Do I need to pay Tax on my Crypto Gambling Winnings? A guide - page 4.

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Quote from: goinmerry on April 14, 2021, 07:34:42 PM

Quote from: tabas on April 14, 2021, 06:56:48 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.

It's really too cruel if there are countries that impose taxes on every gain earned when playing gambling. Because I also feel that no country provides
taxes in that way. Moreover, the victories that we get when gambling are not routine. So if they add to the burden of taxes it will make people avoid
playing gambling in that country. It makes more sense for taxes to be imposed when cashing out becomes fiat. Therefore, almost all exchanges
have started to implement KYC, so that the government can get taxes.

Not every gains ara taxable. Probably a gambler will add all his winnings and losses during a year period to calculate the liquid profit or loss. The tax is paid only over the liquid profit during this period.
In case of losses surpassing winnings there won't be any taxes to be paid. Anyway I doubt a considerable percentage of crypto gamblers are taking these taxes seriously, and in my personal opinion such taxes are really ridiculous, because it's already hard to make profit from gambling and those who finally achieve it will have to share their profit with their governments.

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Quote from: tabas on April 14, 2021, 06:56:48 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.

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Quote from: hazenyc on April 14, 2021, 03:00:32 PM

Quote from: tabas on April 09, 2021, 06:04:26 PM

Quote from: pilosopotasyo on April 09, 2021, 04:32:33 AM

Our government have no rules on our gambling winnings, they are not asking it, it's up to the individual if they want to pay or not

Then that makes those volunteer payers are good and responsible gamblers if they do so.

Quote from: pilosopotasyo on April 09, 2021, 04:32:33 AM

I'm not a big gambler and I always lose and seldom wins I don't think that it's ok to pay something that you earn and you could or will lose later, it's when I make a profit that I am willing to pay my taxes.

Well, in taxing, as long as you've gained it that's when the taxation starts and it doesn't matter whether you lose it.
CMIIW.

This is not correct everywhere. So jurisdiction tax the volume that you play instead of winnings or losses. The reason is that if they tax the winnings it is tough to explain why players should not be able to declare their losses as well. That is a pretty smart way to pay taxes. As you say those paying tax where they think it is due (volunteers more or less) although there is no clear legislation may make them "responsible" player in terms of society, but usually legislation has to be in place in my opinion. There are enough taxes anyway so why pay tax for something that isn't even addresses by the law?

There are countries that addresses that every gain is taxable by law. Just like those that I've been always hearing in the news about those folks who have won loterry, some of them have tax exception but most of them should pay the tax inclusion with what they've won.
That makes a gross minus the tax and then the net amount for their wins. I'm not expert in tax but if someone who's into gambling and isn't sure about taxation of it and wants to pay voluntarily or declare it, should consult a tax expert.

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Quote from: hazenyc on April 14, 2021, 03:00:32 PM

Quote from: tabas on April 09, 2021, 06:04:26 PM

Quote from: pilosopotasyo on April 09, 2021, 04:32:33 AM

Our government have no rules on our gambling winnings, they are not asking it, it's up to the individual if they want to pay or not

Then that makes those volunteer payers are good and responsible gamblers if they do so.

Quote from: pilosopotasyo on April 09, 2021, 04:32:33 AM

I'm not a big gambler and I always lose and seldom wins I don't think that it's ok to pay something that you earn and you could or will lose later, it's when I make a profit that I am willing to pay my taxes.

Well, in taxing, as long as you've gained it that's when the taxation starts and it doesn't matter whether you lose it.
CMIIW.

This is not correct everywhere. So jurisdiction tax the volume that you play instead of winnings or losses. The reason is that if they tax the winnings it is tough to explain why players should not be able to declare their losses as well. That is a pretty smart way to pay taxes. As you say those paying tax where they think it is due (volunteers more or less) although there is no clear legislation may make them "responsible" player in terms of society, but usually legislation has to be in place in my opinion. There are enough taxes anyway so why pay tax for something that isn't even addresses by the law?

Each country does have its own rules and regulation and this will differ on each places globally.It might be prohibited into your place but on the other side it could be heavily adopted or available.

When it comes to taxation then i dont have any doubts that each country would implement because this had been always a part for countries progress and development.

It is just they do might differ on the scope on where these taxes for it to be asked or obliged for you to pay on but if it isnt required then why would obliged yourself.?

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Quote from: aioc on April 11, 2021, 04:26:23 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.

My country also behaves the same. The government does not care about cryptocurrency at all. The only regulation is that nobody is allowed to use bitcoin or any cryptocurrency as a payment method. You will go to jail if you go against the rule. It means that you can do anything you want with cryptocurrency as long as you do not involve in any serious crime.

Even if there is a tax related to gambling, it is effortless to find the secure way to bypass the authorities. Long live Bitcoin and its pseudo-anonymous system. In addition, my country also prohibit gambling, lol

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Quote from: tabas on April 09, 2021, 06:04:26 PM

Quote from: pilosopotasyo on April 09, 2021, 04:32:33 AM

Our government have no rules on our gambling winnings, they are not asking it, it's up to the individual if they want to pay or not

Then that makes those volunteer payers are good and responsible gamblers if they do so.

Quote from: pilosopotasyo on April 09, 2021, 04:32:33 AM

I'm not a big gambler and I always lose and seldom wins I don't think that it's ok to pay something that you earn and you could or will lose later, it's when I make a profit that I am willing to pay my taxes.

Well, in taxing, as long as you've gained it that's when the taxation starts and it doesn't matter whether you lose it.
CMIIW.

This is not correct everywhere. So jurisdiction tax the volume that you play instead of winnings or losses. The reason is that if they tax the winnings it is tough to explain why players should not be able to declare their losses as well. That is a pretty smart way to pay taxes. As you say those paying tax where they think it is due (volunteers more or less) although there is no clear legislation may make them "responsible" player in terms of society, but usually legislation has to be in place in my opinion. There are enough taxes anyway so why pay tax for something that isn't even addresses by the law?

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Quote from: DoublerHunter on April 09, 2021, 12:22:51 AM

Quote from: AOBTCT6 on March 09, 2021, 04:37:41 AM

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

^ Most of the best gambling platforms would actually tax you the onset of claiming your prize. So you don’t need to worry about it. But some don’t. Probably, if you have your gains higher than the considered bracket, that’s the only time you will get taxed. I just hope that there is a way to hide your winnings. But no worries about it, being taxed with gains is not a big thing. Just comply and play your thing. Taxation can also help you soon anyway. You just had to master the art of cash flow and it won’t be a butt hurting situation for you. And also, I am familiar with your name.
Is it really you? How can we tell? We are just concerned because we respect you (if you are genuinely you, though)

If you are playing in a casino that is in a different jurisdiction than the one in which you are living in then most likely they are not going to retain the tax that you need to pay and they are going to leave that responsibility on your shoulders, they do this because it is easier for them to do this instead of having to research the law in hundreds of different jurisdictions, they can just give you whatever money you won in full and let you deal with that problem by yourself.

However if the money that you are earning is kind of small then there is not too much of a point in trying to pay your taxes because the government is not going to care that you're not paying 10 dollars in taxes, but if you won a decent prize then you have no option but to pay what you owe to the government.

aioc

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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.

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Quote from: Wexnident on April 11, 2021, 01:32:51 AM

So does that mean that any prior transactions before any law about crypto taxes were passed out would also get affected? Isn't that kind of stupid? Plus afaik crypto transactions should be free from taxes or the taxes itself should be included already on the amount spent by the user in the casino (imo anw, I don't know much about taxes). It's automatic and the taxes would be on the hands of the casino themselves, not the people so it's much easier to handle it.

I think the crypto transaction before the law applies will not be affected but will depend on how the government will regulate it. We do not know how the government will apply that tax because every government will have its way to manage and apply the tax. But it sounds funny if the government wants to apply the tax from crypto while they do not accept crypto, isn't that mean the government wants to make money from people, but they do not admit it?

It will make sense if the government wants to apply the tax for every business, including in the casino, because they want to get an income. Perhaps, the regulations will still apply for the offline casino while online casino needs to research more before the government accepts crypto.

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Quote from: magneto on April 10, 2021, 09:01:50 PM

Good guide, but for anyone who is playing with hundreds of thousands of dollars or more you should probably speak to your tax accountant.

For most jurisdictions AFAIK though the tax that is going to be incurred will be CGT that you accrue.

Perhaps when you deposited, BTC was one price, and when you cashed out to fiat, BTC had risen. In that case, even though there is no gambling tax per se on your winnings, the fluctuations of BTC must be accounted for and likely reported to your local tax agency.

Be very careful out there. I reckon we'll see a mass crackdown on taxable crypto transactions in the coming years given the size of this year's bull market.

So does that mean that any prior transactions before any law about crypto taxes were passed out would also get affected? Isn't that kind of stupid? Plus afaik crypto transactions should be free from taxes or the taxes itself should be included already on the amount spent by the user in the casino (imo anw, I don't know much about taxes). It's automatic and the taxes would be on the hands of the casino themselves, not the people so it's much easier to handle it.

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Good guide, but for anyone who is playing with hundreds of thousands of dollars or more you should probably speak to your tax accountant.

For most jurisdictions AFAIK though the tax that is going to be incurred will be CGT that you accrue.

Perhaps when you deposited, BTC was one price, and when you cashed out to fiat, BTC had risen. In that case, even though there is no gambling tax per se on your winnings, the fluctuations of BTC must be accounted for and likely reported to your local tax agency.

Be very careful out there. I reckon we'll see a mass crackdown on taxable crypto transactions in the coming years given the size of this year's bull market.

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Quote from: dunfida on April 09, 2021, 05:22:47 PM

Quote from: michellee on April 09, 2021, 01:34:21 PM

Quote from: pilosopotasyo on April 09, 2021, 04:32:33 AM

Quote from: AOBTCT6 on March 09, 2021, 04:37:41 AM

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

Our government have no rules on our gambling winnings, they are not asking it, it's up to the individual if they want to pay or not, I'm not a big gambler and I always lose and seldom wins I don't think that it's ok to pay something that you earn and you could or will lose later, it's when I make a profit that I am willing to pay my taxes.

That is good news because if a gambler in your country wins, they can free not pay the tax. But how about the monthly tax? Did they need to pay additional taxes that related to their winning in gambling?

But out of that, the gambler can enjoy winning without thinking about the taxes and celebrating it with their family or friends.

Something that you do earn aside from your own business or even with your own work then i dont see that they would really be including or make it mandatory when
it comes to tax and its up to someone if they would really be that honest on paying up tax even if they arent required to do so but i doubt that majority
will just really ignore but if its mandated then you wont really have any options but to deal with it.

Yeah, they will not report it if they have additional income when paying the tax. Sometimes, a worker wants to reduce his tax by decreasing the amount of income or editing it so he does not have to pay a high fee. Usually, that is happening in a medium and big company to avoid paying the high fee and that is not a secret anymore. And for their worker, they will edit the data that will report to the tax government to reduce the tax amount every month or year.

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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.

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Quote from: pilosopotasyo on April 09, 2021, 04:32:33 AM

Our government have no rules on our gambling winnings, they are not asking it, it's up to the individual if they want to pay or not

Then that makes those volunteer payers are good and responsible gamblers if they do so.

Quote from: pilosopotasyo on April 09, 2021, 04:32:33 AM

I'm not a big gambler and I always lose and seldom wins I don't think that it's ok to pay something that you earn and you could or will lose later, it's when I make a profit that I am willing to pay my taxes.

Well, in taxing, as long as you've gained it that's when the taxation starts and it doesn't matter whether you lose it.
CMIIW.

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Quote from: michellee on April 09, 2021, 01:34:21 PM

Quote from: pilosopotasyo on April 09, 2021, 04:32:33 AM

Quote from: AOBTCT6 on March 09, 2021, 04:37:41 AM

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

Our government have no rules on our gambling winnings, they are not asking it, it's up to the individual if they want to pay or not, I'm not a big gambler and I always lose and seldom wins I don't think that it's ok to pay something that you earn and you could or will lose later, it's when I make a profit that I am willing to pay my taxes.

That is good news because if a gambler in your country wins, they can free not pay the tax. But how about the monthly tax? Did they need to pay additional taxes that related to their winning in gambling?

But out of that, the gambler can enjoy winning without thinking about the taxes and celebrating it with their family or friends.

Something that you do earn aside from your own business or even with your own work then i dont see that they would really be including or make it mandatory when
it comes to tax and its up to someone if they would really be that honest on paying up tax even if they arent required to do so but i doubt that majority
will just really ignore but if its mandated then you wont really have any options but to deal with it.

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Quote from: pilosopotasyo on April 09, 2021, 04:32:33 AM

Quote from: AOBTCT6 on March 09, 2021, 04:37:41 AM

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

Our government have no rules on our gambling winnings, they are not asking it, it's up to the individual if they want to pay or not, I'm not a big gambler and I always lose and seldom wins I don't think that it's ok to pay something that you earn and you could or will lose later, it's when I make a profit that I am willing to pay my taxes.

That is good news because if a gambler in your country wins, they can free not pay the tax. But how about the monthly tax? Did they need to pay additional taxes that related to their winning in gambling?

But out of that, the gambler can enjoy winning without thinking about the taxes and celebrating it with their family or friends.

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Quote from: AOBTCT6 on March 09, 2021, 04:37:41 AM

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

Our government have no rules on our gambling winnings, they are not asking it, it's up to the individual if they want to pay or not, I'm not a big gambler and I always lose and seldom wins I don't think that it's ok to pay something that you earn and you could or will lose later, it's when I make a profit that I am willing to pay my taxes.

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Quote from: DoublerHunter on April 09, 2021, 12:22:51 AM

Quote from: AOBTCT6 on March 09, 2021, 04:37:41 AM

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

^ Most of the best gambling platforms would actually tax you the onset of claiming your prize.

I used to hate taxes as it gets a big chunk of your profit. Like why?
Especially when you worked hard for it, but now I realized how rewarding paying tax is. I was able to access finance by providing them proof of my taxes, seriously.

It also applies to gambling, but I wouldn’t recommend gamblers to access finance to gamble. You’ll just add fire to the risks you are taking. And we should just enjoy gambling without being serious. It would take us to a different level of despair if we did. Going back, when I was gambling, the platform automatically taxes me if I get big wins. But most of the time it’s nontaxable since I only place small bets.

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Quote from: AOBTCT6 on March 09, 2021, 04:37:41 AM

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

^ Most of the best gambling platforms would actually tax you the onset of claiming your prize. So you don’t need to worry about it. But some don’t. Probably, if you have your gains higher than the considered bracket, that’s the only time you will get taxed. I just hope that there is a way to hide your winnings. But no worries about it, being taxed with gains is not a big thing. Just comply and play your thing. Taxation can also help you soon anyway. You just had to master the art of cash flow and it won’t be a butt hurting situation for you. And also, I am familiar with your name.
Is it really you? How can we tell? We are just concerned because we respect you (if you are genuinely you, though)

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Quote from: Hamphser on March 30, 2021, 07:23:57 PM

Quote from: wxa7115 on March 23, 2021, 03:21:42 PM

Unless you are living in a country with no income taxes you still need to pay depending on where you live, however as people have said before if the amount you have won is small do not even bother, this is similar to what happens when a kid does some odd jobs during the summer to buy a video game or a bicycle, no one is going after him even if he generated some income.

But if the wins are big and your name figures out somewhere then the government is going to find out and come knocking at your door, so in that instance it is better to consult a professional and pay the required taxes.

Hard to believe on which a country doesnt really have any tax because we know that when it comes to development and progress then this tax plays a vital role
which means to believe that citizens wont really be needing to pay up something.

Back on topic about paying up tax with crypto gambling winnings then for sure this will basically focused if those funds had been converted to fiat.

Ive seen that most people doesnt have a problem with that because crypto isnt still regulated into their places.Therefore, they are still on the safe side.

All countries have taxes in one way or another, but the kind of taxes you need to pay vary from country to country, there are some countries which have taxes on your gambling earnings and you will need to pay them.

But there are also countries in which this is not the case and you are free to keep your gambling profits and do whatever you want with them, and there are countries like where I live in which the tax laws vary from state to state and there are places where you do not need to pay taxes and there are other states in which you need to do it.

Topic: Do I need to pay Tax on my Crypto Gambling Winnings? A guide - page 4. (Read 996 times)