Topic: Do I need to pay Tax on my Crypto Gambling Winnings? A guide - page 2. (Read 996 times)

Quote from: michellee on May 07, 2021, 09:57:27 AM

Yes, that is right. It is the physical casino.

If we won a lot of money, maybe the tax can be 10%-15% from all of the total money we want to withdraw and I think that still a lot of money that we can get. So that will not be a problem for us if we're going to cash out the money.

That's still a lot of money honestly if you're winning big in physical or online casinos. But the tax varies from the jurisdiction of the country you're living in about gambling tax.

As long as we still get the biggest money from the withdrawal, I think that is enough for us because we do not use too big money to gamble and win for some money. But that will be different if we use big money to gamble, and we already have an experience of losing that money, but after a while, we can win so much money. Maybe that still a big winning for us. But we need to check on how big the taxes will apply to our win money.

If you want to avoid taxes you need to prove to authorities your losses surpassed the winnings during the yearly period. They can't tax a gambler if he has been losing more than winning, because actually there isn't any profit to be taxed. This way very few gamblers are taxed from their gambling activity and most people shouldn't worry about it.
Authorities make much more income taxing casinos than the gamblers themselves. What ironically is also valid for countries where gambling is illegal.

I guess that it is not easy to avoid taxes as they will search from your account and that is easy for the authorities to find from where you got that money. If they see you get the money from gambling while in your country, gambling is allowed, they will ask you to pay some money for the taxes. I do not know if losing gamblers are also taxed or not because that will depend on their regulation. The gambling industry paying much money to the government and that can be the income for the country.

uneng

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Yes, that is right. It is the physical casino.

If we won a lot of money, maybe the tax can be 10%-15% from all of the total money we want to withdraw and I think that still a lot of money that we can get. So that will not be a problem for us if we're going to cash out the money.

That's still a lot of money honestly if you're winning big in physical or online casinos. But the tax varies from the jurisdiction of the country you're living in about gambling tax.

As long as we still get the biggest money from the withdrawal, I think that is enough for us because we do not use too big money to gamble and win for some money. But that will be different if we use big money to gamble, and we already have an experience of losing that money, but after a while, we can win so much money. Maybe that still a big winning for us. But we need to check on how big the taxes will apply to our win money.

If you want to avoid taxes you need to prove to authorities your losses surpassed the winnings during the yearly period. They can't tax a gambler if he has been losing more than winning, because actually there isn't any profit to be taxed. This way very few gamblers are taxed from their gambling activity and most people shouldn't worry about it.
Authorities make much more income taxing casinos than the gamblers themselves. What ironically is also valid for countries where gambling is illegal.

michellee

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🐺Spinarium.com🐺 - iGaming casino

Yes, that is right. It is the physical casino.

If we won a lot of money, maybe the tax can be 10%-15% from all of the total money we want to withdraw and I think that still a lot of money that we can get. So that will not be a problem for us if we're going to cash out the money.

That's still a lot of money honestly if you're winning big in physical or online casinos. But the tax varies from the jurisdiction of the country you're living in about gambling tax.

As long as we still get the biggest money from the withdrawal, I think that is enough for us because we do not use too big money to gamble and win for some money. But that will be different if we use big money to gamble, and we already have an experience of losing that money, but after a while, we can win so much money. Maybe that still a big winning for us. But we need to check on how big the taxes will apply to our win money.

But no matter what it is, if that money is sent into our bank account and that is a lot of money, the authorities can ask us and investigate where the money comes from. If that money comes from a gambling place while gambling is prohibited in our country, they can get the money and investigate further.

AFAIK, they're stricter if the money comes from gambling or that was just an overheard statement and banks won't care if it's coming from a direct deposit from a casino.

Stricter or not, that will depend on the government regulations on each country. Maybe in some country that allows gambling, they will use a strict regulation while in the other country which does not have regulations for people who play online gambling do not use tax for them.

blockman

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Yes, that is right. It is the physical casino.

If we won a lot of money, maybe the tax can be 10%-15% from all of the total money we want to withdraw and I think that still a lot of money that we can get. So that will not be a problem for us if we're going to cash out the money.

That's still a lot of money honestly if you're winning big in physical or online casinos. But the tax varies from the jurisdiction of the country you're living in about gambling tax.

Quote from: blockman on May 04, 2021, 04:17:14 PM

But no matter what it is, if that money is sent into our bank account and that is a lot of money, the authorities can ask us and investigate where the money comes from. If that money comes from a gambling place while gambling is prohibited in our country, they can get the money and investigate further.

AFAIK, they're stricter if the money comes from gambling or that was just an overheard statement and banks won't care if it's coming from a direct deposit from a casino.

michellee

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🐺Spinarium.com🐺 - iGaming casino

Quote from: michellee on May 04, 2021, 01:22:45 PM

Still, if they found that someone is playing gambling in an offline casino, they will investigate it.

What do you mean by the offline casino? Gambling in physical one?

Yes, that seems to be it about offline, the physical casino.

Sometimes, winnings here are directly withdrawn by cash. If there's a tax involved, that was already deducted by the casino upon cashing it out. No investigation should be made here by the authorities.

Different story if we are talking about illegal gambling place.

For verification, a gambler can ask that to the concierge or any staff before proceeding if he wants to make sure about paying taxes from his winnings.
That won't hurt a lot if it's already deducted and you've won that much by that time.

Yes, that is right. It is the physical casino.

If we won a lot of money, maybe the tax can be 10%-15% from all of the total money we want to withdraw and I think that still a lot of money that we can get. So that will not be a problem for us if we're going to cash out the money.

But no matter what it is, if that money is sent into our bank account and that is a lot of money, the authorities can ask us and investigate where the money comes from. If that money comes from a gambling place while gambling is prohibited in our country, they can get the money and investigate further.

blockman

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Vave.com - Crypto Casino

Quote from: michellee on May 04, 2021, 01:22:45 PM

Still, if they found that someone is playing gambling in an offline casino, they will investigate it.

What do you mean by the offline casino? Gambling in physical one?

Yes, that seems to be it about offline, the physical casino.