Biststarz 20k payout, Which method is best?

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Samulkin

Topic Creator

Forum posts: 11 Member since: 24.05.2018

Biststarz 20k payout, Which method is best?

7th Mar. 2023, at 12:10 am CET#1

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Good evening everyone,

I won 20k on Biststarz, I deposited with with Etherum.

I have some jitters about the amount in taxes and what is the best method to use for withdrawal.

Directly to the bank account in 4k increments? Or directly the full 20 by Etherum back to Bitpanda and then to the bank account?

I should say that I have already won on other casinos this month and already made several transfers a la 2 to 3k to my account, also in about 25k

Thanks in advance

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Expert

ruhrpott

Forum posts: 1.165 Member since: 09.07.2018

Biststarz 20k payout, Which method is best?

7th Mar. 2023, at 07:24 am CET#2

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Samulkin wrote on 07/03/2023 at 00:10: Good evening everyone,

I won 20k on Biststarz, I deposited with with Etherum.

I am a bit jittery about taxes because of the amount and what method is best to use for withdrawal.

Directly to the bank account in 4k increments? Or directly the full 20 by Etherum back to Bitpanda and then to the bank account?

I should say that I have already won on other casinos this month and already made several transfers a la 2 to 3k to my account, also in about 25k

Thanks in advance

Congratulations on the payout!

I would pay it out to Bitpanda and then from there to your bank account.
First, it's a safer way, and second, it's faster. Once it's on Bitpanda and you request the withdrawal to your bank account, it takes less than 5 minutes and the money is on your bank account.
That's how it's always been with me when I have paid out from Bitpanda.

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Expert

supermode

Forum posts: 1.285 Member since: 02.03.2019

Biststarz 20k payout, Which method is best?

7th Mar. 2023, at 09:27 am CET#3

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ruhrpott wrote on 07.03.2023 at 07:24:
Congratulations on the payout!

I would pay it out to Bitpanda and then from there to your bank account.
First, it's safer way, and second, it's faster too. Once it's on Bitpanda and you request the withdrawal to your bank account, it won't take 5 minutes and the money is on your bank account.
That's how it was with me whenever I made a withdrawal from Bitpanda.

It can then only be that the bank or the tax office reports.

In theory, you would have to hold the money for a year so that it is tax-free, so on 08.03.24 you get no problems.

From 10k it is reportable and the bank will ask where the money comes from. Try to withdraw it cash with Jeton card or Bitpanda card, think that would be easier?

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Amateur

Xardas

Forum posts: 201 Member since: 05.11.2020

Biststarz 20k payout, Which method is best?

7th Mar. 2023, at 10:05 am CET#4

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Bitpanda terminated me because of this, but I never had any problems with Coinbase.

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gamble1

Forum moderatorverified

Forum posts: 6.484 Member since: 21.04.2019

Biststarz 20k payout, Which method is best?

7th Mar. 2023, at 02:14 pm CET#5

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Liked this post: TWiSTeD, Xardas

So I mean Bitpanda has also frozen similar to casinos customers funds because of a SoW check to clarify the origin there I would also be careful with pay out

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wettibernd

Forum posts: 1.370 Member since: 07.10.2017

Biststarz 20k payout, Which method is best?

7th Mar. 2023, at 02:58 pm CET#6

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If the bank has not made any hassle so far then I would have that paid out in small amounts to my bank account. And if there are any questions, it is simply a tax-free win from gambling or sports betting.

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Samulkin

Topic Creator

Forum posts: 11 Member since: 24.05.2018

Biststarz 20k payout, Which method is best?

7th Mar. 2023, at 03:30 pm CET#7

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So, small update:

I have had the amount transferred to another exchange where I have already deposited 5 digit amounts in the past (as a pure investment).

So if I get stress with the bank, I can prove even higher deposits on just that exchange, from the same checking account.

Good that I have not decided for Bitpanda!

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moralischverwerflich

verified

Forum posts: 1.188 Member since: 29.07.2021

Biststarz 20k payout, Which method is best?

7th Mar. 2023, at 06:25 pm CET#8

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Liked this post: supermode

supermode wrote on 07.03.2023 at 09:27:

It can then only be that the bank or the tax office reports.

Theoretically you would have to hold the money for a year so that it is tax free, so on 08.03.24 you get no problems.

From 10k it is reportable and the bank will ask where the money comes from. Try to withdraw it cash with Jeton card or Bitpanda card, think that would be easier?

Wrong... it is tax free. The win did not come from the coin itself. Example: You buy 10 ETH for 1000€ each. You send them to the casino and win 50000€, then you send 50 ETH back to yourself. The price of the ETH has increased to 1010€ in the time. Your original starting point are the 10 ETH, where you have earned 50€ when you sell them. Of the remaining 40 there is no purchase date in the sense and therefore not 100% traceable for the tax office (not yet 😅)

Is ne quite complicated shit, but you have to pay tax only if you make the win on the Crypto itself.

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moralischverwerflich

verified

Forum posts: 1.188 Member since: 29.07.2021

Biststarz 20k payout, Which method is best?

7th Mar. 2023, at 06:32 pm CET#9

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Samulkin wrote on 07/03/2023 at 15:30: So, small update:

I had the amount transferred to another exchange where I have deposited 5 figures in the past (as a pure investment).

So if I get stress with the bank, I can prove even higher deposits on that very exchange, from the same checking account.

Good that I have not decided for Bitpanda!

Bitpanda you can use quite calmly for this. Send it from the casino to your wallet so just used and from there then to bitpanda. Then there will be no problems.

Smaller amounts (up to 500€ or so) you can also send to bitpanda, they are not interested, these are not sums that cause a stir. (As long as you do not do this 10 times a day), larger amounts then do as just described.
Do I now 1 1/2 years so and zero problems.

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supermode

Forum posts: 1.285 Member since: 02.03.2019

Biststarz 20k payout, Which method is best?

7th Mar. 2023, at 08:36 pm CET#10

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Milo1 wrote on 07/03/2023 at 18:25:

Wrong... it is tax free. The win did not originate with the "coin" itself. Example: You buy 10 ETH for 1000€ each. Send them to the casino and win 50000€, then you send 50 ETH back to yourself. The price of the ETH has increased to 1010€ in the time. Your original starting point are the 10 ETH, where you have earned 50€ when you sell them. Of the remaining 40 there is no purchase date in the sense and therefore not 100% traceable for the tax office (not yet 😅)

Is ne quite complicated shit, but you have to pay tax only if you make the win on the Crypto itself.

Somehow it makes sense, awesome I did not know

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