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Online Casinos in general: How do you report your crypto betting winnings in taxes?

Topic created on 15th Aug. 2022 | Page: 1 of 1 | Answers: 9 | Views: 1,478
kryptobob
Visitor

How do you report your crypto betting winnings in taxes?

15th Aug. 2022, at 04:37 pm CEST#1
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For example, if you have winnings from crypto bets on Stake or elsewhere, how do you declare them on your tax return? Since Stake etc. are not allowed, I think it is difficult to simply label them as betting winnings. That's why I think you should just tax the wins normally as income tax. How do you handle this, if you need to prove where the wins come from exactly? Does anyone here have experience?

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moralischverwerflich
Expert

How do you report your crypto betting winnings in taxes?

15th Aug. 2022, at 04:46 pm CEST#2
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You want to pay tax on it? Only when you have made over 600€ plus, it is taxable

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kryptobob
Visitor

How do you report your crypto betting winnings in taxes?

15th Aug. 2022, at 04:58 pm CEST#3
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Milo1 wrote on 15.08.2022 at 16:46: You want to tax them?

Yes, because if they ask me where I got the wins from and I say for example Stake, that doesn't look so good either or because they are banned so to speak? How do you do that? It's a little bit higher wins in my case

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supermode
Expert

How do you report your crypto betting winnings in taxes?

15th Aug. 2022, at 05:29 pm CEST#4
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If at all, only the win has to be taxed as far as I know.

Means if you buy 1 BTC for 20k you hold the 6 months and it rises to 40k and you say okay I go out you have to pay tax on 20k because you have not held 12 months, if you go out after 12 months with 20k plus it does not have to be taxed.

I am not an expert but normally the win on stake counts as a win and wins don't have to be taxed.

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moralischverwerflich
Expert

How do you report your crypto betting winnings in taxes?

15th Aug. 2022, at 05:58 pm CEST#5
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In principle, it does not have to be taxed at all, because the win is not made on the coin itself. Normally you buy and sell the coin for pretty much the same money. The win is that you just have 100 coins instead of 10, for example.

In principle, it's no different than when you Deposit 10 € and pay out 100 €

Otherwise it is as Supermode has already said. If the coin itself rises when you leave it and the win happens to the coin itself, you have to pay tax on it.

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kryptobob
Visitor

How do you report your crypto betting winnings in taxes?

15th Aug. 2022, at 06:35 pm CEST#6
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supermode wrote on 15.08.2022 at 17:29: If at all, only the win must be taxed as far as I know.

Meaning if you buy 1 BTC for 20k you hold it for 6 months and it goes up to 40k and you say okay I'm getting out you have to pay tax on 20k because you didn't hold it for 12 months, if you get out after 12 months with 20k plus it doesn't have to be taxed.

I'm not an expert but normally the win then on Stake also counts as a win and wins don't have to be taxed.

Yes, but isn't Stake forbidden according to the law of 2021, then I shouldn't have used it at all?

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hustlehoff
Expert

How do you report your crypto betting winnings in taxes?

16th Aug. 2022, at 10:07 pm CEST#7
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Sure, ignorance does not protect from punishment, BTC and due most cryptocurrencies are not anonymous except Monero/XMR and a few others the blockchain can be traced back forever and if you have transactions of illegal gambling you are liable to prosecution but no one wants to hear that here ala "me small fish it does not catch" All coins that you do not buy directly with a receipt at an exchange can be dirty and bring you a lot of trouble or even confiscated. The tax offices are not stupid, you are criminals if you play there there is no discussion.

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Das_Phantom
Rookie

How do you report your crypto betting winnings in taxes?

16th Aug. 2022, at 11:30 pm CEST#8
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hustlehoff wrote on 08/16.2022 at 22:07: Sure, ignorance is no excuse, BTC and most cryptocurrencies are not anonymous except Monero/XMR and a few others the blockchain can be traced back forever and if you have transactions from illegal gambling you are liable to prosecution but nobody wants to hear that here ala "it won't catch me little fish" All coins you don't buy directly with a receipt at an exchange can be dirty and bring you a lot of trouble or even be confiscated. The tax offices are not stupid, you are criminals if you play there there is no discussion.

Lol... What a bullshit


It's the other way around. Who is supposed to give information if you don't transfer at an exchange?

Even if the tax office is not stupid (which is doubtful), they have their limits with crypto. They don't even manage to take (ex-)eu-licensed eWallets a la Paysafe Hops

Just because the tax office wants something doesn't mean they'll get it....

The morality of this is something everyone has to decide for themselves

The fact is that crypto is (still) one of the most secure transaction methods... as long as you use it correctly.











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hustlehoff
Expert

How do you report your crypto betting winnings in taxes?

17th Aug. 2022, at 12:34 am CEST#9
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Jo, try to put this in your head.

Then you haven't experienced all the busts that I've been following for the last 5 years, as I happen to work in the field.

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kryptobob
Visitor

How do you report your crypto betting winnings in taxes?

17th Aug. 2022, at 02:32 am CEST#10
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hustlehoff wrote on 08/16.2022 at 22:07: Sure, ignorance is no excuse, BTC and most cryptocurrencies are not anonymous except Monero/XMR and a few others the blockchain can be traced back forever and if you have transactions from illegal gambling you are liable to prosecution but nobody wants to hear that here ala "it won't catch me little fish" All coins you don't buy directly with a receipt at an exchange can be dirty and bring you a lot of trouble or even be confiscated. The tax offices are not stupid, you are criminals if you play there there is no discussion.

Hello, this is not quite as true as you make it sound. Clearly it is not allowed to bet on these gambling sites, but the sites are still normally accessible from Germany, even without VPN or otherwise. Even the operators themselves have nothing against German players and do not try to prevent this, at least with very many sites


No one can prove that you intentionally played on these unlicensed sites while you knew about the lack of licenses. As long as you have stopped from the knowledge

Also, what does this have to do with "dirty coins"? You can get them or not get them anywhere, why coins in gambling sites should be dirtier is not directly clear to me, whereas it may well be that the probability is minimally higher or not. Also, the major crypto exchanges would not accept dirty/mixed coins

Also, if it is punishable, then why do the courts give rulings in which players get their losses back from these gambling operators? Aren't the players themselves punishable then? Even according to the law of 2021? And what do the tax offices have to do with it?

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