inproindiancasino
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27 July 2021 - 5:49pm

Do we need to pay tax from the winning amount of online casinos?

6 replies • Last post

Hello Everyone

Is there anyone knows about the tax requirements and if it is applicable on online casinos?

auCL-Ed
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28 July 2021 - 12:09am
#1

That depends on where you live and your local tax laws. It varies from country to country.

Just a hunch, but somehow I think you already know that though.

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deFrankey78
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5 August 2021 - 6:47am
#2

Here in Germany you don't pay tax on the win. You pay tax already when you place bet or on each Spin. However if you win in crypto you need to leave it a year online before you change it into fiat currency. If you change it before they can tax or charge you with money laundering

usbarbadosslim93
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5 August 2021 - 9:26pm
#3

Dang, that's harsh. Money laundering if you don't keep it in a year? Nuttier than squirrel turds if you ask me.

deFrankey78
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5 August 2021 - 9:52pm
#4

Iits the big scary thing in Brussels right now. They thinking of that cashpayments shouldn't be higher then 10.00 Euro. But Bezos and gang can legally avoid paying taxes in front of Brussels eyes.

auCL-Ed
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6 August 2021 - 12:20am
#5

Hah. Who could have known that this thread from a spammer would end up being interesting?

There is no tax on gambling winnings in Australia, as long as you are not a professional gambler.

But I wish we had capital gains tax rules like Germany. Here if you hold an asset for over 12 months they only halve your rate of tax, under 12 months you get hit at the maximum tax rate. So anyone smart enough to invest and make a profit has to give up some of it no matter what.

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deFrankey78
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6 August 2021 - 3:39am
#6

You will get hit hard if you inherit you parents company or anything worthy. 30 or 40 percent. The same for the money you get. That's why all those successful business families said bye bye to Germany when their kids where about 30 or 40. Still running their business in Germany, but they were now Swizz. Like the Aldi family, the Adidas families, the Geissen family (uncle Sam clothing) , and others. They wouldn't take half the house you inherit from you, only what it be worth.
If you just leave your lottery jackpot in the bank, they would ask questions after some time. But the Bank would keep it moving anyway.as long you don't use it to make more profit your fine

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