Oshosondy (OP)
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June 16, 2021, 08:59:10 AM |
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I have idea about how cryptocurrencies are taxed by the governments, but I just want to be sure if it is the same as how gamblers are taxed. Normally, the gambling industry will never go broke and they are growing daily and able to pay the tax imposed on them by the government, but what about gamblers. In crypto, capital losses are not taxied, is this applicable to gamblers too?
I am from a country gambling is not taxed which makes me not to know about the taxing, assuming if I have lose $500, and the gambling tax is 10%. If later I used $50 to win $5050, which means my gain is $5000, while the 10% tax is $500 from the $5000 gain. Will I be taxed, or will it be used as the capital loss just like in crypto?
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Kittygalore
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June 16, 2021, 09:08:05 AM |
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I think it depends on the country and how they tax businesses, gambling has a different kind of taxing in my country compared to a normal business. Also, if you are winning I think that there's a minimum amount of money that isn't taxed in any way, say your country don't tax up to 10k USD then probably you won't have to worry about taxation.
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Ucy
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June 16, 2021, 09:28:07 AM |
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Would it be proper to tax gamblers, particularly people who take big risk in betting? I would have no problem taxing responsible bettors, but gambler... I really don't think so. Government should discourage people from gambling rather than taxing it. Doesn't sound responsible to tax people who gamble(or take big risk with their money). It's more like taxing cigarettes or even junk foods, and that seems like society is benefitting at the expense of others.
It OK to tax Responsible Bettors though.
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Zilon
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June 16, 2021, 09:42:13 AM |
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Not all countries tax gamblers and a whole lot don't have a central regulatory body that accesses what goes on within the gambling sector. For developed countries with mordernised technology gambling is been taxed based on gains and on the basis of been a professional gambler or having gambling as a hubby. I think no government would tax it's citizens based on losses I cured
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Taskford
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June 16, 2021, 09:43:53 AM |
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I have idea about how cryptocurrencies are taxed by the governments, but I just want to be sure if it is the same as how gamblers are taxed. Normally, the gambling industry will never go broke and they are growing daily and able to pay the tax imposed on them by the government, but what about gamblers. In crypto, capital losses are not taxied, is this applicable to gamblers too?
I am from a country gambling is not taxed which makes me not to know about the taxing, assuming if I have lose $500, and the gambling tax is 10%. If later I used $50 to win $5050, which means my gain is $5000, while the 10% tax is $500 from the $5000 gain. Will I be taxed, or will it be used as the capital loss just like in crypto?
I also don't know how casino been taxed by the government in some parts of the world but this article gives us little hint about how tax executed on their platform https://www.casino.org/blog/comparing-gambling-taxes-around-the-world/Also the only one can clearly answer this is the casino owners but I'm sure they are silent about this topic and doesn't want to disclose the figures on how much they pay.
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Oshosondy (OP)
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June 16, 2021, 10:07:38 AM |
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...I would have no problem taxing responsible bettors, but gambler... I really don't think so.
It OK to tax Responsible Bettors though.
What do you understand as bettors? Gamblers are bettors, the two are synonyms. Also no government will encourage gambling, it is gambling companies that do advertise it while government are gaining from it through taxing which will not make them discourage it, but they are not encouraging it. What I just see most about this is that government should only tax the gambling companies not the gamblers. Or the gamblers capital losses should first be deducted from the gain and should not count as part of the taxing.
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BTCLiz
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June 16, 2021, 10:26:51 AM |
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In Germany there will come a new law making many online-gambling-providers legal in Germany. Also included there is a new tax. As far as I am informed a tax of 7% is claimed by the authority from every bet you make e.g. in a poker cash game. This would be the end for many providers especially poker.
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peter0425
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June 16, 2021, 10:50:52 AM |
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I have idea about how cryptocurrencies are taxed by the governments, but I just want to be sure if it is the same as how gamblers are taxed. Normally, the gambling industry will never go broke and they are growing daily and able to pay the tax imposed on them by the government, but what about gamblers. In crypto, capital losses are not taxied, is this applicable to gamblers too?
I am from a country gambling is not taxed which makes me not to know about the taxing, assuming if I have lose $500, and the gambling tax is 10%. If later I used $50 to win $5050, which means my gain is $5000, while the 10% tax is $500 from the $5000 gain. Will I be taxed, or will it be used as the capital loss just like in crypto?
Best to check this thread mate https://bitcointalk.org/index.php?topic=5343885.0this tackles about gambling taxation in the future. In Germany there will come a new law making many online-gambling-providers legal in Germany. Also included there is a new tax. As far as I am informed a tax of 7% is claimed by the authority from every bet you make e.g. in a poker cash game. This would be the end for many providers especially poker.
i believe that OP is talking not only about online gambling but the whole like offline also.
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Slow death
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June 16, 2021, 12:35:54 PM |
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in my country if i'm not wrong the government charges 17% for offline gambling and for online gambling. when I make a bet and win I get 17% deducted... Is a very high value in my opinion since I don't even see anything being developed in my country, to make matters worse Is that my country's government charges a very high fine in case of any disrespect the casinos do. strange Is that they still haven't started charging fees for exchanges and I'm wondering how they charge fees for exchanges? I know it's Off-topic but I have this curiosity i believe that OP is talking not only about online gambling but the whole like offline also. that's what he wants to know, maybe OP enters offline casinos ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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AicecreaME
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June 16, 2021, 12:53:01 PM |
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In our country, online gambling sabong (cock fighting) is considered to be taxed in the future because of its great revenue, instead of being shut down by the Philippine Government, they decided to put a tax on it instead, however, there's not specific date yet about this, so for now, online gambling (using Philippine Peso) is not yet being regulated as well as online gambling sites that uses cryptocurrency.
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michellee
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June 16, 2021, 12:57:29 PM |
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It will depend on the government as if you live in the country, prohibit gambling, and play online gambling, no matter whether you lose or win, you will not get the tax. Maybe the losing gambler will not get tax because they already lose their money, but they can get tax for the winner depending on how much they're winning.
I do not know how the tax will apply to the gambler as I do not pay any taxes because of playing gambling. For the right answer, you can visit your local authorities to get more information.
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zanezane
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June 16, 2021, 01:04:38 PM |
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Check how much money you can deposit in a bank without having to file your taxes, mostly that's closest to what money you can hold before they tax you and I think gambling is also included in it.
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Hypnosis00
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June 16, 2021, 01:20:56 PM |
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It depends on the regulation of your country, there's no standard on gambling tax but mostly it's the gambling business that paid the taxes, not the gamblers. But in some countries like the US, the taxation is very strict and I believe gamblers are required to pay taxes from their winnings, so in that case, that's very technical and you need to hire an accountant to do the job for you.
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DU18
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June 16, 2021, 01:24:50 PM |
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In Germany there will come a new law making many online-gambling-providers legal in Germany. Also included there is a new tax. As far as I am informed a tax of 7% is claimed by the authority from every bet you make e.g. in a poker cash game. This would be the end for many providers especially poker.
Germany recently planned to increase taxes on online gambling sites by 5.3%, but this was rejected by the online gambling association, the European Gaming and Betting Association (EGBA) and now the EGBA has officially submitted this issue to the European Commission. The reason for the refusal is because the German online gambling tax proposal has the potential to distort business competition between online and conventional operators, so the gambling tax imposed by the German government has violated the provisions because it only benefits certain business sectors in terms of taxation, namely conventional (offline) gambling.
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Fundamentals Of
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June 16, 2021, 01:41:11 PM |
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It depends on which country you are from. Gambling laws widely differ from one country to another, even from one state to another. So we cannot say how gambling winnings are specifically taxed.
I am curious to know your country though. I don't think there is a country where gambling is made legal and acceptable and yet not taxed. Perhaps there is a certain limits as to how much is taxed this certain percentage and how much is taxed higher.
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Kakmakr
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June 16, 2021, 02:14:08 PM |
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Most governments could care less on how much you lose... they are only interested in your winnings and how money moves through these casinos. The KYC regulations are there to identify the gambler and then to determine how much money is deposited and how much money is pushed through the different casinos. (They track money laundering through the regulated casinos) In many countries gambling income is considered to be non-taxable if it is an occasional hobby, but once you are professional... you have to pay taxes on that income, just like your salary are being taxed. Some countries see Lotto winnings as a capital event, so you need to declare the winnings in your tax return as a non-taxable event. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif)
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June 16, 2021, 02:44:35 PM |
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What if the government imposes a tax on gambling if cryptocurrencies are still not legalized? I think this is impossible until now there are still many countries that don't care about it, even the gambling industry on behalf of the company will be taxed, so for users with small values I don't think this is possible. This will be difficult to manage if the government applies to the user's system, everything will certainly be a burden and what if you lose? surely not all will pay it unless their money is stored in the bank then it will be taxed.
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mu_enrico
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June 16, 2021, 03:14:54 PM |
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It's treated as income and some (depend on the local regulation) fully taxed (deducted) when you win. Let's say you win a $1 million lottery, you will receive less than $1 million. In my country, raffle prize is treated as a taxable gift and deducted by the organizer with 25% rate. I am from a country gambling is not taxed which makes me not to know about the taxing, assuming if I have lose $500, and the gambling tax is 10%. If later I used $50 to win $5050, which means my gain is $5000, while the 10% tax is $500 from the $5000 gain. Will I be taxed, or will it be used as the capital loss just like in crypto?
AFAIK in the US, if you lose equal or more than your win, you don't have to pay taxes (it's deductible), but you have to do some paperwork/accounting. Gambling Losses You may deduct gambling losses only if you itemize your deductions on Schedule A (Form 1040) and kept a record of your winnings and losses. The amount of losses you deduct can't be more than the amount of gambling income you reported on your return. Claim your gambling losses up to the amount of winnings, as "Other Itemized Deductions." Source.
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Wexnident
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June 16, 2021, 03:17:22 PM |
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It varies from country to country, as well as the amount of winnings as well as the type of game. There are various rules that are included in taxing, even when you lose from what I know, so it's kind of hard to actually describe how it works. I think the process is pretty much the same as how most taxes work, just that the amount varies depending on the rules that the country has set upon. It's a direct flat tax when it comes to winnings most of the time but for losing Im not really sure. This also applies btw to other types of gambling, like lotteries, sports bets, etc. from what I know.
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dothebeats
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June 16, 2021, 03:32:34 PM |
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Aren't gamblers only taxed when they won huge prizes? In the case of lotteries, here in my country the government takes 20% of the lotto winnings which exceeds $200. But normal individual bettors, gamblers, and players in online or offline casinos are not taxed as far as I know, for I visit some casinos and they do not really need any information about me not unless I win on their platform. That is the only time I will have to pay tax to the government. It's a rough cut from the winnings but I guess I'll take it.
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