Topic: Do I need to pay Tax on my Crypto Gambling Winnings? A guide - page 6. (Read 996 times)
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That will depend on your country's regulations because each country will use a different thing for the gambling business. If your country prohibits people from playing gambling, but you are still playing gambling using VPN, I do not think you need to pay the taxes because your government will not know that you are playing gambling unless you withdraw the money in a large amount. If so, that can make your bank suspicious and investigate your account, and they will ask you where the money comes from.
A common question that I see asked is "do I need to pay tax on my crypto gambling winnings?".
It varies from country to country but in most countries you will get away with the tax because the authorities will never trace you if you gamble online with crypto.
In simple words if you cash out your winnings in local fiat, then you may have to pay tax only on that amount.
The beauty of using crypto into online gambling.
You only need to pay taxes pnce you are cashing out and exchanging your crypto into fiat, but from crypto gambling house to your
crypto wallet, there are no extra taxes aside from the gas fee that you need to pay from the casino house. It's part of the transaction
process.
This is why crypto gambling did really get some big recognition on this part because you wont really be taxed as long you dont really convert it to fiat.
You can still play without worrying if you do get taxed unless if your country is really strict then you would really be needing to declare those earnings that you do had.
We know that every country does have different set of laws or the extent on a specific area and lucky if there are still who are freely able to cherish those free times.
A common question that I see asked is "do I need to pay tax on my crypto gambling winnings?".
It varies from country to country but in most countries you will get away with the tax because the authorities will never trace you if you gamble online with crypto.
In simple words if you cash out your winnings in local fiat, then you may have to pay tax only on that amount.
The beauty of using crypto into online gambling.
You only need to pay taxes pnce you are cashing out and exchanging your crypto into fiat, but from crypto gambling house to your
crypto wallet, there are no extra taxes aside from the gas fee that you need to pay from the casino house. It's part of the transaction
process.
Not all countries legalize gambling, so if your country legalizes gambling, of course you must pay taxes on the profits you make. Because there are
rules related to this matter, usually it is included in the income tax. My advice is don't shy away from paying taxes if you don't want to get into trouble
with the law, for the calculation of taxes to be paid all countries have different amounts. Please use the search engine from google to help you further.
Unless your country prohibits gambling, there is no need to pay taxes. Because from the beginning it was prohibited to carry out gambling activities.
rules related to this matter, usually it is included in the income tax. My advice is don't shy away from paying taxes if you don't want to get into trouble
with the law, for the calculation of taxes to be paid all countries have different amounts. Please use the search engine from google to help you further.
Unless your country prohibits gambling, there is no need to pay taxes. Because from the beginning it was prohibited to carry out gambling activities.
You have to pay when your government ask you to pay or you will face penalty, our country never ask us about paying taxes with our winnings, only our income and I don't consider my winnings in gambling a form of income considering that I loss a lot of money too, if you compare it to my winnings, I hope our government will not implement this.
A common question that I see asked is "do I need to pay tax on my crypto gambling winnings?".
It varies from country to country but in most countries you will get away with the tax because the authorities will never trace you if you gamble online with crypto.
In simple words if you cash out your winnings in local fiat, then you may have to pay tax only on that amount.
I'm playing in an online gambling casino and I'm not paying taxes because my government is not asking me to do pay, and I don't consider gambling as my income, because I lose a lot in gambling I rarely win in gambling, once they implement and included winning in gambling, maybe just then I will think of paying.
If gambling is legal in your country, then maybe you are trying to avoid taxes just because you are playing on crypto online site. Of course if gambling is legal, then the government will think about how they make money from the winning of the players and taxes are the choice. I think maybe the government will apply it to online site as well like in the case of licensed exchange.Gambling in my country is illegal and we may not need to evade taxes. It is an offense for us to gamble offline and online gambling site are an option if we wish to do so. But as long as the government can track the site, they will block it too.
In my country the crypto thingy is still in grey area, not many laws as simply because policy makers don't even know what crypto really is yet fully 
let alone putting taxes on its trading or gambling revenues 
but slowly we are going there, recent developments have shown we are progressing in this crypto sector and soon there will be taxation on crypto tradd revenue and then might be they will come with laws with relevance to gambling. It will be a huge benefit for the government if they can tax on crypto revenues 
let alone putting taxes on its trading or gambling revenues but slowly we are going there, recent developments have shown we are progressing in this crypto sector and soon there will be taxation on crypto tradd revenue and then might be they will come with laws with relevance to gambling. It will be a huge benefit for the government if they can tax on crypto revenues 
We are lucky to have a crypto gambling site because it can help us play gambling without the government knows what we did with our funds.
We still pay the taxes as usual and are not changing, and we can still play gambling using crypto.
It could be can tracking by the government if the gambling site required the user for KYC, they had regulation to ask a provider if find suspicious activity.We still pay the taxes as usual and are not changing, and we can still play gambling using crypto.
If using an anonymous wallet and mixer government will be hard to track where the funds come or if want to transfer crypto do not directly from the exchange to the gambling wallet.
We have many gambling sites that do not require us to fill KYC, which will help us play gambling safety without the government can track us.
We can also use an anonymous wallet and mixes, as you said, to prevent the tracking.
If somehow we win, we can send the win money to our wallets without anyone knows, and we can only withdraw small money for our daily needs.
I've never heard of anybody getting in trouble for not paying taxes on their gambling winnings. It is not something that will get you in trouble if you are in good standing with the IRS or whatever similar agency is in your country because you can just keep it a secret and they won't even know that you owe them money.
I'm playing in an online gambling casino and I'm not paying taxes because my government is not asking me to do pay, and I don't consider gambling as my income, because I lose a lot in gambling I rarely win in gambling, once they implement and included winning in gambling, maybe just then I will think of paying.
I guess there is a minimum amount that you can able to report your gambling winning in your country, if that is a small amount, I guess don't bother them because they are busy compiling all files of big taxes. That is fine if a small amount, but if those worth billions of dollars, it will I guess good if you claiming casino winnings on your taxes.
Dont tell me if you always won thousands of dollar every day, if not, then, don't bother yourself about the tax, and doesn’t mean that if you consistently win and fail to report your winnings the tax office wouldn’t notice them.
Dont tell me if you always won thousands of dollar every day, if not, then, don't bother yourself about the tax, and doesn’t mean that if you consistently win and fail to report your winnings the tax office wouldn’t notice them.
Do you want to tell me that there are actually countries where you can claim "Capital losses" on the money that you have lost on a casino? In my country you can only claim for your business expenses or rather for a portion of that. I reckon the "Capital losses" are only applicable to professional gamblers.. right? (Professional Poker players or Streamers?)
Also, here we pay Capital Gains or any gains.. no matter how you get. Is the "Crypto gambling taxes" on top of the normal Capital gains taxes (additional tax) or do you only pay one of the two? (Is this a Sin tax, tobacco and Alcohol ) ?
Also, here we pay Capital Gains or any gains.. no matter how you get. Is the "Crypto gambling taxes" on top of the normal Capital gains taxes (additional tax) or do you only pay one of the two? (Is this a Sin tax, tobacco and Alcohol ) ?
A common question that I see asked is "do I need to pay tax on my crypto gambling winnings?".
Even if I want to, our country does not have rules or tax filling form about online gambling, our income tax does not include online gambling yet, I don't want to declare it now, since they are not asking and do not have regulation on it, maybe in the future when they have an entry for gambling winnings, since I play in Crypto type of online gambling our government does not have a regulation yet on taxing people who are involved in Cryptocurrency too. 
Most of the time if your winnings are small you do not have to worry about things like taxes but when it comes to big wins that is critical, where I live the taxes can vary wildly from state to state, there are states which do not force you to pay any taxes on your gambling wins which is great but there are other states in which you need to pay up to 30% on taxes and that is very high.
Well, perhaps it depends on which country did you live. Since crypto is untaxable, it is also the same because you can increase your anonymity if this is necessary to cover your track and will perhaps unmask your real identity. But perhaps if you live in a country that has fully strict when it comes to the crypto-like country of the USA, there could be a tax. However, you are right, if you will hit the mega jackpot, it is the time you will pay the tax because that is a big amount and you need to declare that you have won on the gambling or if not, you will becomes suspected as a money launderer. A common question that I see asked is "do I need to pay tax on my crypto gambling winnings?".
I decided to write an explainer for anyone in any doubt, feel free to give it a read here:
https://bitedge.com/blog/crypto-gambling-taxes/
Explained within are:
- Which countries tax for crypto gambling winnings
- Which US states are better to gamble as part of a business rather than personally
- How to calculate any capital gains
- Capital gains tax rules in different nations
Let me know any comments on the rules, or any experiences you've had which may benefit myself or others.
Hopefully this make crypto gambling a little bit easier for people!
Most of the time if your winnings are small you do not have to worry about things like taxes but when it comes to big wins that is critical, where I live the taxes can vary wildly from state to state, there are states which do not force you to pay any taxes on your gambling wins which is great but there are other states in which you need to pay up to 30% on taxes and that is very high.I decided to write an explainer for anyone in any doubt, feel free to give it a read here:
https://bitedge.com/blog/crypto-gambling-taxes/
Explained within are:
- Which countries tax for crypto gambling winnings
- Which US states are better to gamble as part of a business rather than personally
- How to calculate any capital gains
- Capital gains tax rules in different nations
Let me know any comments on the rules, or any experiences you've had which may benefit myself or others.
Hopefully this make crypto gambling a little bit easier for people!
The best way to be completely sure about what you are doing is to consult a tax lawyer or an accountant since you want to pay as little on taxes as possible after getting that lucky.
This is the advantage of playing in casinos that don't require KYC
Agreed, tax on winnings at casinos is the matter of personal commitment that is why "no KYS" means "no person" behind gaining. There is even better option then online KYS-free platforms for betting on various events and that is p2p betting which is faceless in its nature. For example when betting on sport event I prefer to deal with Obyte p2p betting bots and such approach allows to hide my identity.
Most of the gamblers doesn't want any KYC's because it is so very hard for them to process it and sometimes they just need the money as soon as possible. And also I think some of the casino players are minors that don't have any ID Card. And it is tru that it is questionable if there is a unusual activity in your account. In my country, crypto doesn't have any taxes even if it is big or small trasactions or earnings. And that's why the government is always not supported and not a friendly-crypto companies. They believe that those earnings have came from some bad cash.
We are lucky to have a crypto gambling site because it can help us play gambling without the government knows what we did with our funds.
We still pay the taxes as usual and are not changing, and we can still play gambling using crypto.
It could be can tracking by the government if the gambling site required the user for KYC, they had regulation to ask a provider if find suspicious activity.We still pay the taxes as usual and are not changing, and we can still play gambling using crypto.
If using an anonymous wallet and mixer government will be hard to track where the funds come or if want to transfer crypto do not directly from the exchange to the gambling wallet.
This is the advantage of playing in casinos that don't require KYC. At least, you are safe that you will not be reported to your government. Unless, you are a high roller, and that usually entails the submission of KYC to the casino. Because normally, crypto casinos will only ask KYC if you are playing high stakes and withdrawing large amount of money. Otherwise, if you are just a small time gambler, better stick to casinos that don't ask for identity verification.
This is the advantage of playing in casinos that don't require KYC
Agreed, tax on winnings at casinos is the matter of personal commitment that is why "no KYS" means "no person" behind gaining. There is even better option then online KYS-free platforms for betting on various events and that is p2p betting which is faceless in its nature. For example when betting on sport event I prefer to deal with Obyte p2p betting bots and such approach allows to hide my identity.
A common question that I see asked is "do I need to pay tax on my crypto gambling winnings?".
I decided to write an explainer for anyone in any doubt, feel free to give it a read here:
https://bitedge.com/blog/crypto-gambling-taxes/
Explained within are:
- Which countries tax for crypto gambling winnings
- Which US states are better to gamble as part of a business rather than personally
- How to calculate any capital gains
- Capital gains tax rules in different nations
Let me know any comments on the rules, or any experiences you've had which may benefit myself or others.
Hopefully this make crypto gambling a little bit easier for people!
I decided to write an explainer for anyone in any doubt, feel free to give it a read here:
https://bitedge.com/blog/crypto-gambling-taxes/
Explained within are:
- Which countries tax for crypto gambling winnings
- Which US states are better to gamble as part of a business rather than personally
- How to calculate any capital gains
- Capital gains tax rules in different nations
Let me know any comments on the rules, or any experiences you've had which may benefit myself or others.
Hopefully this make crypto gambling a little bit easier for people!
We don't have that kind of regulation, because Crypto gambling here in our country is not yet tapped by the government for taxes, and there is no study yet by the government they don't even have ideas on how many of our countrymen are involved in gambling, Crypto in our region is just a small community, but Cryptocurrency technology is welcome to our country.
We are lucky to have a crypto gambling site because it can help us play gambling without the government knows what we did with our funds.
We still pay the taxes as usual and are not changing, and we can still play gambling using crypto.
It could be can tracking by the government if the gambling site required the user for KYC, they had regulation to ask a provider if find suspicious activity.We still pay the taxes as usual and are not changing, and we can still play gambling using crypto.
If using an anonymous wallet and mixer government will be hard to track where the funds come or if want to transfer crypto do not directly from the exchange to the gambling wallet.
This is the advantage of playing in casinos that don't require KYC. At least, you are safe that you will not be reported to your government. Unless, you are a high roller, and that usually entails the submission of KYC to the casino. Because normally, crypto casinos will only ask KYC if you are playing high stakes and withdrawing large amount of money. Otherwise, if you are just a small time gambler, better stick to casinos that don't ask for identity verification.
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