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Online Casinos in general: Crypto casinos - how exactly does it work (tax and co) (Page 2)

Topic created on 13th Apr. 2024 | Page: 2 of 3 | Answers: 33 | Views: 3,096
moralischverwerflich
Expert

Crypto casinos - how exactly does it work (tax and co)

16th Apr. 2024, at 07:47 am CEST#16
1 Like

Liked this post: Avatar von BookofÖzi BookofÖzi

BookofÖzi wrote on 15.04.2024 at 20:41: Can you buy Litecoin via Trust with a credit card from your bank to gamble with it at stake? Or would you rather keep your hands off? I have Trust and binance... I used to Deposit directly with Amazon Visa (no longer exists) at binance now I have some concerns with the house bank Visa.

Yes, you can.

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sigi36
Amateur

Crypto casinos - how exactly does it work (tax and co)

18th Apr. 2024, at 06:31 pm CEST#17
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Hi everyone,

I transferred 10€ in Dogecoin via bitpanda to stake,
won 100€ then posted back to my bitpanda account, do I see that right as long as everything stays in crypto I can transfer back and forth ...if I convert the dogecoins into 100€ cash 27.5% tax will be deducted.... Can you avoid this with the bitpanda VISA card? Or is it only fixed from the € Deposit? So from the money that is already fully taxed?

This post has been translated automatically

moralischverwerflich
Expert

Crypto casinos - how exactly does it work (tax and co)

18th Apr. 2024, at 07:50 pm CEST#18
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sigi36 wrote on 18.04.2024 at 18:31: Hi everyone,

I transferred 10€ in Dogecoin via bitpanda to stake,
100€ won then posted back to my bitpanda account, do I see that right as long as everything stays in crypto I can transfer back and forth ...if I convert the dogecoins into 100€ cash 27.5% tax will be deducted.... Can you avoid this with the bitpanda VISA card? Or is it only fixed from the € Deposit? So from the money that is already fully taxed?

What makes you think that 27.5% tax is levied?

This post has been translated automatically

sigi36
Amateur

Crypto casinos - how exactly does it work (tax and co)

19th Apr. 2024, at 09:05 am CEST#19
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morallyreprehensible wrote on 18.04.2024 at 19:50

What makes you think that there is a 27.5% tax?

I converted dogecoins worth € 50 exactly € 41.25 landed on my cash Deposit the rest was withheld as tax

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Hidaruma
Top Member

Crypto casinos - how exactly does it work (tax and co)

19th Apr. 2024, at 10:49 am CEST#20
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Liked this post: Avatar von Maxim37 Maxim37, Avatar von moralischverwerflich moralischverwerflich

sigi36 wrote on 18.04.2024 at 18:31: Hi everyone,

I transferred 10€ in Dogecoin via bitpanda to stake,
100€ won then posted back to my bitpanda account, do I see that right as long as everything stays in crypto I can transfer back and forth ...if I convert the dogecoins into 100€ cash 27.5% tax will be deducted.... Can you avoid this with the bitpanda VISA card? Or is it only fixed from the € Deposit? So from the money that is already fully taxed?

Bitpanda charges awesome fees. These are not taxes. I would stay away from Bitpanda anyway.

This post has been translated automatically

moralischverwerflich
Expert

Crypto casinos - how exactly does it work (tax and co)

19th Apr. 2024, at 11:01 am CEST#21
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sigi36 wrote on 19.04.2024 at 09:05:

I converted dogecoins worth 50€ exactly 41,25€ landed on my cash Deposit the rest was withheld as tax

Wrong.... The exchanges have zero to do with your tax.

What was withheld were the sales fees, which have a certain minimum rate + such and such a percentage of each coin.

Now something general about taxes on cryptos:

You only pay tax on the price gain. And only on the pure win if it exceeds €600 per year.
If you buy coins for e.g. 1000€ and the price rises to 1599€ and you sell, no tax is due. If it rises to e.g. 1800€, then you have to pay tax on 200€ (600€ are free).
The tax is calculated according to your personal tax rate and is normally in the region of 20%.
You are completely responsible for observing the limits and paying the tax yourself. No exchange will do this for you or automatically.

If you deposit 10 coins worth 100 (i.e. €1000 in total) in the casino and then win, send 50 coins back for €5000 and sell them, you logically have €4000 more than before, but there is no tax on it. You have only increased your coins and not made a win through a price increase.

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moralischverwerflich
Expert

Crypto casinos - how exactly does it work (tax and co)

19th Apr. 2024, at 11:11 am CEST#22
1 Like

Liked this post: Avatar von sigi36 sigi36

sigi36 wrote on 19.04.2024 at 09:05:

I converted dogecoins worth 50€ exactly 41,25€ landed on my cash Deposit the rest was withheld as tax

If you want to continue playing with cryptos, use Coinbase instead. Bitpanda used to be good, but the fees there are now extremely high and accounts are rigorously blocked.

And it's best to play with LTC, as the buy/sell fees are much lower.
For example, if you buy LTC for €200 on Coinbase, you'll have around €195 in your account and the same amount in Doge would be around €180-185.

Procedure:
Coinbase > Trustwallet > Casino, the other way around when paying out.
Always a wallet in between, is now the safest.

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sigi36
Amateur

Crypto casinos - how exactly does it work (tax and co)

19th Apr. 2024, at 12:43 pm CEST#23
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morallyreprehensible wrote on 04/19/2024 11:11 AM:

If you want to continue playing with crypto, use Coinbase instead. Bitpanda used to be good, but now the fees there are extremely high and accounts are rigorously blocked.

And it's best to play with LTC, as the fees for buying/selling are significantly lower.
For example, if you buy LTC for €200 on Coinbase, you'll have around €195 in your account and the same amount in Doge would be around €180-185.

Procedure:
Coinbase > Trustwallet > Casino, the other way around when paying out.
Always a wallet in between, is now the safest.

Thanks for your answer,


When are Bitpander accounts blocked? When Bitpander finds out that the crypto comes from an overseas casino?
I now wanted to convert 150 € in doge into € because I had the option to specify where the coins came from, i.e. the correct amount invested So that the tax can be calculated exactly, if you don't want to or can't do that, the taxes are calculated as a lump sum from an assumed win of 50% and 27.5% is withheld and the matter is thus settled....

And why does there always have to be a wallet in between, why can't I transfer from stake directly to my coinbase wallet and then to my account?

Thank you !

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moralischverwerflich
Expert

Crypto casinos - how exactly does it work (tax and co)

19th Apr. 2024, at 12:56 pm CEST#24
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sigi36 wrote on 19.04.2024 at 12:43 pm:

Thank you for your reply,


When will Bitpander accounts be blocked? When Bitpander finds out that the crypto comes from an overseas casino ?
I now wanted to convert 150 € in doge into € because I had the option to specify where the coins came from, i.e. the correct amount invested So that the tax can be calculated exactly, if you don't want to or can't do that, the taxes are calculated as a lump sum from an assumed win of 50% and 27.5% is withheld and the matter is thus settled....

And why does there always have to be a wallet in between, why can't I transfer from stake directly to my coinbase wallet and then to my account?

Thank you !

As I said, bitpanda has nothing to do with your tax and does not charge it to you.....

Please read the text above again, I think it is more than clearly explained.
Wallet in between because the exchanges officially prohibit casino payments in the terms and conditions and, in the worst case, freeze your coins.
The wallet in between costs nothing, so it's nice to be on the safe side.... So you officially only send your coins to yourself, and with LTC there are just 4 cents in fees to send....

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DieWunderharke5000
Top Member

Crypto casinos - how exactly does it work (tax and co)

19th Apr. 2024, at 01:27 pm CEST#25
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In Austria, Bitpanda actually withholds 27.5% tax automatically.

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moralischverwerflich
Expert

Crypto casinos - how exactly does it work (tax and co)

19th Apr. 2024, at 01:40 pm CEST#26
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DieWunderharke5000 wrote on 19.04.2024 at 13:27: In Austria, Bitpanda actually withholds 27.5% tax automatically.

Ah ok, not in Germany.


@sigi36 are you from Austria? If so, then what I said about taxes is irrelevant.

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BookofÖzi
Experienced

Crypto casinos - how exactly does it work (tax and co)

24th Apr. 2024, at 02:23 am CEST#27
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I'm still unsure about buying crypto with a credit card. I have barclays, Sparkasse and targobank cards.

Moonpay (buy directly from stake) and banxa( trust) are coming as payees. One is based in Seychelles, the other in Australia.

Another option would be to transfer to binance Euro from the current account. But that would be in Lithuania again.

What is the safest method without the banks causing problems?

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moralischverwerflich
Expert

Crypto casinos - how exactly does it work (tax and co)

24th Apr. 2024, at 11:19 am CEST#28
1 Like

Liked this post: Avatar von BookofÖzi BookofÖzi

BookofÖzi wrote on 24.04.2024 at 02:23: Still unsure about buying crypto with a credit card. Have barclays, Sparkasse and targobank cards.

Moonpay (buy directly from stake) and banxa( trust) are coming as payment recipients. One is based in Seychelles, the other in Australia.

Another option would be to transfer to binance Euro from the current account. But that would be in Lithuania again.

What is the safest method without the banks causing problems?

The banks don't cause any problems!

After all, it is not forbidden to buy cryptos.
These are all normal crypto traders, they have nothing to do with casinos.
Even if you buy cryptos from stake via Moonpay, it's officially a normal purchase of cryptos!

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moralischverwerflich
Expert

Crypto casinos - how exactly does it work (tax and co)

24th Apr. 2024, at 11:23 am CEST#29
1 Like

Liked this post: Avatar von BookofÖzi BookofÖzi
You have the Trust wallet, so why don't you create a Coinbase account?
You can Deposit money at Coinbase as normal. Then buy the cryptos, send them to the Trust wallet and from there to the casino.
The reverse is true for withdrawals.
This is the safest and cheapest method!

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BookofÖzi
Experienced

Crypto casinos - how exactly does it work (tax and co)

24th Apr. 2024, at 05:54 pm CEST#30
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Ok thanks. I heard a few years ago that targobank canceled someone because he deposited on binance... that's why I was unsure now.

I'll try directly via stake...

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