Gambling winnings should NOT be taxed

[Wexnident]

~

Pretty sure the PH does? Just that I haven't really withdrawn any amount of money I've played with at all and at some point in general it goes to zero so I can't really consider any win of mine as taxable, I think. I guess initially, I've won and withdrawn some bits of money but I don't think it's even past the minimum amount taxable here lol.

And to add, even if the casinos tax you on your win would that apply on your country? Most crypto casino users are not from that casinos country of operation after all.

[bettercrypto]

Here in the country, as far as I know, there are taxes that are taken from gamblers when they withdraw a large amount when a casino is regulated by the government where it is located. But when it's tax-free, casinos like that are usually illegal, in my opinion.

But always, if we are the gambler or the player who won the jackpot in the casino, we don't want to be taxed. That's why we still have to follow because those are the rules of our government as long as we don't deduct too much.

[nimogsm]

In my country (Australia) ALL gambling winnings and profits are 100% tax free.

You don't have to declare it because it is considered a hobby.

In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.

If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

Yes, there are taxes and the operator withholds and pays them himself. In the annual declaration, you can write only part of the net profit after taxes. I think that not taxing winnings will be a serious loophole for money laundering through, for example, fixed matches, for example, you can spend large sums. And so with The state has minimal control over the players.

[wheelz1200]

In my country (Australia) ALL gambling winnings and profits are 100% tax free.

You don't have to declare it because it is considered a hobby.

In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.

If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

It's all relative.  If they don't tax gambling winnings then they are just going to tax something else.  In terms of whether or not I feel.like they should I actually do.  This is like the lottery, tax those things much harder than income taxes.  If hobby activity can be taxed to bring in money then they can offset hard income taxes which for people on the lower end of the financial spectrum means whether they can eat or not.  All for it.

[DaNNy001]

Here in the country, as far as I know, there are taxes that are taken from gamblers when they withdraw a large amount when a casino is regulated by the government where it is located. But when it's tax-free, casinos like that are usually illegal, in my opinion.

But always, if we are the gambler or the player who won the jackpot in the casino, we don't want to be taxed. That's why we still have to follow because those are the rules of our government as long as we don't deduct too much.

Well I don't think I have heard about gambling winnings actually being task over here in my country although am too sound with the regulation about gambling winnings and casino but one thing I know is that I haven't come across a situation or complaint of someone actually being tasked when withdrawing Huge amount won from a Gambling site.

[serjent05]

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

In my country it is taxable by 20% after meeting a certain range of winnings.  Once the threshold of Php10,000 ($169.88 as for today conversion rate) is exceeded[1], the winnings from gambling activity is then taxed.  Although the Philippine gaming regulator planned to remove the tax, there is no update yet about its progress.

Winnings in gambling activities is considered profit in my country reason for the tax but one shouldn't have to worry about it if in case the person's total gambling activities profit in a year are negative since we all know that profit is something that a person gained after deducting the funds and losses occurs in their year of gambling records.



[1] https://www.ggrasia.com/pagcor-wants-end-to-tax-on-casino-winnings-report

[Strongkored]

Gambling is illegal in my country so there is no tax, and because so far I have never won a big amount so I don't know for sure how the gambler from my country who managed to win big how he handled the money, maybe he will still report it but don't say from gambling but it could be from business and so on.
There was talk of taxing the proceeds from gambling, but of course that would affect other regulations where gambling would no longer be illegal so that people would be able to gamble freely but must be prepared to be taxed on the proceeds of their gambling, but this has many contradictions so that gambling remains illegal in my country as far as this, who knows for the future when there is a change in leadership.

[klidex]

In fact, the tax that is usually charged is the gambling owner himself because we as players only play and enjoy gambling and we have also gone through many losses before winning so it is our right to receive 100% of our winnings without any tax deductions, but usually the gambling party It is they themselves who apply rules in their casinos regarding tax fees and so on if we win so that their burden of paying taxes to the government can be reduced and gamblers are forced to bear this even though the profits obtained by gamblers are not greater than their losses but why do they also have to bear the tax?

In my country, gambling winnings are not tax deducted, only a small fee is charged for withdrawals. Even though gambling in my country is actually illegal and may only be done in secret. For me, the person who is obliged to pay tax is the venue provider or casino owner himself, so as players we are not obliged to pay tax because even playing gambling is full of risk of loss.

[EarnOnVictor]

In my country (Australia) ALL gambling winnings and profits are 100% tax free.

You don't have to declare it because it is considered a hobby.

In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.

If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

What you wish for is not going to be possible because we have different individuals thinking differently in the corridor of power in different countries, this is why the tax laws and other laws are not the same. You have a point too, but your points do not particularly have to be that way. In every good environment, I do not see the reason why we should not pay tax on all our incomes, we often do not know the benefits of this, but if you are in a good country where the system is working, please, appreciate it and find all means to support the government and the fellow citizens, especially in the area of taxed.

I said that because I am in a country where the system is not working, we envy you guys. On our part, any reason for us not to even pay the tax will be so welcomed as our government can't account for anything but corruption.

Now, in a country where the government is not asking for a gambling tax, indirectly, you might still be paying it. This is because they tax the casinos/sportsbooks very much, and your losses are included, and since most people are losing, the government is not losing. Either they tax you or they tax the casino/sportsbook, they still have the money. But it is fair to only tax an individual with their gross profits, and not on the immediate ones. This means that if you had lost $100+$100+$100 initially and now gained $400 later, you should be taxed from the excess $100.

[satscraper]

Completely agree with OP - it should be tax free but unfortunately for us it is not so because the state like to have a game with us and the name of this game is taxation. They are degenerative gamblers in this respect. Degenerative because instead of giving relief to people they make life harder. They are gambling with us.

[|MINER|]

Agreeing with your opinion but the main problem is not all countries take gambling in good or easy way and there are also many misconceptions about gambling in many countries. That's is why you will see lots of country ban on gambling so you can't change the rules of those countries. So in case of Australia cannot be compare with USA and Usa rules are more complicated to pass any changes on their laws.

[Morr1s]

In my country (Australia) ALL gambling winnings and profits are 100% tax free.

You don't have to declare it because it is considered a hobby.

In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.

If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

I have the same position. If winnings were taxed, I would definitely stop playing.

[CryptoHeadlineNews]

In my country (Australia) ALL gambling winnings and profits are 100% tax free.

You don't have to declare it because it is considered a hobby.

In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.

And those are the benefits of living outside U.S.A as a gambler where your gambling winning aren't been taxed. Because to me, it's kind of unfair that you will be taxed a certain percentage when you win in his country, but fails to compensate when loses while gambling, as the genuine people that ought to have been taxed are casinos operators or owners, since casinos are businesses which offers essential services with the aim of generating profits. However, base on the tax related issue in U.S, this is likely to be an advantage to Bitcoin, as due to the tax of been tax, many U.S citizens are likely to prefer Bitcoin casinos whose winning are always tax-free.

[darkangel11]

I believe that no gains should be taxed. You should tax properties and purchases, the way EU has VAT. What people manage to earn should belong to them, especially if the government did not help them to earn that in any way, the way they don't help you get profit from holding cryptocurrencies and don't help you win the lottery. Why in some countries that is taxed 30% or more is beyond my understanding.
The government should be there to make our lives better, right? Not treat us like cash cows.

[Rockstarguy]

If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.

It does not make sense if the government collect task from gambling wins. If task should be demanded from gambling wins  after playing several games that was lose, that means the gambling company or government needs to compensate for the money lose in gambling so far. Task should be only paid by gambling companies because they are making money and not from gamblers that are playing bets that are unpredictable.

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

In my country government do not demand task from gamblers win because it doesn't make any sense. If task should be paid when one wins gambling then what is the need of playing when the game is very much unpredictable.

[Forsyth Jones]

I believe that no gains should be taxed. You should tax properties and purchases, the way EU has VAT. What people manage to earn should belong to them, especially if the government did not help them to earn that in any way, the way they don't help you get profit from holding cryptocurrencies and don't help you win the lottery. Why in some countries that is taxed 30% or more is beyond my understanding.
The government should be there to make our lives better, right? Not treat us like cash cows.

'Cause people legitimize most political acts, when more and more people give legitimacy to it, the more the state will move its tentacles to feed on society. The government is its obligatory silent partner. Hence the need for more and more people to know and use Bitcoin so that little by little they no longer depend on them, at least financially.

[mirakal]

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

I think it makes sense that casinos or other gambling platforms are taxed because they are running a business, but gambling winnings are not really an income because it is not a job.

besides most gamblers gamble secretly anyway so why would they want to file it on their tax fees.

If you are gambling in grey areas, obviously even if you won a huge amount, taxing is never their thing. But if you gamble on big and reputable casinos, and you are making big winnings, expect that your winning funds will be immediately lessen since tax is applied, but small winnings are not actually required to be taxed, only those who have exceeded the target amount.

However, when it comes to casinos and all gambling platforms, even if they don't earn enough revenues at that month, paying tax is a must, or else their operation will be immediately stopped.

[LUCKMCFLY]

I find it incredible that in some countries they have to pay taxes on gambling winnings, or worse still that they have to pay to have the right to play in casinos, but I find it even more incredible that in online casinos you have to pay taxes or hand over your winnings to the taxes of a country, I don't know, but I don't agree with that, in fact I could never agree with it, I'm not saying anything about casinos that are centralized, but a cryptographic casino is something else, I consider that absolutely nothing should be charged, of course I speak for the country where I am where the government takes advantage of absolutely everything, it may be that in other countries governments have a different vision towards their people and their citizens and have a different type of culture.

[Zigabel]

In my country (Australia) ALL gambling winnings and profits are 100% tax free.

You don't have to declare it because it is considered a hobby.

In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.

If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.

Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?

I agree with you, if I will be taxed for gambling, then I'm definitely going to quit because I believe they will not join be in bearing the losses when one comes, like you did mentioned, it's a hobby so why tax a hobby? To me it makes no sense. May country don't task gambling profits as gambling here is seen as a game played for fun so the government don't really have much to do with it, basically, they task the casinos and not the players.

[Silberman]

I agree with you, if I will be taxed for gambling, then I'm definitely going to quit because I believe they will not join be in bearing the losses when one comes, like you did mentioned, it's a hobby so why tax a hobby? To me it makes no sense. May country don't task gambling profits as gambling here is seen as a game played for fun so the government don't really have much to do with it, basically, they task the casinos and not the players.

Governments are carrying such large debts that they are looking for any venue they can get some additional cash, and soon enough the countries which do not charge any tax for your gambling profits may change their tune and go after gamblers, after all there are many countries in which any gift you may receive above a certain amount has to be declared as income, something that is completely ridiculous as well, since most people receive gifts on their birthday or another important date, and yet the governments want a cut from that money too, which does not make any sense but it shows you in how much trouble they really are.