Topic: Are You Tax Efficient With Your Gambling Habbits? - page 9. (Read 2046 times)

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.

Yes, you can, in some countries, deduct your gambling losses from your total tax income, and pay less taxes for that fiscal year.


3kpk3 did you read what he wrote? He said that gambling, personal gambling, can't be treated as a business, and it shouldn't, it's just entertainment and the house always wins. And he continued to say that casinos, business entities, are businesses and to not confuse the two.

Please be on-topic.

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.

How much a gambler earns and how much he loses from gambling is known only to that gambler. Now if the gambler wins a large amount of money, he may be inclined to pay the tax, if he wins a small amount the gambler will be more inclined to ignore it. Now since the gambler gambles online only the gambler can know the amount of money he has won and no one can force him to pay tax. And gambling sites pay huge amount of tax, because they earn huge amount of money.

So if a common gambler feels that his main source of income is gambling and he should pay his income tax then he can. But I think it would not be a good decision for me to think about paying tax without winning big.

If anyone earns a lot of money then the person might be charged for income tax. I do not think that is fit for the majority of users. I think only few users may fall in that category. And I think gambling fund which we loss is of for fun as you have mentioned which cant be considered as tax and for that I think gambling site provide income tax as they earn a lot of money from their gambling site.

I couldnt agree more. The oldest scam in the book is when casinos highlight the word "entertainment" up. Its a cunning way for them to hide the trap that they've put up. However, it is not amusement; rather, it is a calculated risk, and who is conducting the calculations? No, not you.

Do you wish to discuss business? Fine. An enterprise is something you manage. You decide, you change, and you advance. But when it comes to gambling, control is a myth. Its a device made to ensure that you lose more often than you win. So lets not fool ourselves any longer. It is imperative to educate people about the shocking realities behind this phony "entertainment". For individuals who believe they are simply enjoying a little harmless fun, the sooner we expose the tricks of the casino industry, the better.

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.

Would you report on something that you have lost after a while in a casino??  Just kidding.

I believe a lot of people have nothing to do with tax and reporting it since it's somehow entertainment. It's more of a hobby for them. The taxes that they are contributing to are the ones they buy that are not tax-free or something. The added tax towards the things they buy immediately is probably the tax part.

Is there a proper way to handle those things?

Same here, I haven't experience being tax because of my casino profit, maybe because I don't declare it or their literally no tax for physical casino profits in our country, idk to be honest.

If the government impose tax on individual gambling profits, the citizens doesn't really have a choice especially if it's the law. There's nothing that a gambler can do unless the gambler play on an underground or illegal casino, for sure those type of casino is not taxable. It's fortunate enough that the country we are living in is allowing gambling and the casino owners are the one who are paying the high taxes to the government.

This is a big burden to many gamblers as well as crypto users. We've chosen crypto because we can scape from taxing but once they tax it, it will surely affect us negatively especially those who are trying to say from their crypto earnings. Unfortunately, our government is now regulating our local crypto wallets and they're now taxing each transaction which is frustrating. Same with banks here which makes it hard for for us to withdraw our funds to cash but it's a good thing that p2p is still existing. I hope that each government won't take advantage of us crypto users but I think that's quite impossible.

Same reason to why many of us gamblers are not efficient in tax payment,  how can we pay tax on a winning that is not even up to our loses not to talk of profits from the winning,  the house edge have made it hard for gamblers to get any much winning at once and if they're managed to win it will be in a small amount that is not even up to the total loses in a stretch,  so for that,  we may have a tough time in paying tax.

Just like I suggested before,  the best way for the government to collect income tax on gambling is through the casino,  that is to say, the casino will make the return to the government and not the winner who may never do that.

This type of tax enforcement would discourage gamblers and could potentially harm the gambling industry. Who would be happy to find out that, after saving for the bankroll of their gambling session, they have to pay taxes first before they can gamble? And if they win, they also need to declare the winnings for additional taxes. If this really exists in certain countries, I think sooner or later the gambling industry could go bankrupt.

We don't have to pay anything with cryptocurrency, I don't think worth with tax transaction have to pay in gambling platform because gambling not always profitable and losing position keep have to pay with tax. Maybe could acceptable when earning profit trough gambling is fine for tax cut off but if position loss we faced double loss for tax and gambling platform. I don't think who ideas about tax gambling but in my country casino and gambling platform have been legalize required for paying tax and depend with the country rule how many percent of tax paying depend on minimum or maximum amount depositing in gambling or casino account.

Lol 😁...

I know that there are very few gamblers who are extremely blessed with always being lucky that, when it comes to gambling, they can turn any amount of money you give to them into a huge amount of money, but let's be honest with ourselves, even casinos do not see gambling as a business, casino see gambling as a form of entertainment, which is why they always advice gamblers to gamble responsibility.

Gambling is not a business and shouldnt be seen as such bud, though running a casino is sure a business, don't confuse the two, anybody can start  a business with $100 and make profit off it in one month or two, as long as they know what they are doing, but not very many people will start gambling with same $100 and return with the money in one month or two, even when they were so sure about the games they were betting on, and this is because, most games in gambling is purely luck based, that is based on luck.

I am not okay with paying taxes to play in a casino, but those who are defenders of this motion, would I like to know why they defend it? Why do you think that each thing has to be given a certain amount? I don't understand why things have to be like this, we shouldn't pay for having fun, so these types of things are the ones that I don't understand why they should be Paid for, I see that here in the forum many people agree to pay for this, but why? It is okay to pay normal taxes, but will there come a time when for everything you do you have to pay a tax? In Cryptocurrencies nothing should be paid to Anyone.

Gambling is actually a form of business itself since they share many things in common which is why I disagree with you here. However, only the gambling houses should be taxed while gamblers shouldn't pay any taxes.

Same here. The government is already eating a lot of our money through various taxes which is why I wouldn't pay any extra taxes either.

That is why the government must be able to manage tax money from gambling and other sources of income to channel it back to people with low incomes and add public facilities to return to its citizens.
If greed up there could be controlled by continuing to channel the rights of its citizens to the right places, a country's economy could improve, although not too significantly.
At least, little result can be given to the country's citizens so that the people can survive.
And if more tax money can be managed properly and correctly, of course, that will encourage change in a better direction for the country, and the people's economy will improve.
Hopefully, in the future, when the leader has been replaced with a better one, this can be realized for the welfare of the country's citizens so that the country can also develop better.

No, that's not the way it works. The taxable amount is payable on the gambling winnings. Basically, gambling winnings are treated as income here and will be taxed if you exceed a certain threshold. If your annual income is over 2.5 lakh Indian Rupees, then you will need to file an ITR. If your income includes your gambling winnings, then you will also need to pay tax on that as it is considered as income. For example, if your annual income is Rs 50,000 and you win Rs 50,000 in gambling that year, then your total annual income will be Rs 1 lakh which is not taxable as it does not exceed the Rs 2.5 lakh threshold.

Well , I don't know about any of you, or what you guys really think, but taxing both the casino and gamblers is a clear cheating on the part of the government, like I mentioned or said in my last comment on this thread, gambling is not a business, even the government do not recommend that anyone should depend on gambling as a means of income.

If gambling is not a business, why exactly should I pay tax for money earned through something that is not a business.
? Knowing fully well that for every $100 I win from gambling, I must have lost over $200 before winning that amount, I personally will never pay tax on gambling winnings even if the government implements and makes it compulsory.

I agree with you we shouldn't pay tax when gambling using casino or better still the government should have a moderate form were as after paying the tax for winning and when we losses there should be some sort of compensation to make it on a equilibrium patterns at least with these it will be a bit fair instead of paying tax on our winnings while the government doesn't care about our loss, but on a serious note the tax payment should have only impose on the casino company and not for the gamblers were as the tax paid by the casino should have covered  for the gamblers as such giving the gamblers tax free Because there are countries that tax only there casino company instead of both casino and the gamblers.