Topic: Gambling winnings should NOT be taxed - page 2. (Read 823 times)

And those are the benefits of living outside U.S.A as a gambler where your gambling winning aren't been taxed. Because to me, it's kind of unfair that you will be taxed a certain percentage when you win in his country, but fails to compensate when loses while gambling, as the genuine people that ought to have been taxed are casinos operators or owners, since casinos are businesses which offers essential services with the aim of generating profits. However, base on the tax related issue in U.S, this is likely to be an advantage to Bitcoin, as due to the tax of been tax, many U.S citizens are likely to prefer Bitcoin casinos whose winning are always tax-free.

I have the same position. If winnings were taxed, I would definitely stop playing.

Agreeing with your opinion but the main problem is not all countries take gambling in good or easy way and there are also many misconceptions about gambling in many countries. That's is why you will see lots of country ban on gambling so you can't change the rules of those countries. So in case of Australia cannot be compare with USA and Usa rules are more complicated to pass any changes on their laws.

Completely agree with OP - it should be tax free but unfortunately for us it is not so because the state like to have a game with us and the name of this game is taxation. They are degenerative gamblers in this respect. Degenerative because instead of giving relief to people they make life harder. They are gambling with us.

What you wish for is not going to be possible because we have different individuals thinking differently in the corridor of power in different countries, this is why the tax laws and other laws are not the same. You have a point too, but your points do not particularly have to be that way. In every good environment, I do not see the reason why we should not pay tax on all our incomes, we often do not know the benefits of this, but if you are in a good country where the system is working, please, appreciate it and find all means to support the government and the fellow citizens, especially in the area of taxed.

I said that because I am in a country where the system is not working, we envy you guys. On our part, any reason for us not to even pay the tax will be so welcomed as our government can't account for anything but corruption.

Now, in a country where the government is not asking for a gambling tax, indirectly, you might still be paying it. This is because they tax the casinos/sportsbooks very much, and your losses are included, and since most people are losing, the government is not losing. Either they tax you or they tax the casino/sportsbook, they still have the money. But it is fair to only tax an individual with their gross profits, and not on the immediate ones. This means that if you had lost $100+$100+$100 initially and now gained $400 later, you should be taxed from the excess $100.

In fact, the tax that is usually charged is the gambling owner himself because we as players only play and enjoy gambling and we have also gone through many losses before winning so it is our right to receive 100% of our winnings without any tax deductions, but usually the gambling party It is they themselves who apply rules in their casinos regarding tax fees and so on if we win so that their burden of paying taxes to the government can be reduced and gamblers are forced to bear this even though the profits obtained by gamblers are not greater than their losses but why do they also have to bear the tax?

In my country, gambling winnings are not tax deducted, only a small fee is charged for withdrawals. Even though gambling in my country is actually illegal and may only be done in secret. For me, the person who is obliged to pay tax is the venue provider or casino owner himself, so as players we are not obliged to pay tax because even playing gambling is full of risk of loss.

Gambling is illegal in my country so there is no tax, and because so far I have never won a big amount so I don't know for sure how the gambler from my country who managed to win big how he handled the money, maybe he will still report it but don't say from gambling but it could be from business and so on.
There was talk of taxing the proceeds from gambling, but of course that would affect other regulations where gambling would no longer be illegal so that people would be able to gamble freely but must be prepared to be taxed on the proceeds of their gambling, but this has many contradictions so that gambling remains illegal in my country as far as this, who knows for the future when there is a change in leadership.

In my country it is taxable by 20% after meeting a certain range of winnings.  Once the threshold of Php10,000 ($169.88 as for today conversion rate) is exceeded[1], the winnings from gambling activity is then taxed.  Although the Philippine gaming regulator planned to remove the tax, there is no update yet about its progress.

Winnings in gambling activities is considered profit in my country reason for the tax but one shouldn't have to worry about it if in case the person's total gambling activities profit in a year are negative since we all know that profit is something that a person gained after deducting the funds and losses occurs in their year of gambling records.

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[1] https://www.ggrasia.com/pagcor-wants-end-to-tax-on-casino-winnings-report

Well I don't think I have heard about gambling winnings actually being task over here in my country although am too sound with the regulation about gambling winnings and casino but one thing I know is that I haven't come across a situation or complaint of someone actually being tasked when withdrawing Huge amount won from a Gambling site.

It's all relative.  If they don't tax gambling winnings then they are just going to tax something else.  In terms of whether or not I feel.like they should I actually do.  This is like the lottery, tax those things much harder than income taxes.  If hobby activity can be taxed to bring in money then they can offset hard income taxes which for people on the lower end of the financial spectrum means whether they can eat or not.  All for it.

Yes, there are taxes and the operator withholds and pays them himself. In the annual declaration, you can write only part of the net profit after taxes. I think that not taxing winnings will be a serious loophole for money laundering through, for example, fixed matches, for example, you can spend large sums. And so with The state has minimal control over the players.

Here in the country, as far as I know, there are taxes that are taken from gamblers when they withdraw a large amount when a casino is regulated by the government where it is located. But when it's tax-free, casinos like that are usually illegal, in my opinion.

But always, if we are the gambler or the player who won the jackpot in the casino, we don't want to be taxed. That's why we still have to follow because those are the rules of our government as long as we don't deduct too much.

Pretty sure the PH does? Just that I haven't really withdrawn any amount of money I've played with at all and at some point in general it goes to zero so I can't really consider any win of mine as taxable, I think. I guess initially, I've won and withdrawn some bits of money but I don't think it's even past the minimum amount taxable here lol.

And to add, even if the casinos tax you on your win would that apply on your country? Most crypto casino users are not from that casinos country of operation after all.

Gambling winnings are taxed in some countries. The taxes on these winnings are usually deducted by the gambling operators before payment is made to the winners. Nonetheless, it is still the responsibility of winners to report such winnings in their annual tax returns.

This is not the case in Australia; gambling winnings are seen as a hobby and therefore not taxed. I see your point: if winnings were taxed, it could deter people from gambling as they might perceive the risk not worthwhile due to sharing potential profits with the government.

There are different taxation systems for gambling winnings in various countries and that they can be an influence of a decision to gamble. Those who live in the states with a gambling winnings tax must know their responsibility to avoid any legal problems later on.

wow! This nice confirmation of gambling as a hobby. Because when I created the thread https://bitcointalksearch.org/topic/m.63932181 some people or gamblers disagree with me and I know that any all real gamblers will agree with me that gambling is a hobby.

You don't have to quit gambling because of the government tax indirectly collected from the casino company in your wins. And I believed it would not be a big amount. If you win $100 the tax might be $2 or less. So you don't have to quit because of that. My country is also tax free in gambling. And you know US government is very strict with it dealing and they use that taxes to develop the country but my country has nothing to offer to the citizens.

Definitely, and those casinos are getting money from us, not that they steal from us but the reality is most gamblers losses money so we are the source of income on that casinos. With that, it's a simple logic, when we are the source of income to them, that means we are spending money as our expenses, and no way these expenses are being taxed, unless the government wants to give us this burden that would result us to quit gambling. If that is their intention, then might as well ban gambling for good, so everyone will not benefit.

While that makes sense in our justification that if it's not guaranteed then it shouldn't be taxed. But you know these governments are going to take whatever they can take from us.

As long as it is a gain for us, then that means a gain for them too. Unless the winnings have been declared to be nontaxable or 100% tax free then that's much better.

I used to see lottery winnings that have been like that but for most typical casino games, they're not.

Yes, the casinos may pay taxes because they're a type of business and each business has to pay taxes in order to work in a jurisdiction.

But, there could be some illegal casinos who may not pay taxes to a government directly but may pay commission to corrupt administrative officials.

The end user doesn't have to pay any taxes in that case because he's not a part of that business but someone who just utilizes it for his/her fun.

Well, in my country, it is taxable. Quite high actually and the reason is because gambling is not really widely accepted here. The idea of registering a casino or lotteries perhaps has its consequences which has something to do with tax. Common I guess with most of the countries. And if you're a gambler then you will just comply than to not be able to play at all. Good thing that web 3 gambling was introduced to all of us wherein payments or transactions are being done through blockchain which helps to avoid taxes. Although we're paying services to the gambling provider but it's definitely a different thing than with taxation.

Bottomline is, you will have to follow these regulations especially if it is strictly being inplemented or find ways where you would be able to avoid taxation of your gambling winnings. Last option is to move to other country wherein you would be able to gamble freely.

If you are gambling in local casinos, the casinos operating are likely paying taxes, which means they are registered as a business and gambling is legal in your country. Taxing gamblers and taxing casinos are two different things. Only a few countries tax gamblers on their winnings, but all countries that have legalized gambling require the casinos to pay taxes.

I also live in a country where winnings from gambling are not taxed, or maybe it's not enforced, but I'm pretty much aware that the casinos operating here are paying the required taxes. Another thing to note is that if we are gambling online at casinos not operating in our jurisdiction, we can't be taxed on that either.