In my country (Australia) ALL gambling winnings and profits are 100% tax free.
You don't have to declare it because it is considered a hobby.
In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.
If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.
Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?
Here in our country then its not, you would be getting those wins 100% not unless if you would really be transferring those winnings in fiat form into your bank account and then having those sudden huge deposit then it would really be surely ring a bell and they will really be that locking up your bank account and asking on where those funds came from. On the moment that they've seen you that you are making such huge money then there would really be those times or moment that tax should really be implied or should be deducted on which it is really that a shit condition to have. So far i havent been able to experienece it sinceYou don't have to declare it because it is considered a hobby.
In the USA and other countries gambling winnings are treated the same as income and gambling companies are required by law to withhold federal income taxes.
If I had to pay taxes I would quit gambling. The risk wouldn't be worth it.
Does your country tax gambling winnings and if so do you declare it yourself or does the gambling operator withhold the taxes on your behalf?
i havent that been able to experience those huge winnings in the first place.
