I don't know who is the real author. One user has stated about bitedge as the true author, because the article is published in his own blog. Anyhow thats secondary, the article gives a good briefing in a simple way about the taxes on cryptocurrency used gambling.
In US it is possible to collect taxes using the social security number, but this isn't possible with every country. Maybe they have got different processes similar to this, because it is quite easy to hide the winnings or losses from the authorities when played with cryptocurrency.
Topic: Do I need to pay Tax on my Crypto Gambling Winnings? A guide - page 8. (Read 996 times)
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.
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.
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.
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.
Since most cryptocurrency gambling platform are licensed it require some level of regulations which tax is among. But this laws differs from country to country.
Those gambling site will be the one to pay taxes for you, and they calculate it automatically so no need to file manually if you have winnings on any crypto gambling site. Many didn’t bother to look for how much taxes they’ll pay if they won, because its totally automatic and it will be deducted once you withdraw your funds.Though, I think some country are requiring their citizens to declare their income from any market so I think if you’re honest enough and don’t want to experience any problem, you have the option to declare your profit in gambling or not at all.
~snip~
Haha. Interesting note. It's not like a guy wants to get merit for someone else's work)
It seems to me that 99% of gamblers in whose countries winnings in casinos are taxed try to avoid paying them simply because cryptocurrency withdrawals from casinos are hard enough to track. As we know, some supporters of anonymity even use online casinos as a mixer.
Could have been a good source of reference almost gave OP merit for a very good article, glad that I scroll down and just saw that he is busted, OP should prove why claiming something he doesn't own, and if he is the alt of the original creator then he better clarify it,
On the subject, our government has not yet place rules and regulations on how to proceed in paying taxes to our winning in gambling, maybe because they have not yet tap the potential source of funds in this industry.
I think those gambling sites are needed to pay the taxes not the players because in the first place they get a lot of profit from the players so even they millions of dollars as taxes it is very little percentage compared to their money they get. But in the some gambling games once you are winning on the games they deducted a tax to the player which is very unfair.
Here on my country, when i do win some serious amount then im not really paying up tax at all because those winnings would be converted to fiat
but not directly going into my bank account but rather those are converted first on a local wallet which would be next to be cashout on other
various ways or mediums that you do prefer which simply wont really be asking out some tax on their part but i do believe that sooner
or later those platforms that ive been using will surely be regulated and will be imposing those kind of reductions.
but not directly going into my bank account but rather those are converted first on a local wallet which would be next to be cashout on other
various ways or mediums that you do prefer which simply wont really be asking out some tax on their part but i do believe that sooner
or later those platforms that ive been using will surely be regulated and will be imposing those kind of reductions.
Taxation is differs from country to country, in our country I believe in general rule you have to pay taxes for your earning, however, if you can hide your crypto transaction (whatever it is) you can choose not to pay taxes. Maybe there's a risk and it could be serious if I get caught, but I'm so confident that I will enjoy gambling using crypto and just bag may winning free from taxes.
Most countries like US and UE maybe are strict with their crypto tax implementation, particularly in gambling.
Anyway get an accountant if one has trouble calculating his tax due, penalty is huge for not declaring the correct amount, whether it's an honest mistake.
Most countries like US and UE maybe are strict with their crypto tax implementation, particularly in gambling.
Anyway get an accountant if one has trouble calculating his tax due, penalty is huge for not declaring the correct amount, whether it's an honest mistake.
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.
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.
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.
~snip~
Haha. Interesting note. It's not like a guy wants to get merit for someone else's work)
It seems to me that 99% of gamblers in whose countries winnings in casinos are taxed try to avoid paying them simply because cryptocurrency withdrawals from casinos are hard enough to track. As we know, some supporters of anonymity even use online casinos as a mixer.
A common question that I see asked is "do I need to pay tax on my crypto gambling winnings?".
I don't know why such a question is asked in first place because winning money from lotteries or gambling is the same, either you win via fiat casinos or you win them through crypto casinos. It shouldn't change much and frankly speaking, hardly 10% of the players are paying taxes I believe who are playing at crypto casinos because otherwise they would be playing and enjoying at a fiat casino that offers larger benefits but requires KYC.Good article nonetheless though and I think it might help some users who want to pay taxes on their crypto winnings.
Did you know there's already a user here call "BitEdge" who's profile has links to that site already?
Good catch but I guess OP might just be an author on the site because I have myself worked on a few sites as an author. Just my assumption. 
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:
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?
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!
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