Do I need to pay Tax on my Crypto Gambling Winnings? A guide - page 7.

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Quote from: traderethereum on March 13, 2021, 01:37:23 AM

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.

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.

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Quote from: Mauser on March 12, 2021, 06:54:35 AM

Quote from: traderethereum on March 12, 2021, 06:17:28 AM

If you play on the fiat gambling site, maybe you will need to pay the taxes.
But if you play crypto gambling games, maybe you do not need to pay the taxes because as long as you keep the winning on your wallet, the government will not know about your winning.
I do not know much about paying the taxes for every winning on the gambling games, but I only know about paying the taxes monthly and paying taxes because we have an income. But the taxes are not applied to people who have a minimum income for that country.

While this is true in some countries, we need to be very careful with tax laws. Sure as long as we are not realising any gains in FIAT currency we should be fine. But once we convert some of our coins into FIAT cash again we need to pay taxes. If we don't declare the winnings then we could bf liable in the future. At the moment it might be hard for the government to track our crypto winnings but we shouldn't raise any suspicions.

So it is better if we still hold the coin and not converting the coin into fiat in a big amount because that can make the government tracking our bank account.
Maybe if we want to convert from the coin into fiat, we can do it step by step, so the bank will not be suspicious if our account receives the money in a big amount.
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.

Mauser

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Quote from: traderethereum on March 12, 2021, 06:17:28 AM

If you play on the fiat gambling site, maybe you will need to pay the taxes.
But if you play crypto gambling games, maybe you do not need to pay the taxes because as long as you keep the winning on your wallet, the government will not know about your winning.
I do not know much about paying the taxes for every winning on the gambling games, but I only know about paying the taxes monthly and paying taxes because we have an income. But the taxes are not applied to people who have a minimum income for that country.

While this is true in some countries, we need to be very careful with tax laws. Sure as long as we are not realising any gains in FIAT currency we should be fine. But once we convert some of our coins into FIAT cash again we need to pay taxes. If we don't declare the winnings then we could bf liable in the future. At the moment it might be hard for the government to track our crypto winnings but we shouldn't raise any suspicions.

traderethereum

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If you play on the fiat gambling site, maybe you will need to pay the taxes.
But if you play crypto gambling games, maybe you do not need to pay the taxes because as long as you keep the winning on your wallet, the government will not know about your winning.
I do not know much about paying the taxes for every winning on the gambling games, but I only know about paying the taxes monthly and paying taxes because we have an income. But the taxes are not applied to people who have a minimum income for that country.

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Quote from: OgNasty on March 10, 2021, 08:22:09 PM

I’m surprised to learn that some countries don’t tax gambling winnings. I may have to see that somewhere more official to believe it. I guess being from the US I’m used to considering everything taxable. Most of the time this isn’t an issue though because gambling houses aren’t in the business of losing money. Wink

You already used to with the taxation process in each and every sector in your location. But it is not the same in my area too. Here, I am from Bangladesh and I'm not used to with the taxation process as I also pay for many things. But all the sectors are not same here and not imposed the tax by government. So, other countries scenario is almost same or slightly can be changed. So it varies according to the location.

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Quote from: molsewid on March 11, 2021, 05:34:05 AM

Quote from: Quidat on March 10, 2021, 04:59:22 PM

Depending on your countries laws if its included on the scope when it comes to taxation matters knowing that crypto gambling businesses arent always regulated
or even simply talking gambling business as a whole wether those places arent subject to tax but in most case those traditional places do really have big
part when it comes to tax.

Which is definitely true, in fact living in a country where winning in any such gambling site without requiring a winner to pay for a tax is such a previlege of enjoying what you have got from your gambling activity. But at some point, there are other countries which was acquiring for a tax payed by the winner especially if the gambling site or gambling institution was controlled or manage by the government itself.

I was bit skeptical or still in doubt about casinos that been owned by government but it does really exist.
Just like this one:
Over 25 land-based casinos are active in Ontario, and these range from privately-owned entities to charitable locations run by the government. Source

So in that case, they would really be charging up themselves with tax too? hehe

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Quote from: Twinkledoe on March 10, 2021, 06:40:11 PM

Quote from: tabas on March 10, 2021, 05:48:08 PM

Since when I was a kid, I've already saw those lottery winnings and they have to pay for the taxes. And there's always those notes on the screen about "taxes excluded".
And just as the same with crypto gambling wins, they're also the same as the typical gambling wins just as you have said on your article. Unless you're country tells you're exempted or no need to, then you're good, otherwise, you need to file.

It depends from country to country as the tax laws differ from each other. So if you don't want any trouble, you need to know what is the current regulations in your country. No one can do it for you, so you need to know those specifics so you will not face any issues later on with the government. Better learn it ahead of time rather than fixing your financials at the end.

Yes, I've said that if your country tells you're exempted or not. But knowing if someone can do it for you, actually there are services that can be offered to you.
That in your behalf, they will be the one that shall file it for you and declare. You're still the one that's involved but they're the only one that will work on it if you've got no time doing it.

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Taxation is the major source of income for every country. This is the reason why taxation is much important for a government with all forms of businesses. Countries that are against gambling doesn't need to worry about it. In my country even on lucky draw- lottery winning people need to pay 15% as tax and the rest can be enjoyed by the winner. Same as this different countries will have their own gambling taxation policy.

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My country is not listed here, but I think that this question is also related to where and with what currency you're playing, no? For instance, if you're playing with Bitcoin and there are no taxes on cryptos in your country, then it would be difficult to pay taxes for such winnings (in case the winnings are taxed). So there's a difference between fiat and cryptos (potentially), and I also think there can be a difference between rules for physical casinos and for online gambling. So perhaps the topic is more subtle, but I might be wrong.

molsewid

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Quote from: Quidat on March 10, 2021, 04:59:22 PM

Depending on your countries laws if its included on the scope when it comes to taxation matters knowing that crypto gambling businesses arent always regulated
or even simply talking gambling business as a whole wether those places arent subject to tax but in most case those traditional places do really have big
part when it comes to tax.

Which is definitely true, in fact living in a country where winning in any such gambling site without requiring a winner to pay for a tax is such a previlege of enjoying what you have got from your gambling activity. But at some point, there are other countries which was acquiring for a tax payed by the winner especially if the gambling site or gambling institution was controlled or manage by the government itself.

semobo

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Yes, you need to pay taxes for your cryptocurrency gambling winnings too and it depends on the region. For example you are supposed to pay huge amount as tax if you are from US that is why most of the gambling sites don't allow US customers to play there.

And if you don't want to pay and not going to cash out your cryptos into fiat then you can completely avoid taxes too.

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Quote from: FinneysTrueVision on March 10, 2021, 10:40:35 PM

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 visit the blog of the op and i found out that there are really countries where gambling is taxed . maybe you never heard one yet because you are not from those country .

it will get you in trouble if your from a country where gambling is taxed and you dont pay your taxed promptly and the penalty for that it is verry serious so before its too late and before we play a gambling lets be familiarize with the rules of our country first .

Kong Hey Pakboy

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Quote from: FinneysTrueVision on March 10, 2021, 10:40:35 PM

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.

Yeah you are right, as far as I know gambling winnings are exempted to taxes. Maybe if you are the owner of the gambling house then you need to start worrying about paying taxes and most of the time, there isn't a lot of money to win in the casino to be eligible for something tax related.

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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.

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So far, when I play crypto gambling and win some money and transfer it into my wallet, I don't have to pay the tax because the tax in my country is from what we got from a job that we did in real life. Besides that, when I sell at the exchange or local sellers, I only need to pay the fee for them, and although I pay the taxes, the taxes are not too big, so I don't mind paying the taxes. But I guess my government doesn't apply taxes from people who play gambling, but the government applied the taxes for people who can make money from their job.

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Quote from: Twentyonepaylots on March 10, 2021, 04:57:16 PM

Uhh, I'm not sure that question is asked 'that much' here to be discussed in its own right. Still, if you're the real BitEdge then thanks for it anyway. To answer the general questions of the people when it comes to taxation and gambling, you have to understand that it depends case per case, usually country of operation being the biggest factor and licenses as well.

Some countries doesn't regulate the taxation in a gambling platform that well so it always depends on your location.

We all know that some countries are prohibiting all forms of gambling, online or physical, fiat or crypto, it doesn't matter as long as there will be no gambling happens.

So it is much better if you will use a licensed gambling platform and it is okay even if you need to pay for taxes with your winnings so that you can continue playing with it.

Taxes are normal and it is needed for the country's economic situation.

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

- Which countries tax for crypto gambling winnings

wouldn't it be better to have all the list of countries that don't tax gambling winnings? also, it is surprising that the United Kingdom doesn't tax gambling winnings knowing how heavy they regulate gambling over there I would assume they would tax gambling winnings.

Quote from: Timelord2067 on March 09, 2021, 03:55:46 AM

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 decided to write an explainer for anyone in any doubt, feel free to give it a read here:

You wrote that?

On the page it says the Author is "BitEdge" - is that you? Welcome to the Forum.

(Did you know there's already a user here call "BitEdge" who's profile has links to that site already? Roll Eyes

OP could be part of bitedge team or something like that. this isn't the first time OP posted a link from the website and claims that he is the author of the article on that website but that doesn't prove he is the actual author of the article. I guess the only way to know is if bitedge confirms it or OP provide proof that he is the author of the article.

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Sad to say in my country they prohibiting having a withdrawal to our wallet with the use of the gambling platform else they are going to give a warning to your centralized wallet and possible close your account because of having a suspicious activity but on the part of the exchange they are allowing this but to that large amount still there are a lot of questions and verifications needed to make a withdrawal which is feeling bad about and not fair to our part too.

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I’m surprised to learn that some countries don’t tax gambling winnings. I may have to see that somewhere more official to believe it. I guess being from the US I’m used to considering everything taxable. Most of the time this isn’t an issue though because gambling houses aren’t in the business of losing money. Wink

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In real life, though, it is quite hard to keep track on your gambling bets and winnings and the prices of BTC, ETH, LTC, XRP, or whatever cryptocurrency you are using at the time you placed the bets and by the time your prize was deposited. It's easier to those who place single bets every once in a long while.

There was a time when I place more or less 6 bets in a single NBA game alone when I do live betting. I usually made tens of bets a day at that time. Add to this the deposit and withdrawal that one makes every now and then. Not to mention the fact that a lot are using several gambling sites, probably a couple for dice, another 3 for casino, 1 for poker, 2 more for sports betting, and so on.

Topic: Do I need to pay Tax on my Crypto Gambling Winnings? A guide - page 7. (Read 996 times)