Sports winnings taxes - page 3. | Bitcointalksearch.org

wheelz1200

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Quote from: NAPK1NS_RA3 on April 11, 2024, 02:29:04 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?

From where I live you can't. That's like earning money and not paying income taxes. There are probably ways to do it but all of them are illegal. The only legal way probably to do it, is to move to a tax sheltered country (isle of man?) and then conduct business there within the guidelines of theor tax laws. Other than that shady dealings that involve skirting the tax law all of which I don't recommend. You won a ton, pay your dues and enjoy the winnings legally.

ajiz138

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One does P2P on individuals to avoid taxes but this is risky and rarely do people buy crypto in bulk.

When you want to sell your crypto and then want to convert to fiat then taxes will be unavoidable, so it is better to pay taxes for security than you want to avoid but it will be a problem someday because the bank will detect fiat coming into your bank.

I don't know what are the crypto tax regulations in your country? Is it a higher burden that you want to avoid?

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Quote from: btc_angela on April 11, 2024, 02:47:22 PM

Well depends on country that you are staying, If you are in the US then definitely you can to pay the government crypto taxes. But if you are not, then you have to contact your local IRS to see who taxes are being applied to crypto.

True. He may have to move to Puerto Rico or the UAE to avoid paying the government crypto taxes.

Quote from: Sunderland on April 11, 2024, 03:01:21 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.

Sunderland

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Quote from: NAPK1NS_RA3 on April 11, 2024, 02:29:04 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 is no other way than selling the coin to individuals, but this method is not safe and takes a lot of time with a nominal amount reaching 7 digits.
Its better to just follow the rules so you dont get into unexpected problems in the future.

Quote from: Oshosondy on April 11, 2024, 02:32:53 PM

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

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.

btc_angela

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Quote from: NAPK1NS_RA3 on April 11, 2024, 02:29:04 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 depends on country that you are staying, If you are in the US then definitely you can to pay the government crypto taxes. But if you are not, then you have to contact your local IRS to see who taxes are being applied to crypto.

So maybe if you let us know where you are, maybe someone can help you out as to how you will go about paying it in you country.

decodx

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Quote from: NAPK1NS_RA3 on April 11, 2024, 02:29:04 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?

Congratulations on your win! I know this ain't really about gambling, but still - you probably shouldn't try to completely avoid paying taxes. Selling that much crypto will likely mean you owe some capital gains tax. Your best move is to talk to an accountant who knows crypto and your local tax laws to legally reduce what you pay. They can walk you through reporting it and any potential exceptions you might qualify for.

I'd find someone soon as possible before the tax man comes knocking! But enjoy the winnings in the meantime! Just dont go too crazy splashing the cash, be smart with it and and definitely get professional advice so you don't end up in trouble down the road.

bitbollo

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First of all....Impressive amount. Congrats

this is a very good question. Where are you based, in which country?
Probably you should talk with a local tax advisor for a clear explanation.
Of course he need to be confident with crypto... I will made a verify also for local rules regarding gambling taxes.

However if you spend directly bitcoin ( please correct me if I am wrong) you don't need to pay any tax on this... but of course if you don't have a job and tomorrow you are driving a Ferrari it's clear that some local regulators could have a look on your "real" activities...

Quote from: Oshosondy on April 11, 2024, 02:32:53 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.

No, they are not paying anything. Also using decentralized exchanges could be a solution but If your bank account receive a massive amount, it's clear they can freeze your account, asking explanations, highlight the issue with local authority ....

Oshosondy

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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.

NAPK1NS_RA3

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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?

Topic: Sports winnings taxes - page 3. (Read 426 times)