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Angemeldet seit: 28.11.2022 Beiträge: 130 |
Hi, I was wondering if people had experience with withdrawing winnings from Stake.com (Like paddypower but you use Crypto like BTC for the currency) and how does this work regarding tax since this is a gambling platform? My scenario is like this 1) I purchased lets say €100 of BTC on Stake.com via moonpay. 2) Start playing with that €100 euro on a mix of casino and sports. 3) Let's say I ended up with €10,000 worth of BTC. If I wanted to turn this into FIAT my flow would be something like this Stake.com BTC wallet => Coinbase BTC wallet => Turn BTC to FIAT on Coinbase => Withdraw to bank account in Ireland. The above would work in theory. But my question here is what is my tax situation on above regarding capital gains tax. In my case the value of my initial 100€ BTC is probably only changed +- a few percent. But my Stake wallet was increased from winnings on Stake not BTC that I bought. If I withdraw to Bank account would I owe 33% capital gains tax on the 10g of BTC that I sell? Any advise would be great, current strategy is to just leave it in my wallet. |
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Angemeldet seit: 25.03.2014 Beiträge: 57 |
From what I understand, in most countries, including Ireland, you're usually taxed on your gains when you convert crypto to fiat. Since your winnings came from gambling and not directly from the increase in BTC value, the tax would likely be on the full amount when you cash out. The 33% capital gains tax might apply, but it’s always a good idea to check with a tax professional to be sure. I ended up switching to 789bet because I found the process of withdrawing winnings in fiat much easier. It uses more traditional currencies, which made it more straightforward for me. No more worrying about crypto fluctuations, and it’s been a smoother experience overall. |
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Angemeldet seit: 04.01.2024 Beiträge: 210 |
It was a rainy Friday night, and I found myself cozied up in my living room, scrolling through various streaming options. I’d already binged my way through several shows, and honestly, I was a bit bored. That’s when I stumbled upon an ad for an online gambling site. The bright colors and flashy animations promised excitement and thrill, which sounded much better than my current predicament of deciding whether to rewatch an old sitcom. I figured, why not? I’d never really gambled before—unless you count that one time I placed a bet with my friend on who could eat the most slices of pizza—but it felt like the right moment for a little adventure. So, there I was, creating an account, entering my email, and setting up my password. It all felt a bit surreal, like I was entering a secret world. I made my first deposit, which was a tiny amount—just enough to keep things casual. I opted for blackjack because, let’s be real, it sounded sophisticated. As I entered the https://joocasinopokies1.com/ virtual table, I felt a rush of adrenaline. I placed my first bet, my hands slightly shaking with a mix of excitement and nerves. The dealer dealt the cards, and somehow, I managed to get a decent hand. I hit, stood, and before I knew it, I was cheering at my screen like I had just won the Super Bowl. Little did I know that this was just the beginning of an unforgettable rollercoaster ride. |
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