Sports winnings taxes - page 2. | Bitcointalksearch.org

Crypt0Gore

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Quote from: NAPK1NS_RA3 on April 11, 2024, 03:29:04 PM

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

This fella isn't back to answer the questions that people need to give the best answers, like Where are you from OP? This is very important to know because you can be from a country that doesn't care about paying taxes on gambling, there aren't many countries that ask gamblers to pay taxes.

We don't pay taxes when we gamble in my country, but some other countries closest to our border do pay taxes, even on items they purchased online, but not here in my country.

So if you want the best guidelines you should reveal your country name, it is really a shame that the government want some cut from gamblers risked and win money, what will they do for gamblers when they lose money? I guess nothing, and this makes it so unfair.

Nwada001

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Quote from: Sunderland on April 11, 2024, 04:01:21 PM

Any government has never collected any taxes to the user through crypto casinos and I dont think its possible either because online casino customers come from all over the world.

It's true that online casino customers come from all over the world. It's also true that most of these online casinos also have regulatory bodies that they report to. Individuals might be taxed based on their country's tax law if it's required.

Even if you are able to escape it, there might come a time where you might have some financial issues with any local body, and the person will be asked the source of his funds. This could lead to those avoided gambling taxes, which he might still end up paying if the card is not played well.

shasan

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Quote from: Oshosondy on April 11, 2024, 03:32:53 PM

I thought the tax to be paid will be deducted by the gambling site or am I wrong?

Why not want to pay tax? It is better you pay your tax.

Some people are avoiding tax with decentralized exchanges and selling directly to someone.

Ta will be taken by the government of the Gambler country. So there is no way or reason to deduct taxes from the gambling site. The person wants to avoid tax as the person has to give a large number of money (taxes) to the government of his/her country.

@Op you can sell it locally in cash which may prevent you from paying taxes. I think as a citizen of the country you should provide taxes to your government.

Gozie51

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Quote from: NAPK1NS_RA3 on April 11, 2024, 03:29:04 PM

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

I guess you won big and trying to evade paying your percentage of tax to your country which is also a part of your contribution because of the amount of money to pay but that is not really proper. However, I think the way you can easily avoid that is through P2P. Selling to private persons is usually a way to conceal your transactions from third party to monitor what you have done and likewise government would not know except the casino is regulated by government agency directly where they can demand for winners periodically but if not that, you can sell to private people.

Ever-young

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Quote from: Assface16678 on April 12, 2024, 06:27:29 AM

Quote from: Ever-young on April 12, 2024, 06:13:43 AM

Quote from: NAPK1NS_RA3 on April 11, 2024, 03:29:04 PM

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

What's the point tryna evade taxation... 7 figures is a lot of money and even if you pay up your tax, you'll still have enough money to spend.
Rather than looking for ways to run away from paying your tax, it'll do you more good if you pay it up and enjoy what you've got left, that'll make it a lot more easier for you rather than going through the stress of tax evasion. I don't know the country you are but I know that governments in most countries don't take it lightly with citizens who deliberately refuse to pay taxes and start sorting for means to avoid taxation and even if you successfully evade taxation, most government will sort for other means to penalize and pin you down, especially when they realize how much money is involved.

Well, its because the amount of taxes to be paid is not a joke, meaning the taxes will be determined by the amount you will cash out, so the higher the amount of money you will cash out, the higher the tax to be paid also. But the thing is, if the OP will sell its funds into an exchange, I don't think there will be a tax, maybe a fee, in order to sell that huge amount of funds into a specific currency, so don't bother with the tax because there will be no such thing as that if you will use an exchange, for example, Binance. But of course, it will be very hard to sell or convert a very huge amount of funds at once, so maybe partition it, to also avoid suspicions from exchange owners or security. That's the beauty of using an exchange in order to sell your funds into another currency without worrying about taxes.

Well that could actually work. If he's determined to evade taxation then using an exchange would be a very nice option, but I'll advice that the OP chose a very trusted DEX rather than a CEX. DEXs are a lot more trustworthy when it comes to comes to funds of such magnitude. And you're also right about selling the whole amount all at once because that's a lot of money and selling or converting it all at once might raise suspicions. Even if the exchange itself doesn't raise a red flag, there could be serious concerns with banks or financial institutions handling the transaction.
But then again,, why don't you just leave the money in your wallet, it'll be alot more safer there than in the bank.

LUCKMCFLY

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One of the things that we all always emphasize is the problem that KYC causes, sKYC will always be a problem for everything, I don't know what benefits a KYC can have within a crypto casino, and this can chain the taxes that they have to pay in governments , that is one of the reasons why leaving KYC anywhere is dangerous, I have always been very against KYC in everything, not only in casinos, but also in Exchanges, that is why when I trade in very few cases I completed my KYC, because I want to avoid things like this, the truth is that it seems very unfair to me that to play in a casino, you also have to pay a separate tax to a sincere government, these things are not right, and if you enter the casino and they charge you part of the tax, it is worse.

Helena Yu

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First, did you gamble on a casino that you previously had submitted your KYC, if yes, then I can't answer. The casino own your ID card and they can report it to authority whenever your government ask it, so probably you need to wait until the casino has been closed.

If you didn't submit your KYC, then you can play by claiming the money you earn from "other thing" or you make it from "safe haven country" (but you need to show some proof, like live on there).

dimonstration

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Quote from: NAPK1NS_RA3 on April 11, 2024, 03:29:04 PM

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

There’s no way to dodge taxes if you will use online services. If I’m on your situation, You should find a local P2P exchanger that can purchase your crypto in exchange for a cold cash.

It depends on your country but you can find a platform that has an OTC feature to sell your crypto. Avoiding the banks or any online transaction is the only thing you need to avoid if you want to dodge taxes. Your only problem is once an audit comes while you purchase things that is already above your total income while your bank statement doesn’t match. Cheesy

FortuneFollower

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Quote from: NAPK1NS_RA3 on April 11, 2024, 03:29:04 PM

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

Selling cryptocurrency and avoiding taxes isnt recommended or legal. In most countries, profits from betting that are converted into cryptocurrency still count as taxable income. The best approach would be to consult with a tax professional who specializes in cryptocurrency transactions. They can provide you with the correct guidance on reporting your income and ensuring you comply with tax regulations, which can vary significantly depending on where you live.

angrybirdy

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Quote from: NAPK1NS_RA3 on April 11, 2024, 03:29:04 PM

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

Wow! that's a huge prize, congrats on your winning! Very lucky. Regarding to your question, It depends where country are you came from? I think there's a country who didn't collected any crypto winning taxes but just to make it clear, you can alao ask your local IRS to inquire about this. Having that 7 figures winning amount, I think It's better for you to report it and to pay your taxes in the most legal way so you can enjoy your winnings freely without doing tax evasion. Afterall, it's a money came from your betting prize, The tax you will pay is a meager amount for the amount of money you earned from gambling.

Assface16678

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Quote from: Ever-young on April 12, 2024, 06:13:43 AM

Quote from: NAPK1NS_RA3 on April 11, 2024, 03:29:04 PM

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

What's the point tryna evade taxation... 7 figures is a lot of money and even if you pay up your tax, you'll still have enough money to spend.
Rather than looking for ways to run away from paying your tax, it'll do you more good if you pay it up and enjoy what you've got left, that'll make it a lot more easier for you rather than going through the stress of tax evasion. I don't know the country you are but I know that governments in most countries don't take it lightly with citizens who deliberately refuse to pay taxes and start sorting for means to avoid taxation and even if you successfully evade taxation, most government will sort for other means to penalize and pin you down, especially when they realize how much money is involved.

Well, its because the amount of taxes to be paid is not a joke, meaning the taxes will be determined by the amount you will cash out, so the higher the amount of money you will cash out, the higher the tax to be paid also. But the thing is, if the OP will sell its funds into an exchange, I don't think there will be a tax, maybe a fee, in order to sell that huge amount of funds into a specific currency, so don't bother with the tax because there will be no such thing as that if you will use an exchange, for example, Binance. But of course, it will be very hard to sell or convert a very huge amount of funds at once, so maybe partition it, to also avoid suspicions from exchange owners or security. That's the beauty of using an exchange in order to sell your funds into another currency without worrying about taxes.

Ever-young

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Quote from: NAPK1NS_RA3 on April 11, 2024, 03:29:04 PM

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

What's the point tryna evade taxation... 7 figures is a lot of money and even if you pay up your tax, you'll still have enough money to spend.
Rather than looking for ways to run away from paying your tax, it'll do you more good if you pay it up and enjoy what you've got left, that'll make it a lot more easier for you rather than going through the stress of tax evasion. I don't know the country you are but I know that governments in most countries don't take it lightly with citizens who deliberately refuse to pay taxes and start sorting for means to avoid taxation and even if you successfully evade taxation, most government will sort for other means to penalize and pin you down, especially when they realize how much money is involved.

Kavelj22

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Quote from: bitbollo on April 11, 2024, 06:08:31 PM

Quote from: Sunderland on April 11, 2024, 04:01:21 PM

...
Any government has never collected any taxes to the user through crypto casinos and I dont think its possible either because online casino customers come from all over the world.

Not directly. But from an huge amount like this, it's really hard to hide this amount.
Unless the user is going to live in a standard way and maybe spend some cash abroad.
I would have a look with some LOCAL tax advisor. Probably (but depends from country) best option is just made a cash out and paying this tax.
Fraud with tax in some country can lead to prison etc etc.... I will strictly follow the local law ....

This is civilized behavior, to follow the laws and pay your taxes, but I assure you that no one will hesitate to use a guaranteed method to avoid paying taxes to the state. Especially since these solutions exist and are usually used by those who receive small amounts and avoid losing them in the form of taxes. Large amounts can also be split and sold directly as crypto on the black market. In this way, the person will avoid accountability for his activities from the authorities, will not have to pay taxes or bank transfer fees, and will sell the money at the black market price, which is more than the trading price. Don't you think these are not enough temptations for anyone to think about cheating the system?

bitbollo

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Quote from: Sunderland on April 11, 2024, 04:01:21 PM

...
Any government has never collected any taxes to the user through crypto casinos and I dont think its possible either because online casino customers come from all over the world.

Not directly. But from an huge amount like this, it's really hard to hide this amount.
Unless the user is going to live in a standard way and maybe spend some cash abroad.
I would have a look with some LOCAL tax advisor. Probably (but depends from country) best option is just made a cash out and paying this tax.
Fraud with tax in some country can lead to prison etc etc.... I will strictly follow the local law ....

notblox1

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Quote from: NAPK1NS_RA3 on April 11, 2024, 03:29:04 PM

Hi I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

This is going to be hard to avoid if you performed any kyc verification on that casino, they can always send personal information to your tax authority in future.
If you sell coins and withdraw money to your bank account you will again trigger alert of tax authority.
You dont have to pay taxes if coins dont move from your wallet and if you lose them in some boating accident Wink

JunaidAzizi

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Quote from: NAPK1NS_RA3 on April 11, 2024, 03:29:04 PM

Hi, I won 7 figures on soccer betting over the last few months and withdrew the crypto to my cold wallet, how can I sell this crypto and avoid paying taxes?

Well the first thing I wanna talk about is taxes why you are not Welling to pay taxes. The money you give to the government is returned to us in the shape of convenience for us. The second thing is that if you are not paying taxes you will be shortlisted and face many legal issues. After withdrawing from the exchange you will not pay any taxes because I think that the exchange may already cut the taxes from your payment. But before taking any decisions please proceed to the local government so that they can easily understand you and inform you to give the Tex or not.

livingfree

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OP didn't mentioned where he is from and that's the first question he should answer for us to give some idea to him on how it should go with his taxation.

If you've got to evade taxes OP, it could be a criminal offense in your country and you might be charged more than the tax that you're going to pay.

Anyway, we all congratulate you for winning that million bucks of win with a lot of soccer games.

acroman08

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Sorry this might be off-topic but I've heard that western and European countries insanely tax their citizen, so I am curious, how much does your government tax their citizen's capital gains that you want to find a way to sell your crypto without paying taxes?

anyway, congratulation to your win and it looks like you were finally able to achieve your $1M dream

alani123

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You can buy a Saint Kitts passport for 60k USD. Is it worth over just paying your taxes? You would also have to renounce your citizenship and additionally file lot of paperwork with an overseas bank to be able to cash out your money without being legally liable to any tax at all.

We'll see, taxes are the price you pay if you like the country you stay at. Usually gambling profits are around 15%. You can just pay it and not have to worry about it ever again. It's really not an exorbitant amount.

Stalker22

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Quote from: Davidvictorson on April 11, 2024, 04:08:27 PM

Quote from: Sunderland on April 11, 2024, 04:01:21 PM

Any government has never collected any taxes to the user through crypto casinos and I dont think its possible either because online casino customers come from all over the world.

Yes, it is not possible. Taxes can only be collected via KYC required centralized exchanges like Coinbase.

No. The tax man dos not take a cut from crypto casinos or centralized exchanges. Thats on you, bud and gotta report those sweet gains you scored at the sports betting just like it was poker winnings. IRS is wising up to this crypto stuff, so dont think you can pull a fast one. Theyll catch up eventually. Better to play it safe and pay Uncle Sam his fair share, even if it dos not seem fair to us. Who wants an audit anyhow? Do it clean file those forms, sleep easy.

Topic: Sports winnings taxes - page 2. (Read 326 times)