that... And I don't have a wish to find out more about it.

In my country, there's a 10% income tax over gambling winnings. The casinos/sports bet platforms are paying between 15 and 20% revenue tax from all their revenue. So far, I haven't paid any tax over my gambling winnings, because I never had any total winnings. All my small winnings get spend for betting and I lose them eventually. Gambling losses cannot be deducted from the taxes where I live.
Most of the online casinos I use aren't located under the jurisdiction of my country, so I'm not sure whether do I have to pay taxes or not.
Are there any gambling taxes in Quracao or Costa Rica?

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?

The loss was our loss, and we did not pay the taxes. And even if we win, we might just pay winnings tax to the casino. But using a credit card to gamble is not recommended because it is as if we are using borrowed money and have to pay it back on time. Otherwise, we will experience problems, and we may have to give something to the credit card company to pay off the money.

But to pay taxes on our gambling, it seems it depends on where we live because some countries will not ask for tax money on gambling, but countries will ask us to pay for other things. And it will depend on the policies of each country.

In my country your loses it is your problem, and your profit - is "our profit". So you can lose everything, but when you win - you have to pay taxes. If you stopped the game and move you money back to credit card - you have to pay taxes from the difference between you deposit to casino and withdraw from it.

I believe countries where gambling is legal and online gambling platforms including cryptocurrency casinos are regulated, players will also have to pay taxes on their gambling winnings, but I'm not really sure if the authorities will actually find out if one has won or lost, however, if a casino is regulated, the casino might let the authorities know about the players that have got significant wins in a particular period so that they can ask for them taxes.

If a country has no regulations for cryptocurrencies or cryptocurrency gambling platforms, they will most probably not be able to find out if a player has won something significant within a month or not if the players themselves aren't filing their winnings and willing to pay taxes which barely happens.

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?

You say it with great propriety and you are right, things are like that, there is no way it can be anything else, the casinos are the ones who have to comply with the tax obligations, but the players do not, a player can comply with the tax obligation from a casino that is with money made from a bnaoc, or from a transfer, but the same bank charges it at once, and not for a cryptocurrency casino, but a currency casino like dollars, euros, there they may want it charge the person, because they may consider it as something of a luxury, but I do not agree, a cryptocurrency casino player should not pay any tax to anyone.

The truth is that I would like to Live in a Country where taxes are destined to end, to fix the things of the day, because yes, everyone in the world pays taxes and it is about doing the best so that they can do the best From this, it does not matter to me if the government is bad, or that the government is full of thugs, it matters that as long as the laws are well enforced and they can generate work and things as they are, then in this order of ideas, if the things are well Controlled , you will pay Any type of tax and up to date, but even if I am with the best country in the world, I will never accept paying for crypto esuar or casinois that are crypto, because for me it makes no sense that my fun is controlled by governments , then these types of things are already Innate , they are things like I don't let nobody get involved in my Finances , because that's why I'm in crypto, it only happens when you are in the purely FIAT System , where obviously you have the complete record of things and can Generate whatever it takes to maintain the country.

In fact, I have always agreed that many things Must be Done so that taxes are paid, I disagree with the accountants who evade taxes with theoretical tricks to do so, in this sense things can be better so that a country can move forward, but as I say , Only in the FIAT World where all things have a real meaning, ideal so that they can be done well, while the other things are not about how to do to have a better understanding of taxes, it should never be Asking someone who deals with crypto, deals with Crypto casinos and with Crypto trading, I won't agree with paying tax for it, so that's up to me, maybe I'm very pro-technologist, or very Pro-Crypto, I'm not I accept the intersection of a third party to benefit from crypto and unless it is from my crypto, which incorporates my fun, my Money, my Effort.

Gambling is not a business and not a source of income so people gambling shouldn't be made to pay tax. But casinos must have to pay, they are business ventures that generate some percentage of money from the staking of their customers.

Why can't you pay tax when you're gambling, the intention for paying tax is when you engaged doing anything that source income for you, so if you earn in making something, then you're indirectly entitled to pay tax by the virtue of law because you earn, you can agree with me that some are earning a living through gambling, aren't they making money? the request here is not on those that pay for tax while staking, but if you win, can you still pay or not, am not suggesting one should pay honestly because having such discussion on wether to pay or not is the cause for this discussion.

What in the world are you going on about? Casinos are businesses that offer gambling as a form of entertainment to gamblers around the world and they earn through the house edge etc while the gamblers earn through luck etc.

The casinos earn way more than gamblers in the long-term which is why they deserve to be taxed while gamblers shouldn't.