Dude, who in his right mind would be honest enough to declare anonimous gambling winnings to government? xD
Anyway, if you want to be THAT honest, if I remember well you don't have specific taxes for online gambling.
Furthermore, you should also know that you have to notice every currency change you're making... I think there is a tax applying here. Something you should pay everytime you sell your btc for dollars...
Topic: U.S. Taxes on Bitcoin Gambling - page 3. (Read 1925 times)
By the way, Do you have a link stating this current rule for U.S ?
"Honesty is the best policy" is an old saying.
In most cases you can subtract your losses from your winnings for tax purposes.
Here are 2 good articles on taxes on Bitcoin:
https://bitcoin.tax/blog/filing-your-bitcoin-taxes/
https://www.thebalance.com/how-bitcoins-are-taxed-3192871
Most if not all bitcoin casinos are prohibited to offer their services to any residence in the united states.
If you have an ip address from that country they tell you this when you access the sites.
Even CB if you check.
I dont know this thing kind of thing which most of us residents or people are really being restricted on these things i could say that they have really a strict implementation which impose laws regarding on taxation and other stuffs.Sad to hear on this one hope this wont happen on my country. If you have an ip address from that country they tell you this when you access the sites.
Even CB if you check.
Most if not all bitcoin casinos are prohibited to offer their services to any residence in the united states.
If you have an ip address from that country they tell you this when you access the sites.
Even CB if you check.
If you have an ip address from that country they tell you this when you access the sites.
Even CB if you check.
I have yet to find a Bitcoin Sportsbook or Casino that blocks U.S. residents. Maybe if they are registered in Europe, but not Offshore ones.
Most if not all bitcoin casinos are prohibited to offer their services to any residence in the united states.
If you have an ip address from that country they tell you this when you access the sites.
Even CB if you check.
If you have an ip address from that country they tell you this when you access the sites.
Even CB if you check.
Of course that is the process of declaring tax. You do subtract the losses, expenses and other things to the winnings/income then declare what is left. The problem I see is that they are not really registering their gambling site to the IRS and hence they do not get checked. This is why we don't see any disclosure regarding this in any gambling site.
But now, if you are gambling in Bitcoin, in addition to reporting your net income from gambling, after EVERY wager, you also have to record it as Bitcoin "Buy" if you win or a Bitcoin "Sell" if you lose and figure out the capital gain of loss that resulted. After EVERY wager?!
By the way, Do you have a link stating this current rule for U.S ?
"Honesty is the best policy" is an old saying.
In most cases you can subtract your losses from your winnings for tax purposes.
Here are 2 good articles on taxes on Bitcoin:
https://bitcoin.tax/blog/filing-your-bitcoin-taxes/
https://www.thebalance.com/how-bitcoins-are-taxed-3192871
Of course that is the process of declaring tax. You do subtract the losses, expenses and other things to the winnings/income then declare what is left. The problem I see is that they are not really registering their gambling site to the IRS and hence they do not get checked. This is why we don't see any disclosure regarding this in any gambling site.
By the way, Do you have a link stating this current rule for U.S ?
"Honesty is the best policy" is an old saying.
In most cases you can subtract your losses from your winnings for tax purposes.
Here are 2 good articles on taxes on Bitcoin:
https://bitcoin.tax/blog/filing-your-bitcoin-taxes/
https://www.thebalance.com/how-bitcoins-are-taxed-3192871
I guess it is the duty of the gambling site to register their business and withhold tax from their clients on the winning bet.
The withholding agent (gambling house) then will do their responsibility to remit the tax collected and you are free from any tax liabilities. Just my opinion but as I say, you have to review the details of the law.
The withholding agent (gambling house) then will do their responsibility to remit the tax collected and you are free from any tax liabilities. Just my opinion but as I say, you have to review the details of the law.
That's not going to happen in the U.S. as the gambling sites are not registered and do not comply or withhold tax. Thta's up to us to keep track of our wins and losses and declare our income.
My concern is more with the tacking of Bitcoin buys and sells when you win and lose at a Bitcoin Sportsbook. Technically, it sounds like I would have to report a Bitcoin "trade" every time I placed a bet in addition to tracking the gambling wins and losses!
Anyone have any experience with this?
Most probably just don't claim their gambling activity on their taxes and in reality not many have much in the way of winnings to report.
Bitcoin gambling is tax free as one can register anonymously in any bitcoin site and transfer their earning to their wallets and government cannot trace it.
But then if there is a rule, it must be follow. Rules are made for our benefit and also honesty is something which comes from inside. People should be honest even if they have a chance to fool the government and not declare their bitcoin gambling income.
I dont think anyone is that much honest to support the government and not himself. Does Government give some amount if you lose in gambling ? No, Never. Then why they need our money when we win ?
By the way, Do you have a link stating this current rule for U.S ?
I guess it is the duty of the gambling site to register their business and withhold tax from their clients on the winning bet.
The withholding agent (gambling house) then will do their responsibility to remit the tax collected and you are free from any tax liabilities. Just my opinion but as I say, you have to review the details of the law.
The withholding agent (gambling house) then will do their responsibility to remit the tax collected and you are free from any tax liabilities. Just my opinion but as I say, you have to review the details of the law.
That's not going to happen in the U.S. as the gambling sites are not registered and do not comply or withhold tax. Thta's up to us to keep track of our wins and losses and declare our income.
My concern is more with the tacking of Bitcoin buys and sells when you win and lose at a Bitcoin Sportsbook. Technically, it sounds like I would have to report a Bitcoin "trade" every time I placed a bet in addition to tracking the gambling wins and losses!
Anyone have any experience with this?
Most probably just don't claim their gambling activity on their taxes and in reality not many have much in the way of winnings to report.
Bitcoin gambling is tax free as one can register anonymously in any bitcoin site and transfer their earning to their wallets and government cannot trace it.
But then if there is a rule, it must be follow. Rules are made for our benefit and also honesty is something which comes from inside. People should be honest even if they have a chance to fool the government and not declare their bitcoin gambling income.
I guess it is the duty of the gambling site to register their business and withhold tax from their clients on the winning bet.
The withholding agent (gambling house) then will do their responsibility to remit the tax collected and you are free from any tax liabilities. Just my opinion but as I say, you have to review the details of the law.
The withholding agent (gambling house) then will do their responsibility to remit the tax collected and you are free from any tax liabilities. Just my opinion but as I say, you have to review the details of the law.
That's not going to happen in the U.S. as the gambling sites are not registered and do not comply or withhold tax. Thta's up to us to keep track of our wins and losses and declare our income.
My concern is more with the tacking of Bitcoin buys and sells when you win and lose at a Bitcoin Sportsbook. Technically, it sounds like I would have to report a Bitcoin "trade" every time I placed a bet in addition to tracking the gambling wins and losses!
Anyone have any experience with this?
Most probably just don't claim their gambling activity on their taxes and in reality not many have much in the way of winnings to report.
I agree, this is the case for most online gambling sites. They will most likely not declare they are even operating and for sure they are not paying taxes as they don't even declare it. If the IRS does not know they are operating then no one will be taxed, unless there would be thorough investigation on the people that operate it will be conducted.
As far as I know, in the US you don't have to get anything taxed if you are not making at least above minimum wage.
I wouldn't bother to even check how it works unless I was making above minimum wage.
Just keep making gains and when you make above minimum wage just the gov webpage or just keep storing it in bitcoin and don't cash out, put them in cold storage for 10 years and you will be rich.
I wouldn't bother to even check how it works unless I was making above minimum wage.
Just keep making gains and when you make above minimum wage just the gov webpage or just keep storing it in bitcoin and don't cash out, put them in cold storage for 10 years and you will be rich.
I guess it is the duty of the gambling site to register their business and withhold tax from their clients on the winning bet.
The withholding agent (gambling house) then will do their responsibility to remit the tax collected and you are free from any tax liabilities. Just my opinion but as I say, you have to review the details of the law.
The withholding agent (gambling house) then will do their responsibility to remit the tax collected and you are free from any tax liabilities. Just my opinion but as I say, you have to review the details of the law.
That's not going to happen in the U.S. as the gambling sites are not registered and do not comply or withhold tax. Thta's up to us to keep track of our wins and losses and declare our income.
My concern is more with the tacking of Bitcoin buys and sells when you win and lose at a Bitcoin Sportsbook. Technically, it sounds like I would have to report a Bitcoin "trade" every time I placed a bet in addition to tracking the gambling wins and losses!
Anyone have any experience with this?
Most probably just don't claim their gambling activity on their taxes and in reality not many have much in the way of winnings to report.
At this point of time, I guess it is better to revisit the law if there's any that has already been circulated. I am not from US and in our country bitcoin transaction is not taxable yet. From what I understand, if gambling activities is already taxable.
I guess it is the duty of the gambling site to register their business and withhold tax from their clients on the winning bet.
The withholding agent (gambling house) then will do their responsibility to remit the tax collected and you are free from any tax liabilities. Just my opinion but as I say, you have to review the details of the law.
I guess it is the duty of the gambling site to register their business and withhold tax from their clients on the winning bet.
The withholding agent (gambling house) then will do their responsibility to remit the tax collected and you are free from any tax liabilities. Just my opinion but as I say, you have to review the details of the law.
If you are gambling at a Bitcoin Sportsbook, and want to keep it honest and report it, it can be very difficult to track not only your wins and losses, but also your Bitcoin transactions and capital gains and losses.
The way I understand it, if you buy and then sell or spend Bitcoin, it is considered a taxable event and is to be treated like you bought and sold a stock. You have to keep track of your buy price and your sell price and report it like a stock trade.
Does this mean that when you win a wager, you have "bought" some Bitcoin at the current price?
And if you lose a wager, it is as if you "sold" some Bitcoin at the current price?
If so, it could be very difficult and confusing to track all of your buys and sells, as you have to decide which Bitcoin you "sold" when you lost a wager. It gets crazy when it is fractions of Bitcoins that you have to figure out that you lost or "sold" at a certain price and then decide what price did you win or "buy" them at.
For example, you may have lost or "sold" .25 BTC when BTC was at $1,000, but you then have to choose which BTC and what "buy" price you have lost, or "sold." It may be .10 BTC that you have left from a win or "buy" when BTC was at $900, .05 BTC that you have left from a win or "buy" when BTC was at $800, and .10 BTC that you have left from a win or "buy" when BTC was at $700.
You have to keep track of all your different BTC wins or "buys" and at what BTC price, and then choose which ones to "sell" off when you lose a wager.
If you do a lot of wagering, this could get crazy.
Is this right?
The way I understand it, if you buy and then sell or spend Bitcoin, it is considered a taxable event and is to be treated like you bought and sold a stock. You have to keep track of your buy price and your sell price and report it like a stock trade.
Does this mean that when you win a wager, you have "bought" some Bitcoin at the current price?
And if you lose a wager, it is as if you "sold" some Bitcoin at the current price?
If so, it could be very difficult and confusing to track all of your buys and sells, as you have to decide which Bitcoin you "sold" when you lost a wager. It gets crazy when it is fractions of Bitcoins that you have to figure out that you lost or "sold" at a certain price and then decide what price did you win or "buy" them at.
For example, you may have lost or "sold" .25 BTC when BTC was at $1,000, but you then have to choose which BTC and what "buy" price you have lost, or "sold." It may be .10 BTC that you have left from a win or "buy" when BTC was at $900, .05 BTC that you have left from a win or "buy" when BTC was at $800, and .10 BTC that you have left from a win or "buy" when BTC was at $700.
You have to keep track of all your different BTC wins or "buys" and at what BTC price, and then choose which ones to "sell" off when you lose a wager.
If you do a lot of wagering, this could get crazy.
Is this right?
Jump to: