Haunebu
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September 18, 2023, 07:15:00 AM |
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Usually, if we get income from our work, the government will ask us to pay income tax, where the tax money will be used for the benefit of the citizens and the country.
Come on! Do you seriously believe that? Most of our tax money goes directly into the pockets of greedy, pathetic politicians while a small portion of it is used for the welfare of citizens. This happens in almost every country which is why protests regarding this issue happen regularly.
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Fivestar4everMVP
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September 18, 2023, 07:26:22 AM |
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So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?
To be honest, I've never, I and honestly do not see any reason to, I pay taxes from my business already, gambling is not a business, it's just one of the ways of having fun, I do not see any reason why I should also pay taxes on my wins when I already do pay taxes from my business.. And besides, I do not see any positive thing the government of my country are doing with our taxes other than we making more funds available for them to loot, I am even making plans and preparing to stop paying taxes completely, because over here in Nigeria, we just have criminals as rulers, like I said before, our taxes is what they spend for useless travels, buying expensive cars, buying expensive mansions outside the country, while the masses who pay the taxes they use to get good live for themselves are left to suffer unbearable hardship with everything becoming more expensive each and every passing day .. Why on earth should I continue to pay taxes even to the extent of paying taxes from my gambling wins? , I will never do such.
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swogerino
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Top Crypto Casino
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September 18, 2023, 07:34:43 AM |
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I'm researching the topic on how many users actually report their winnings or losses to the tax authority, and from the current research there's a major discrepancy in the processes from country to country; #1. Residents of the UK, Canada, and Australia don’t need to pay anything at all, as these governments view this money as the result of good fortune and do not view gambling as a profession. These earnings do not need to be reported, and nothing is owed on them. #2. Malta is also pretty simple. Gambling winnings are only taxed if the player is a professional gambler, though this term is not strictly defined, but if you're earning above the "grace amount" of 12950 EUR, you can apply for it. #3. The US taxes all gambling winnings as income. In fact, there’s even a special form for documenting your gambling wings: Form W-2G. This money is counted towards your yearly income and will be taxed at whatever bracket you fall into at both the state and federal levels. You must keep track of the type of gambling, the amount of the gambling winnings, and the general ratio of the winnings to the wager, as these will all be needed for filing. Conversely, any gambling losses that occur on a real money online casino platform can be tax deductible in an amount up to your total yearly winnings. Losses and winnings must be filed separately and not as a net amount. Source: EsportsHeadlines.com Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all. So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it? Luckily I live in a country where gambling taxes are not collected from people who gamble but only from gambling operators and that is how it should be.I don't find it fair at all that when you win money in gambling you should be taxed,we as citizens already pay our taxes from everything,from the house tax,utility bills,salary cut almost in half because of social security/pensions whatever country applies from them and they want even more by taxing gambling winnings,that is really bad to say the least. Countries who want to tax people who gamble and win do not look fair at all to me as when a gambler loses money they don't cover part of their loses and that should be a fair system,when you win you pay taxes but when you lose the government should cover some of them if they are collecting taxes from you.
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Mauser
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September 18, 2023, 08:15:50 AM |
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Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all.
So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?
That's an interesting topic and I haven't really thought about it in much detail. As far as I know there are no tax deductions from gambling losses in my country. Unlike losses from trading that can be offset against future winnings, I think that there are no benefits from gambling losses. To me this seems unfair and this why I don't really focus on the tax issue for my small winnings. As long as I don't deposit larger sums in my bank account there shouldn't be any issue. The tax question becomes more concerning after a big win and I am still waiting for that. I do it very similar to my crypto trading adventures, I would be happy to pay taxes if have the returns to do it. But as long as there is no big profits I don't see paying taxes as a major concern.
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Vladv26
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September 18, 2023, 08:21:34 AM |
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in my country, gambling websites take a percentage of the withdrawal and automatically redirect it to the government in your name. The fact that the whole process is completed by the gambling companies nowadays is great, since in the past years you had to complete a gambling tax form every year and send it to the government. However. there is still work to be done in order to make this process more efficient because we are paying taxes on every particular withdrawal we make even if we are at a loss. Let's say you deposit $1000 on a particular gambling website but you only end up withdrawing $500 at the end of your session, this puts you at a loss therefore you shouldn't have to pay any taxes to the government since you haven't produced any profit/income. In my opinion, I believe taxes should only be paid as long as you are actually making profits from gambling and in that case, it can be classified as income. It is not fair to pay taxes just to withdraw the money I have deposited, especially if I am also at a loss.
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3kpk3
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September 18, 2023, 10:41:03 AM |
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Gamblers have the responsibility to pay for tax if they are in a profit and in my case, if the annual tally of my gambling activity exceed the threshold of tax exemption then yes. But so far I haven't got that huge amount yet so I don't need to pay for taxes.
Interesting. You are one of the very, very few people on this planet who is actually willing to pay gambling related taxes voluntarily since most people including me share the completely opposite opinion. Gamblers shouldn't be taxed for their gambling activities, but the house should be taxed a certain amount.
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348Judah
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September 18, 2023, 10:57:06 AM |
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I'm researching the topic on how many users actually report their winnings or losses to the tax authority, and from the current research there's a major discrepancy in the processes from country to country; #1. Residents of the UK, Canada, and Australia don’t need to pay anything at all, as these governments view this money as the result of good fortune and do not view gambling as a profession. These earnings do not need to be reported, and nothing is owed on them. #2. Malta is also pretty simple. Gambling winnings are only taxed if the player is a professional gambler, though this term is not strictly defined, but if you're earning above the "grace amount" of 12950 EUR, you can apply for it. #3. The US taxes all gambling winnings as income. In fact, there’s even a special form for documenting your gambling wings: Form W-2G. This money is counted towards your yearly income and will be taxed at whatever bracket you fall into at both the state and federal levels. You must keep track of the type of gambling, the amount of the gambling winnings, and the general ratio of the winnings to the wager, as these will all be needed for filing. Conversely, any gambling losses that occur on a real money online casino platform can be tax deductible in an amount up to your total yearly winnings. Losses and winnings must be filed separately and not as a net amount. Source: EsportsHeadlines.com Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all. So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it? I believe we all should appear with our individual comments here wilth maximum honesty, there's this certainty that any existing regulated gambling platform has its own means of paying their tax to the government, but to the gambler's part, I don't think many can afford paying tax with having considerations on various reasons not to do so which some gamblers will hold into. 1. The gamblers would believe that the gambling platforms are paying tax and there's no need of them paying which means they believe they would have deducted tax from their winning amount before issuance. 2. Some could believe that since not all gambling platforms are regulated they also can go away with that when they win and didn't pay tax. 3. If the gamblers consider the rate of looses over the winning they made, the losses might not be enough as well to cover up for the winning not to talk of paying tax. 4. The gamblers could also concluded from their own mind that gambling is not a taxable source of income and therefore take it as their own advantage for not paying tax.
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bayu7adi
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September 18, 2023, 11:32:59 AM |
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Countries who want to tax people who gamble and win do not look fair at all to me as when a gambler loses money they don't cover part of their loses and that should be a fair system,when you win you pay taxes but when you lose the government should cover some of them if they are collecting taxes from you.
The government appears to be inequitable with analogies of this nature. Furthermore, instances of tax corruption are distressingly prevalent in several countries. I find no compelling reason to report gambling winnings to the government, as it is the casinos that should bear the tax burden. Gamblers already assume their own risks when engaging in gaming, and it is patently unfair if taxes are imposed solely on the exceedingly rare instances of victory. At the very least, the government should take into account players' losses, not just their winnings. Moreover, regulations surrounding gambling in my country remain somewhat taboo. Hence, I tend to favor online gambling on platforms that allow deposits using cryptocurrencies.
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Fivestar4everMVP
Legendary
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September 18, 2023, 12:40:09 PM |
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Countries who want to tax people who gamble and win do not look fair at all to me as when a gambler loses money they don't cover part of their loses and that should be a fair system,when you win you pay taxes but when you lose the government should cover some of them if they are collecting taxes from you.
The government appears to be inequitable with analogies of this nature. Furthermore, instances of tax corruption are distressingly prevalent in several countries. I find no compelling reason to report gambling winnings to the government, as it is the casinos that should bear the tax burden. Gamblers already assume their own risks when engaging in gaming, and it is patently unfair if taxes are imposed solely on the exceedingly rare instances of victory. At the very least, the government should take into account players' losses, not just their winnings. Moreover, regulations surrounding gambling in my country remain somewhat taboo. Hence, I tend to favor online gambling on platforms that allow deposits using cryptocurrencies. Very well spoken my friend, I am just here imagining why would I ever want to report my gambling winning to the government in order to be taxed, and I have found no reason, absolutely no reason at all. Aside from the fact that I personally come from a country filled with corruption, and all this corruptions are done with tax payers money just like I explained in my previous comment.. Another thing to think about is, imagine someone started gambling with the sum of $500, but then lost the whole money, and in the next week, he or she deposits $100 and manages to win $150, it is nothing but foolishness for such person to go reporting to the government to be taxed on a supposed $50 profit, meanwhile he or she lost $500 the previous week .. This is the situation of several gamblers currently, we have lost far more than we have ever won, the little wins can only be a compensation for the large amount that's been lost, no way should it be taxed, and besides, gambling is not a business, businesses are the ones required to taxes, which means casinos are the ones that should be taxed not the gamblers .
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macson
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September 18, 2023, 01:42:08 PM |
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Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all.
So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?
Luckily my country is not like the US which imposes mandatory taxes on its citizens even for gamblers, gambling is legal here but only players who win big are required to pay tax and it will be automatically deducted from the winning players, but with the presence of casinos online crypto, it really makes things easier (taxation will not be able to track transactions via crypto) if i win then i don't need to report it to the state tax authorities, once again in my opinion income tax actually doesn't have to be mandatory, it's more of an ethical nature.
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Wiwo
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September 18, 2023, 01:57:45 PM |
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Now I'm quite curious how other gamblers are managing this part of the story, if they manage it at all.
So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?
Luckily my country is not like the US which imposes mandatory taxes on its citizens even for gamblers, gambling is legal here but only players who win big are required to pay tax and it will be automatically deducted from the winning players, but with the presence of casinos online crypto, it really makes things easier (taxation will not be able to track transactions via crypto) if i win then i don't need to report it to the state tax authorities, once again in my opinion income tax actually doesn't have to be mandatory, it's more of an ethical nature. Most countries around the world have some level of tax friendness in the sense that the right to declare the amount you earn from gambling is all left in your hands, this is why, is the gambler who most report his winning to the tax office otherwise he will go on tax free, this is how most of the online activities and earning go on taxed in most cases. For the fact that country does not issue licences to casinos, makes it easy for gambling earnings to be untaxed.
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bitbollo
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https://bit.ly/bitbollo
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September 18, 2023, 02:06:49 PM |
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in Italy winnings are taxed centrally automatically directly by the bookmaker when they pay a win. But isn't enough. In some cases people have to declare such wins (like people that get subsides). If it wasn't enough, now authorities also do cross-checks with tax declarations since above certain figures (2000 euros) you necessarily have to indicate this earning. of course just another way to tax people earning.
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Pingrapole
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September 18, 2023, 02:07:26 PM |
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I think every citizen should be efficient in paying tax along with gambling because the government is protecting us with social security by tags so cheating here means cheating the country Taxes must be paid the way you earn money.In gambling, it is normal to win one day and lose one day, but the text must be given.Gambling is openly illegal in my country, so I have never played but if I do, i will pay tax no matter the loss.Developed world countries do different things on all kinds of tides because it is a big part of government But in those states where gambling is illegal, texting may not be necessary If you give, you will be in danger I must consider so that the tag should be given if lost or whatever.
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Maslate
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September 18, 2023, 02:12:49 PM |
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In my understanding, we typically pay taxes on our income. I also understand that sometimes we win in gambling, but does this automatically count as income? Perhaps we can consider the net income, taking into account both winnings and losses. Most gamblers probably end up losing more than they win since many of us don't consistently account for our losses.
I might be fortunate because in our country, taxes on gambling winnings aren't required. The government won't pursue you if you win in gambling, but if you voluntarily choose to file for income tax on such earnings, they will accept it.
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dimonstration
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September 18, 2023, 02:22:02 PM |
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In my understanding, we typically pay taxes on our income. I also understand that sometimes we win in gambling, but does this automatically count as income? Perhaps we can consider the net income, taking into account both winnings and losses. Most gamblers probably end up losing more than they win since many of us don't consistently account for our losses.
Income taxes is different to gambling taxes. All profit made from gambling should have a separate taxes since it’s not part of your income and it’s a different category. It’s same when you are purchasing food and other services which the government charge VAT. I might be fortunate because in our country, taxes on gambling winnings aren't required. The government won't pursue you if you win in gambling, but if you voluntarily choose to file for income tax on such earnings, they will accept it.
If they accept tax when you pay voluntarily then it’s required by the law or else they decline your tax payment. Probably the enforcement of tax regulations is not strict to your country that’s why you manage to don’t pay gambling taxes. But you surely committing tax evasion by not paying tax once someone from government audit you.
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Ziskinberg
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September 18, 2023, 02:26:47 PM |
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I might be fortunate because in our country, taxes on gambling winnings aren't required. The government won't pursue you if you win in gambling, but if you voluntarily choose to file for income tax on such earnings, they will accept it.
If they accept tax when you pay voluntarily then it’s required by the law or else they decline your tax payment. Probably the enforcement of tax regulations is not strict to your country that’s why you manage to don’t pay gambling taxes. But you surely committing tax evasion by not paying tax once someone from government audit you. That's the issue; it's likely that tax enforcement isn't very strict. In some countries, this laxity allows taxpayers to easily evade their taxes, and if they're caught, they can often pay their way out of potential lawsuits. When a country is corrupt, it can't fully benefit from taxes because a portion of those taxes ends up in the pockets of corrupt officials. I believe it varies from one country to another; corrupt countries tend to have weaker enforcement.
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topbitcoin
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September 18, 2023, 04:32:31 PM |
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In the country I live in, gambling is still illegal and contrary to existing laws and government regulations. And legalizing gambling is my personal hope so that I can play in peace because it does not conflict with existing laws. However, when gambling is legal in my country, inevitably I have to pay taxes on the gambling activities that I do. The purpose of implementing taxes is nothing more than to control and limit people who join in gambling so that those who don't have enough money and minors who don't have income have to think twice when they want to gamble because there is a tax they have to pay. And even though I rarely get wins and profits in gambling, because gambling is part of my enjoyment, I prefer to pay taxes so that I can be calm in gambling because it is not against the law.
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o48o
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September 18, 2023, 05:38:42 PM |
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-cut- So, question to you, did you ever consider paying taxes on your gambling winnings, or deduct the taxes with the losses you've created? If not, what is the reasoning behind it?
Not i only consider, but i do pay my taxes for gains. It would be a rude awakening to find out that you are being accused of tax fraud. Sentences for it are pretty bad and most likely you couldn't make enough profits to pay your way out of jail, as they would charge interest as well. Even if you have avoided taxes so far, you should consider the fact that they might catch you later on for years of tax fraud.
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darkangel11
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September 18, 2023, 05:40:50 PM |
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Countries who want to tax people who gamble and win do not look fair at all to me as when a gambler loses money they don't cover part of their loses and that should be a fair system,when you win you pay taxes but when you lose the government should cover some of them if they are collecting taxes from you.
The government appears to be inequitable with analogies of this nature. Furthermore, instances of tax corruption are distressingly prevalent in several countries. I find no compelling reason to report gambling winnings to the government, as it is the casinos that should bear the tax burden. Gamblers already assume their own risks when engaging in gaming, and it is patently unfair if taxes are imposed solely on the exceedingly rare instances of victory. At the very least, the government should take into account players' losses, not just their winnings. Moreover, regulations surrounding gambling in my country remain somewhat taboo. Hence, I tend to favor online gambling on platforms that allow deposits using cryptocurrencies. Exactly. In my country they burden me with VAT anyway, so even if I win something and decide to turn it into goods and services I get charged tax on top of it. Gambling isn't a job that gives me steady income, but a risk that I alone take and if it happens that this risk pays up, I have the house edge and sometimes withdrawal fees to deal with. Trying to get a part of that and claim that it's my income is pure theft, nothing else. I don't have to pay in my country, but if I were in another one that taxes this, I wouldn't pay.
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noormcs5
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September 18, 2023, 05:58:40 PM |
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I'm researching the topic on how many users actually report their winnings or losses to the tax authority, and from the current research there's a major discrepancy in the processes from country to country;
Well, most people would not tell the tax authority that they are gambling or that they have made that much money which needs to be taxed. This becomes more common in countries where gambling is prohibited and people only gamble at online sites. Think for a moment, that gambling is restricted in your country and you tell your tax authorities that you made that much money through gambling. No one can declare this income and it happens in mostly underdeveloped countries where laws may not be strict. If the laws of your country are strict, then only people will pay taxes on their gambling income.
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