Do I need to pay Tax on my Crypto Gambling Winnings? A guide - page 3.

Lorence.xD

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Quote from: Shasha80 on April 19, 2021, 06:03:37 PM

Quote from: Lorence.xD on April 19, 2021, 04:16:43 AM

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Thank you my friend for reminding me, because like you said it was quite risky that I did. I also hope that there will be no problems in the future,
therefore I am not too big to deposit on gambling platforms. Then I will also make an immediate withdrawal if I win playing gambling. Just in case
I get into trouble later on, will not suffer too big a loss.

I would bet that you won't get in trouble for gambling and not paying taxes, I mean if I didn't get in trouble then you probably won't. Or you could not gamble anymore, you don't have to worry about if there is tax or nah and you will be more happier.

Shasha80

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Quote from: dunfida on April 19, 2021, 06:58:32 PM

Quote from: Shasha80 on April 19, 2021, 06:03:37 PM

Quote from: Lorence.xD on April 19, 2021, 04:16:43 AM

Quote from: Shasha80 on April 19, 2021, 02:01:06 AM

~

Most of the time, gambling winnings arent taxed and you can anytime pull off those funds and can be converted to fiat money if you wanted too but it will vary if you do
win big time then that would really be surely raises up some flag if the bank will notice it out.It might not indirectly talking about tax but for sure
there would be questions asked about on whats the source of those funds.

What you are saying makes perfect sense, if I am lucky to win a big. When going to cashout to a bank account, there will definitely be a question of
sources of income. I didn't think that far before, because until now I have never won in large numbers when playing gambling Cheesy

. If caught
the source of income from gambling, my funds can be frozen or rejected Cry

. Maybe I will cashout gradually, so as not to be suspected. Or do you have
any other good ideas?

dunfida

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Quote from: Shasha80 on April 19, 2021, 06:03:37 PM

Quote from: Lorence.xD on April 19, 2021, 04:16:43 AM

Quote from: Shasha80 on April 19, 2021, 02:01:06 AM

Because in my country gambling is prohibited, so I play using a VPN and I don't have to pay taxes for the winnings I get. So the conclusion depends
on the existing regulations in our respective countries, and usually rarely impose taxes for the winnings that we get. Because the government also
knows that there are more gamblers who lose than win. So taxes are applied to casinos usually.

Hopefully you won't get any problem in the long term because sometimes hiding can bite you back. In my country, I don't know much about taxes on winnings since beck then I won my bets and games with no deductions except for tips so I don't have any experience with taxes. Check your tax laws to see if gambling is a taxed one.

Thank you my friend for reminding me, because like you said it was quite risky that I did. I also hope that there will be no problems in the future,
therefore I am not too big to deposit on gambling platforms. Then I will also make an immediate withdrawal if I win playing gambling. Just in case
I get into trouble later on, will not suffer too big a loss.

Most of the time, gambling winnings arent taxed and you can anytime pull off those funds and can be converted to fiat money if you wanted too but it will vary if you do
win big time then that would really be surely raises up some flag if the bank will notice it out.It might not indirectly talking about tax but for sure
there would be questions asked about on whats the source of those funds.

Shasha80

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Quote from: Lorence.xD on April 19, 2021, 04:16:43 AM

Quote from: Shasha80 on April 19, 2021, 02:01:06 AM

Because in my country gambling is prohibited, so I play using a VPN and I don't have to pay taxes for the winnings I get. So the conclusion depends
on the existing regulations in our respective countries, and usually rarely impose taxes for the winnings that we get. Because the government also
knows that there are more gamblers who lose than win. So taxes are applied to casinos usually.

Hopefully you won't get any problem in the long term because sometimes hiding can bite you back. In my country, I don't know much about taxes on winnings since beck then I won my bets and games with no deductions except for tips so I don't have any experience with taxes. Check your tax laws to see if gambling is a taxed one.

Thank you my friend for reminding me, because like you said it was quite risky that I did. I also hope that there will be no problems in the future,
therefore I am not too big to deposit on gambling platforms. Then I will also make an immediate withdrawal if I win playing gambling. Just in case
I get into trouble later on, will not suffer too big a loss.

Lorence.xD

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Quote from: Shasha80 on April 19, 2021, 02:01:06 AM

Because in my country gambling is prohibited, so I play using a VPN and I don't have to pay taxes for the winnings I get. So the conclusion depends
on the existing regulations in our respective countries, and usually rarely impose taxes for the winnings that we get. Because the government also
knows that there are more gamblers who lose than win. So taxes are applied to casinos usually.

Hopefully you won't get any problem in the long term because sometimes hiding can bite you back. In my country, I don't know much about taxes on winnings since back then I won my bets and games with no deductions except for tips so I don't have any experience with taxes. Check your tax laws to see if gambling is a taxed one.

paxmao

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In Spain there seems to be quite a bit of an exception for gaming income, particularly from "La Loteria". It is frequently used as a method to avoid taxes: Someone will buy a winning ticket of, let´s say, 1 million and will pay for it 1.3 million. Obviously that means that the money originally was undeclared and now is fully legal and not subject to taxes. There are cases in which some people have claimed to have won the lottery 6 times in a year Grin

Shasha80

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Because in my country gambling is prohibited, so I play using a VPN and I don't have to pay taxes for the winnings I get. So the conclusion depends
on the existing regulations in our respective countries, and usually rarely impose taxes for the winnings that we get. Because the government also
knows that there are more gamblers who lose than win. So taxes are applied to casinos usually.

fullhdpixel

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Quote from: AOBTCT6 on March 09, 2021, 03:37:41 AM

A common question that I see asked is "do I need to pay tax on my crypto gambling winnings?".

I never raised that question. Because, I am familiar with all taxation rules of my country. Basically I never need to pay any tax until I do not cash out of casino. Unfortunately I never got chances to stay in profits to get into a situation of cashing out Shocked

and moreover even I will be cashing out and if that funds hit my bank account then I need to pay tax if my total income on that particular financial year qualify to limit of taxation slabs. Even I am playing with a regulated casino, I will never opt to cash out to my bank accounts as I always need some balance in my gambling account so that I may gamble instantly.

germsite

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Quote from: hazenyc on April 15, 2021, 11:08:21 AM

Quote from: goinmerry on April 14, 2021, 06:34:42 PM

Quote from: tabas on April 14, 2021, 05:56:48 PM

There are countries that addresses that every gain is taxable by law.

What countries? I don't think there's a country that imposed "every gain" is taxable. What more for low earners? Correct me on this if wrong.

Crypto winnings are unregulated. There shouldn't be any tax. The tax part will be on our cashout where our winnings will be sent first to a crypto exchanger then have it convert to cash. That exchange is regulated so they are the ones paying tax. The reason why we see their rates are low or having a crazy cashout to fiat fees.

As others said before you cannot say that per se. Taxes are treated very different across jurisdictions for any sort of tax, including taxes on gambling. When crypto is involved there might even be several taxes as it may be deemed a "gain" realized on asset appreciation as well once you place cryptocurrencies to bet on something, then if you win it might trigger the gambling tax.

Not an easy topic I guarantee guys! Wink

Very very different from jurisdiction to jurisdiction! Even in Europe there are huge differences from country to country. There are even countries where there are differences within the countries because of their federal structure.

The only way is to attend a good tax advisor. Emphasis is put on GOOD tax advisor. They are not all the same and only few of them are interested in gambling and finding good solutions for the tax payer. Best investment to get a good tax advisor is TIME and MONEY. Don't just pick the first one around the corner.

tabas

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Quote from: hazenyc on April 15, 2021, 11:08:21 AM

Quote from: goinmerry on April 14, 2021, 06:34:42 PM

Quote from: tabas on April 14, 2021, 05:56:48 PM

There are countries that addresses that every gain is taxable by law.

What countries? I don't think there's a country that imposed "every gain" is taxable. What more for low earners? Correct me on this if wrong.

Crypto winnings are unregulated. There shouldn't be any tax. The tax part will be on our cashout where our winnings will be sent first to a crypto exchanger then have it convert to cash. That exchange is regulated so they are the ones paying tax. The reason why we see their rates are low or having a crazy cashout to fiat fees.

As others said before you cannot say that per se. Taxes are treated very different across jurisdictions for any sort of tax, including taxes on gambling. When crypto is involved there might even be several taxes as it may be deemed a "gain" realized on asset appreciation as well once you place cryptocurrencies to bet on something, then if you win it might trigger the gambling tax.

Not an easy topic I guarantee guys! Wink

I agree to you. If somebody earns in crypto, that's a gain, if somebody wins in gambling, that's a gain and both are taxable. It's not really an easy topic.
But to make it more understand, one should consult a taxing officer for confusing terms in your country because it varies from country to country.

JohnBitCo

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Quote from: Renampun on April 15, 2021, 12:22:37 PM

I guess no matter where you are when you win gambling you should pay a little win for taxes...
but of course the government must impose a winnings tax limit, for example only those who win over $ 5k are required to pay taxes, winnings under $ 5k don't have to pay taxes.

You need to be honest in order for you to pay taxes on all your gambling winnings. Most people who play gambling using cryptocurrencies online do not give any taxes because they are not being tracked by government authority. I know many people who used crypto to play gamble so that their money cant be traced. I wish people could be more honest and would be more willing to pay the taxes but unfortunately the truth is otherwise.

hahay

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Quote from: Renampun on April 15, 2021, 12:22:37 PM

I guess no matter where you are when you win gambling you should pay a little win for taxes...
but of course the government must impose a winnings tax limit, for example only those who win over $ 5k are required to pay taxes, winnings under $ 5k don't have to pay taxes.

Yes that's fine but the problem is whether or not gambling itself is legal, because we know that not all countries legalize gambling and with that, how they will comply with taxes. So I am not sure about winning in gambling that should be set aside to pay winnings tax, and this is the crypto world which I think regulations like this in crypto gambling are still difficult to implement but if it is a site that is registered as legal, then tax cuts can be applied in the system.

Renampun

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I guess no matter where you are when you win gambling you should pay a little win for taxes...
but of course the government must impose a winnings tax limit, for example only those who win over $ 5k are required to pay taxes, winnings under $ 5k don't have to pay taxes.

Smartprofit

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Quote from: aioc on April 11, 2021, 03:26:23 AM

There's no issue with taxing players in our country because our government do not care or not aware of the numbers of people playing in online gambling casinos, so we have no form asking us to pay taxes, lucky for me I don't need to bother paying even if I want to, I prefer paying taxes coming from profit or my income but I don't consider gambling as profit-driven as I'm also losing a lot of money also.

National legislation in this area may be country-specific.

In some countries, gambling organizers act as tax agents, withholding and remitting taxes on player's income to the budget. In some countries, the player must independently declare their income and file a special tax return with the tax office. There is also a specificity associated with the turnover of cryptocurrencies.

Different countries have different positions regarding the status of cryptocurrencies.

Some believe that cryptocurrency is property, some that cryptocurrencies are financial assets, and some classify cryptocurrency as a means of payment.

In some countries, cryptocurrencies are prohibited.

hazenyc

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Quote from: goinmerry on April 14, 2021, 06:34:42 PM

Quote from: tabas on April 14, 2021, 05:56:48 PM

There are countries that addresses that every gain is taxable by law.

What countries? I don't think there's a country that imposed "every gain" is taxable. What more for low earners? Correct me on this if wrong.

Crypto winnings are unregulated. There shouldn't be any tax. The tax part will be on our cashout where our winnings will be sent first to a crypto exchanger then have it convert to cash. That exchange is regulated so they are the ones paying tax. The reason why we see their rates are low or having a crazy cashout to fiat fees.

As others said before you cannot say that per se. Taxes are treated very different across jurisdictions for any sort of tax, including taxes on gambling. When crypto is involved there might even be several taxes as it may be deemed a "gain" realized on asset appreciation as well once you place cryptocurrencies to bet on something, then if you win it might trigger the gambling tax.

Not an easy topic I guarantee guys! Wink

YOSHIE

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I have been gambling for a long time, both in online and real / home casinos, there are no strict rules regarding taxation that are imposed and must be paid.

I think the gambling tax that applies country-dependent laws such as the US etc., however, I don't know exactly how much tax is imposed in that superpower, what is clear is that my country has no fixed rules regarding taxation.

However, I've seen here about the gambling tax discussion, if I'm not mistaken as below.
Topic: U.S. Taxes on Bitcoin Gambling

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Quote from: molsewid on April 15, 2021, 08:13:26 AM

Quote from: CarnagexD on April 09, 2021, 06:18:45 PM

It is only fair that you pay a portion of tax of your gambling winnings as tax, be it crypto or fiat. Although I can tell that most of us in here are fond of gambling in crypto because it's convenient, and not a lot of countries imposed regulations so practically you don't have to pay for taxes at all. Although of course as crypto is becoming more and more accepted by the planet, this will change in the future. So expect that in the future, gambling winnings may receive deduction for taxation and alike.

Paying tax came from the amount that you have win in gambling i guess will be a responsible if the gambling establishments or gambling firm where you have win was accredited or being legally operated by the permit of the government but there are are some gambling establishments which are not properly coordinated with the government. So, omce you have win in these type of gambling firm then paying tax after you win wasn't required.

Exactly and yes do pay tax.
And based on the calibrated tax code globally, cryptocurrency holders must pay asset taxes. There is a designated code for cryptocurrency. Every transaction has to be tracked and also secured to avoid any penalties and possible lawsuits from tax evasions.

But you do not need to worry, because you’re only gonna be taxed with your gains or profits, not anytime you transact with cryptocurrencies. So if I were you, I would simply comply and enjoy my winnings, give a chunk to the government because that is what they are.

molsewid

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Quote from: CarnagexD on April 09, 2021, 06:18:45 PM

It is only fair that you pay a portion of tax of your gambling winnings as tax, be it crypto or fiat. Although I can tell that most of us in here are fond of gambling in crypto because it's convenient, and not a lot of countries imposed regulations so practically you don't have to pay for taxes at all. Although of course as crypto is becoming more and more accepted by the planet, this will change in the future. So expect that in the future, gambling winnings may receive deduction for taxation and alike.

Paying tax came from the amount that you have win in gambling i guess will be a responsible if the gambling establishments or gambling firm where you have win was accredited or being legally operated by the permit of the government but there are are some gambling establishments which are not properly coordinated with the government. So, omce you have win in these type of gambling firm then paying tax after you win wasn't required.

michellee

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Quote from: smyslov on April 14, 2021, 07:51:26 PM

At this point in time, my country has no rules or regulations about Crypto gambling winnings since they are not asking and there's no form to fill up I cannot declare it, and even if they do I don't think it's fair for me to declare it as it will incriminate me, I have not won a big amount in gambling and even if I do win it's a small amount and will eventually lose it if my country finally implements it I will just cross the bridge when I get there.

If many gamblers know about that, they will move to your country and live there because they do not have to pay the taxes or pay anything related to gambling. That will be good news for them as they can play gambling freely and if they win the money, they do not have to report it to your government. But if gambling is related to the crypto while the government does not know anything about crypto, that will be still good news to the gambler because the government will not ask for the taxes.

smyslov

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At this point in time, my country has no rules or regulations about Crypto gambling winnings since they are not asking and there's no form to fill up I cannot declare it, and even if they do I don't think it's fair for me to declare it as it will incriminate me, I have not won a big amount in gambling and even if I do win it's a small amount and will eventually lose it if my country finally implements it I will just cross the bridge when I get there.

Topic: Do I need to pay Tax on my Crypto Gambling Winnings? A guide - page 3. (Read 996 times)