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/biz/ - Business & Finance

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8353612 No.8353612 [Reply] [Original]

If gambling with casino chips is tax-free.

Then gambling with virtual casino chips is ...........

>> No.8353640

>>8353612
Gambling isn't tax free. You have to pay tax on that shit. Luckily it's a double edged sword and you can claim capital losses if you're down for the year.

>> No.8353818

>>8353640
In many countries, this is a complex question, but in Australia, the answer is simple: by and large, gamblers never have to pay taxes on their winnings. As gambling isn’t considered a profession for the vast majority of players, it isn’t taxed as such; rather than income, the government sees gambling winnings as a fortunate windfall, and allows players to keep the entirety of their winnings.

DOES AN AUSTRALIAN GAMBLER HAVE TO CLAIM WINNINGS AS INCOME?
It’s unlikely, as even professional poker players – certainly the gamblers whose winnings would be most likely to have been based on skill – haven’t been asked by government to pay taxes on their winnings. If, for some reason, such a player were to set themselves up as a business, then they might be required to pay taxes, but it’s an unlikely scenario. On the other hand, any sponsorships, endorsements, or other gains earned because of their poker career would of course be taxable.

>> No.8353847

>>8353612
virtually tax free?

>> No.8353850

>>8353818
Damn, Australia's got nice loopholes. I was just talking about the US, though. Since we're the only country that actually matters.

>> No.8353866

>>8353818
Nobody cares about Austria.

>> No.8353877

>>8353818
What a neat way to launder money, tax-free

>> No.8354541

>>8353818
That's why I'm mostly in FUN.