Sports winnings taxes

[Juse14]

Is the tax paid very large? so you feel very reluctant to pay taxes. I don't know which country you live in, so I don't know what percentage of tax is charged, but if it is more than 25% of course you will feel quite burdened by the deduction. But whatever tax is charged, you have to pay it.

I will not help you in this matter, because of course tax evasion is an act against the law, and the perpetrator could be caught in the law. And my advice, it would be better if you communicate or consult with a tax expert or what is called a financial advisor, because they are the ones who might be able to provide the best solution for you according to what is happening. and I just remind you that when you try to avoid taxes, be prepared for all the consequences that will occur.

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[ZippyPixL]

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?

Great to hear about your winnings, seven figures is impressive!
However, I advise against trying to avoid paying taxes. It’s not only the right thing to do but also frees you from potential legal complications in the future. Instead, focus on managing your tax liabilities effectively and legally.

[uneng]

Move to a country where the tax regulations are fair and not abusive towards local citizens, acquire a citizenship there, cashout your funds legally by paying fair taxes to the government and be happy! With a 7 figures prize, it must be pretty affordable to do that, and still put the money into good use through smart investments which will return you passive income along the years, growing that balance even more. With a prize like that, money shouldn't be a problem for you anymore, since you know how to manage it properly and sustainably.

[Porfirii]

Move to a country where the tax regulations are fair and not abusive towards local citizens, acquire a citizenship there, cashout your funds legally by paying fair taxes to the government and be happy! With a 7 figures prize, it must be pretty affordable to do that, and still put the money into good use through smart investments which will return you passive income along the years, growing that balance even more. With a prize like that, money shouldn't be a problem for you anymore, since you know how to manage it properly and sustainably.

OP, was it a 7 figures prize in USD? That's impressive indeed, but be careful.

Before heeding suggestions like the one above, do what others said and ask professional advice to an expert. Depending on your jurisdiction, you may end facing jail time for tax evasion if you follow the wrong advice. This forum may be the best if you want to educate yourself about Bitcoin and other altcoins, but when it comes to legality, people give their opinion without knowing.

[coolcoinz]

I'm not a supporter of taxation, but with that kind of money I'd pay the tax. You have 3 basic choices and I can tell you what I'd do in each of them.

1. You can always avoid paying and this might be your only option if gambling is banned in your country and you used a VPN or gambled from abroad. In such case try to change that cryptocurrency you're holding into bitcoin and hold it for now exchanging only small amounts.
2. Declare your tax and be done with it. Check your tax rate for money from games of chance and what forms you have to fill and do everything by the book. That's what I'd do in this case. If this was a very small amount, like $1k, I wouldn't bother, but in your case it's not going to be easy to hide.
3. Change jurisdiction. Move to another country where you can pay low taxes. With bitcoin it's easy because most countries will ask you to pay taxes when you exchange it, not when you win it.

[Die_empty]

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 question will receive comprehensive answer if you state your country. Many countries have different laws on gambling taxes and I am sure your country have peculiar laws. In my country casinos collect taxes direct from win unbehalf of the government , which means avoid tax will not be possible. Maybe you would have to do research to determine gambling tax free nations and also consider if you can move to those places to avoid tax.

However, I don't think you should avoid tax especially if it is not too high. Taxes are what the government use to run your country and we need to support them in anyway we can.  I am comfortable with a neighbouring country's gambling tax laws because there is a provision that allows you to submit you gambling losses as expenditure for deductions. And I might consider moving there if I have such a big win.

[danadc]

Move to a country where the tax regulations are fair and not abusive towards local citizens, acquire a citizenship there, cashout your funds legally by paying fair taxes to the government and be happy! With a 7 figures prize, it must be pretty affordable to do that, and still put the money into good use through smart investments which will return you passive income along the years, growing that balance even more. With a prize like that, money shouldn't be a problem for you anymore, since you know how to manage it properly and sustainably.

It's great advice, although I wouldn't leave but I would look for a trusted friend so that he can do me the favor of doing things the way you want him to and that he receives some bonus every time I win, so I handle things better from now on my country, now if the option is to leave, well, if you are in Europe it is easy to move from one country to another, but if you are in a country that is on the other side of the world, it would be better to have a friend or someone you trust, I think That is something that we should all have, a friend is always necessary for him to do those types of favors that he will still win, no one can take advantage of the benefits of another without paying him back Because everyone Deserves to win, if so it turns into a great business and to spend the money you can do it in bitcoin.

[o48o]

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?

It's that really worth going prison to? Why would you want to do that and watch over your shoulder later on and hope that money trail won't lead to you. Depending where you live you might pull that off but FATF is operating in most countries and at the time you get it cashed out, your bank account might get frozen later if it has raised right flags.

I would recommend considering twice. I mean listen to yourself, you are planning a tax fraud by asking about it from random people in the internet, because you aren't prepared for that in any way, nor you have a clue how to hide your traces from tax man. And again, depending where you are, jails might be nice, but i would pay any amount of tax to peace of mind.

But yeah, congrats for the huge win. It's a huge win after taxes as well.

[redsun114]

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 fella isn't back to answer the questions that people need to give the best answers, like Where are you from OP? This is very important to know because you can be from a country that doesn't care about paying taxes on gambling, there aren't many countries that ask gamblers to pay taxes.

We don't pay taxes when we gamble in my country, but some other countries closest to our border do pay taxes, even on items they purchased online, but not here in my country.

So if you want the best guidelines you should reveal your country name, it is really a shame that the government want some cut from gamblers risked and win money, what will they do for gamblers when they lose money? I guess nothing, and this makes it so unfair.

I think taxes in gambling are already shouldered by the betting platform and gamblers are automatically charged by it but that is if they are registered under the government. The OP's concern is about crypto taxes but you are right that it was country-dependent. If you buy online, a store can also auto-charged you by a tax because they can be from a country where taxes are strictly required.

I am not sure if it's called greediness on why some governments are like that but maybe their country is also poor and they use the tax to improved it? So, we must be mature enough to accept it especially if we are winning huge. It's only odd if even if we lose we are still get taxed.