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Online Casinos in general: Cryptocasino taxes

Topic created on 10th Oct. 2024 | Page: 1 of 1 | Answers: 7 | Views: 638
T****g

Cryptocasino taxes

10th Oct. 2024, at 04:02 pm CEST#1
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Moin moin,

I deposited money into a cryptocasino via Coinbase and withdrew a 5-digit amount via crypto to Coinbase. Now the casino does not have a valid license and I am wondering if I have to or should declare the win in my tax return. I've already read through a few other forum posts here, but can't find a clear answer. I also have the prepaid card from Coinbase and actually wanted to use it to withdraw the money bit by bit... but at the moment I am absolutely unsure what exactly I should do. For example, whether I should keep the majority of the win as a reserve and wait for the tax office to get in touch with me or not, or whether I should declare the win.

Does anyone have any experience?

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moralischverwerflich
Expert

Cryptocasino taxes

10th Oct. 2024, at 04:27 pm CEST#2
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No, no tax is due. But there is enough to read about it here.

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T****g

Cryptocasino taxes

10th Oct. 2024, at 04:35 pm CEST#3
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That is correct. However, many other sources report the opposite for casinos that are not on the whitelist. On the other hand, I think that the forum here should also be full of topics where the FA demanded a tax refund. But they are not there..

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Dave356

Cryptocasino taxes

10th Oct. 2024, at 05:53 pm CEST#4
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Taxes don't, but there was a thread here the other day where a user reported that elsewhere his win was going to be confiscated.

https://www.gamblejoe.com/forum/online-casinos/allgemeines/staatsanwaltschaft-will-einziehung-von-wertersatz-415872/

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Maximus_Winnus
Experienced

Cryptocasino taxes

10th Oct. 2024, at 06:54 pm CEST#5
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https://www.finanzfrage.net/frage/bitcoin-gewinne-im-online-casino

Without guarantee

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moralischverwerflich
Expert

Cryptocasino taxes

10th Oct. 2024, at 09:41 pm CEST#6
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Dave356 wrote on 10/10/2024 5:53 PM: Not taxes, but there was a thread here the other day where a user reported that elsewhere was going to confiscate his win.

https://www.gamblejoe.com/forum/online-casinos/allgemeines/staatsanwaltschaft-will-einziehung-von-wertersatz-415872/

That's about something completely different

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moralischverwerflich
Expert

Cryptocasino taxes

10th Oct. 2024, at 09:48 pm CEST#7
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Tuffelkoenig wrote on 10.10.2024 at 16:35: That is correct. However, many other sources report the opposite for casinos that are not on the whitelist. On the other hand, I think that the forum here should also be full of topics where the FA demanded a tax refund. But they are not there..

You don't have to declare it.

But of course you can do it and at the same time p**s on your own leg regarding illegal gambling.... Just think about it 😉

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Dave356

Cryptocasino taxes

10th Oct. 2024, at 10:19 pm CEST#8
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morallyreprehensible wrote on 10/10/2024 21:41:

It's about something completely different

I know, but still seemed like relevant information for the thread creator.

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