Sports winnings taxes

[NAPK1NS_RA3]

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?

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[1714515109]

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[Oshosondy]

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.

[bitbollo]

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...

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 ....

[decodx]

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.

[btc_angela]

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.

[Sunderland]

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.

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.

[Davidvictorson]

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.

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.

[ajiz138]

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?

[wheelz1200]

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.

[Stalker22]

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.

No. The tax man dos not take a cut from crypto casinos or centralized exchanges.  Thats on you, bud and  gotta report those sweet gains you scored at the sports betting just like it was poker winnings.  IRS is wising up to this crypto stuff, so dont think you can pull a fast one.  Theyll catch up eventually.  Better to play it safe and pay Uncle Sam his fair share, even if it dos not seem fair to us.  Who wants an audit anyhow? Do it clean file those forms, sleep easy.

[alani123]

You can buy a Saint Kitts passport for 60k USD. Is it worth over just paying your taxes? You would also have to renounce your citizenship and additionally file lot of paperwork with an overseas bank to be able to cash out your money without being legally liable to any tax at all.

We'll see, taxes are the price you pay if you like the country you stay at. Usually gambling profits are around 15%. You can just pay it and not have to worry about it ever again. It's really not an exorbitant amount.

[acroman08]

Sorry this might be off-topic but I've heard that western and European countries insanely tax their citizen, so I am curious, how much does your government tax their citizen's capital gains that you want to find a way to sell your crypto without paying taxes?

anyway, congratulation to your win and it looks like you were finally able to achieve your $1M dream

[livingfree]

OP didn't mentioned where he is from and that's the first question he should answer for us to give some idea to him on how it should go with his taxation.

If you've got to evade taxes OP, it could be a criminal offense in your country and you might be charged more than the tax that you're going to pay.

Anyway, we all congratulate you for winning that million bucks of win with a lot of soccer games.

[JunaidAzizi]

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 the first thing I wanna talk about is taxes why you are not Welling to pay taxes. The money you give to the government is returned to us in the shape of convenience for us. The second thing is that if you are not paying taxes you will be shortlisted and face many legal issues. After withdrawing from the exchange you will not pay any taxes because I think that the exchange may already cut the taxes from your payment. But before taking any decisions please proceed to the local government so that they can easily understand you and inform you to give the Tex or not.

[notblox1]

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?

This is going to be hard to avoid if you performed any kyc verification on that casino, they can always send personal information to your tax authority in future.
If you sell coins and withdraw money to your bank account you will again trigger alert of tax authority.
You dont have to pay taxes if coins dont move from your wallet and if you lose them in some boating accident

[bitbollo]

...
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.

Not directly. But from an huge amount like this, it's really hard to hide this amount.
Unless the user is going to live in a standard way and maybe spend some cash abroad.
I would have a look with some LOCAL tax advisor. Probably (but depends from country) best option is just made a cash out and paying this tax.
Fraud with tax in some country can lead to prison etc etc.... I will strictly follow the local law ....

[Kavelj22]

...
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.

Not directly. But from an huge amount like this, it's really hard to hide this amount.
Unless the user is going to live in a standard way and maybe spend some cash abroad.
I would have a look with some LOCAL tax advisor. Probably (but depends from country) best option is just made a cash out and paying this tax.
Fraud with tax in some country can lead to prison etc etc.... I will strictly follow the local law ....

This is civilized behavior, to follow the laws and pay your taxes, but I assure you that no one will hesitate to use a guaranteed method to avoid paying taxes to the state. Especially since these solutions exist and are usually used by those who receive small amounts and avoid losing them in the form of taxes. Large amounts can also be split and sold directly as crypto on the black market. In this way, the person will avoid accountability for his activities from the authorities, will not have to pay taxes or bank transfer fees, and will sell the money at the black market price, which is more than the trading price. Don't you think these are not enough temptations for anyone to think about cheating the system?

[Ever-young]

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?

What's the point tryna evade taxation... 7 figures is a lot of money and even if you pay up your tax, you'll still have enough money to spend.
Rather than looking for ways to run away from paying your tax, it'll do you more good if you pay it up and enjoy what you've got left, that'll make it a lot more easier for you rather than going through the stress of tax evasion. I don't know the country you are but I know that governments in most countries don't take it lightly with citizens who deliberately refuse to pay taxes and start sorting for means to avoid taxation and even if you successfully evade taxation, most government will sort for other means to penalize and pin you down, especially when they realize how much money is involved.

[Assface16678]

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?

What's the point tryna evade taxation... 7 figures is a lot of money and even if you pay up your tax, you'll still have enough money to spend.
Rather than looking for ways to run away from paying your tax, it'll do you more good if you pay it up and enjoy what you've got left, that'll make it a lot more easier for you rather than going through the stress of tax evasion. I don't know the country you are but I know that governments in most countries don't take it lightly with citizens who deliberately refuse to pay taxes and start sorting for means to avoid taxation and even if you successfully evade taxation, most government will sort for other means to penalize and pin you down, especially when they realize how much money is involved.

Well, its because the amount of taxes to be paid is not a joke, meaning the taxes will be determined by the amount you will cash out, so the higher the amount of money you will cash out, the higher the tax to be paid also. But the thing is, if the OP will sell its funds into an exchange, I don't think there will be a tax, maybe a fee, in order to sell that huge amount of funds into a specific currency, so don't bother with the tax because there will be no such thing as that if you will use an exchange, for example, Binance. But of course, it will be very hard to sell or convert a very huge amount of funds at once, so maybe partition it, to also avoid suspicions from exchange owners or security. That's the beauty of using an exchange in order to sell your funds into another currency without worrying about taxes.

[angrybirdy]

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?

Wow! that's a huge prize, congrats on your winning! Very lucky. Regarding to your question, It depends where country are you came from? I think there's a country who didn't collected any crypto winning taxes but just to make it clear, you can alao ask your local IRS to inquire about this. Having that 7 figures winning amount, I think It's better for you to report it and to pay your taxes in the most legal way so you can enjoy your winnings freely without doing tax evasion. Afterall, it's a money came from your betting prize, The tax you will pay is a meager amount for the amount of money you earned from gambling.