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Title: Gambling Tax on bitcoins in CAN Post by: moneyboss on October 29, 2013, 05:00:46 PM What are the rules do i have to pay tax if gambling with bitcoins??
i am not sure. can anyone help? thank you. ??? Title: Re: Gambling Tax on bitcoins in CAN Post by: TerryCoin on October 29, 2013, 05:22:45 PM In general, if you owe taxes on gambling winnings in CAD, you probably 'technically' owe them in bitcoin. With that being said, nobody knows about your gambling winnings (except the site you're gambling on) until you move that money to fiat currency.
Title: Re: Gambling Tax on bitcoins in CAN Post by: moneyboss on October 29, 2013, 05:31:26 PM but if you live in can you dont have to pay taxes if your gambling in fiat
Title: Re: Gambling Tax on bitcoins in CAN Post by: moneyboss on October 29, 2013, 05:45:07 PM Can this thread be moved to LEGAL SECTION
thank you Title: Re: Gambling Tax on bitcoins in CAN Post by: DannyHamilton on October 29, 2013, 05:50:54 PM Can this thread be moved to LEGAL SECTION thank you It's your thread. Go ahead and move it yourself. Title: Re: Gambling Tax on bitcoins in CAN Post by: moneyboss on October 29, 2013, 05:57:15 PM how?
Title: Re: Gambling Tax on bitcoins in CAN Post by: vendetahome on October 29, 2013, 06:05:28 PM but if you live in can you dont have to pay taxes if your gambling in fiat You have to pay income tax if you exchange BTC to fiat. Obviously you can deduct the amount of fiat exchanged to BTC, so you pay tax from fiat profit Title: Re: Gambling Tax on bitcoins in CAN Post by: MAbtc on October 29, 2013, 06:14:41 PM I remember as of a few years ago, there was no income tax for amateur gamblers, right? Should probably consult a tax professional. But my logic tells me -- no tax on winnings, but there is tax on the capital gains while holding your coins. No idea, though -- not advising anyone.
Title: Re: Gambling Tax on bitcoins in CAN Post by: moneyboss on October 29, 2013, 06:18:46 PM What if you get your btc from faucets, and turn that into 1 btc by gambling, you didnt pay for your bitcoins.
Title: Re: Gambling Tax on bitcoins in CAN Post by: BitcoinBarrel on October 29, 2013, 06:21:34 PM From what I understand there is no tax on Gambling winnings in Canada unless you are a professional/business.
More info: http://pokerati.com/2011/04/taxation-of-gambling-winnings-in-canada/ Title: Re: Gambling Tax on bitcoins in CAN Post by: Open4lies on October 29, 2013, 06:34:46 PM From what I understand there is no tax on Gambling winnings in Canada unless you are a professional/business. More info: http://pokerati.com/2011/04/taxation-of-gambling-winnings-in-canada/ But doesnt it apply only if wagering where the casino/sportsbetting have Canadian Gambling licence ? Title: Re: Gambling Tax on bitcoins in CAN Post by: DannyHamilton on October 29, 2013, 06:39:01 PM how? Scroll all the way down to the bottom of the page, look in the lower left corner. There should be a "move topic" link. Title: Re: Gambling Tax on bitcoins in CAN Post by: moneyboss on October 29, 2013, 06:45:35 PM okay i found it, you can wager offshore without paying tax as well.
Title: Re: Gambling Tax on bitcoins in CAN Post by: RichardForsyth on October 29, 2013, 08:05:53 PM but if you live in can you dont have to pay taxes if your gambling in fiat You have to pay income tax if you exchange BTC to fiat. Obviously you can deduct the amount of fiat exchanged to BTC, so you pay tax from fiat profit vendetahome gave the definitive answer for this thread for now. Until CAD and other governments start taking bitcoin for the payment of debts, they'll be treated like securities--not taxable until liquidated. This is not going to happen for a long time, unless international financial markets crash big time. Title: Re: Gambling Tax on bitcoins in CAN Post by: moneyboss on October 29, 2013, 08:32:20 PM so what if i get BTC from faucets, gamble to 1 btc and exchange for goods and services.
Do i pay tax Title: Re: Gambling Tax on bitcoins in CAN Post by: monbux on October 29, 2013, 08:48:53 PM okay i found it, you can wager offshore without paying tax as well. Well I'm pretty sure it's only the people with an official license that have to pay the taxes. I'm not sure about the gamblers, I doubt they would pay if they could get away with it. Quote so what if i get BTC from faucets, gamble to 1 btc and exchange for goods and services. Not unless you want to, that's my opinion. It's not like they'll search every BTC address.Do i pay tax Title: Re: Gambling Tax on bitcoins in CAN Post by: DannyHamilton on October 29, 2013, 08:51:08 PM Quote so what if i get BTC from faucets, gamble to 1 btc and exchange for goods and services. Not unless you want to, that's my opinion. It's not like they'll search every BTC address.Do i pay tax I don't think he's asking what he can get away with doing without getting caught. I think he's asking what the requirements of the law are. |