income taxes question

[suffocation]

hello there.1.besides the 10% of the bookie does the (romanian)state get any income taxes for eventual wins?
and another one:2.is there anyone here who doesn't have a job and lives EXCLUSIVELY through betting?
3.betting is a business.so many people when step into a business call on aid from banks.any business has a certain amount of risk,right?so if one thinks can manage to make much better income and pay his money back to the bank,it could prove a lot more profitable(of course,one has to be cool to do that).does anybody agree with me? [/list]

[strycker]

Hi there, interesting post.

If you win sometimes with betting, with small amounts, you don't have to pay I guess. They won't create you problems because of that. Even if you win one or two times bigger amounts, that's the same for me.

I know that the rules are different in each country... In Belgium I know that people have to pay taxes if this is a 'regular' job, i mean if they live from that. I had a meeting some months ago with a big 'office of lawyers', well known in Brussels, about that... Just wanted to know... 8O

In England, some professionnal gamblers said me that they don't have to play taxes on their winnings, and that this article, although 'old', is still applicated in England :

http://www.hmrc.gov.uk/manuals/bimmanual/BIM22017.htm


Interesting if some pro gamblers can give their opinion/rules in their country/Problems they had with tax service about that ...

Cheers.

[bufe]

...Interesting if some pro gamblers can give their opinion/rules in their country/Problems they had with tax service about that ...

Cheers.

I'm afraid they'd better keep low profile...


Suffocation: there are long threads here in BA dealing with your 2nd question... first you might go through with those...

[oddsbuster]

In England, some professionnal gamblers said me that they don't have to play taxes on their winnings, and that this article, although 'old', is still applicated in England :

http://www.hmrc.gov.uk/manuals/bimmanual/BIM22017.htm


Interesting if some pro gamblers can give their opinion/rules in their country/Problems they had with tax service about that ...

Cheers.

Looks like the situation here in Australia is similar to England (well we are an old colony of theirs.... :lol: )

Unlike in the USA, winnings through gambling are NOT taxable.

I've spoken to my accountant here about it. Apparently the only way I would be liable to pay any tax, would be if I declared my betting activities a "Business". There would be some benefits of doing so (I'll have to give it some thought). Apart from being able to write off all my losses from my income, I could also get many other business benefits like writing off the costs of my car (I can see a new Jeep in my garage.... :lol: ), a home office, trips to Vegas and other things (such as sports magazines...etc).

People here can declare themselves as "Professional Gamblers" for tax purposes, provided their gambling doesn't involve "games of chance" (eg. playing lotteries and such). Betting on things which require some skill and knowledge like sports, horses or poker is acceptable.

[Rydr]

Well!

In our country(Czech rep.) exist some 10 % taxes from every bet you make. No matter if you win or not. I think, but I am not sure, that if you live in Czech rep. without job, just betting, you should pay some taxes too. Also it is not allowed to bet on internet! :lol: :lol: :lol:

[bijetl]

Well!

In our country(Czech rep.) exist some 10 % taxes from every bet you make. No matter if you win or not. I think, but I am not sure, that if you live in Czech rep. without job, just betting, you should pay some taxes too. Also it is not allowed to bet on internet! :lol: :lol: :lol:

Well, in CR you don´t pay 10 % tax from every bet to the state, you pay 10 % to the bookie. Do you want to stake 10$? You pay 11 no matter what the outcome of the bet will be. If your stake wins, you should pay income tax from the amount you won. But - you can´t take off your costs included in lost stakes :-( That´s how it should work according our gtax law. On the other hand - I don´t know anybody who pays this tax :-) This law is really **** both in logical and economical way. So the result is - we have a law and nobody is respecting it. Typical for CR :-)

[suffocation]

Well!

In our country(Czech rep.) exist some 10 % taxes from every bet you make. No matter if you win or not. I think, but I am not sure, that if you live in Czech rep. without job, just betting, you should pay some taxes too. Also it is not allowed to bet on internet! :lol: :lol: :lol:

10% taxes wether you win or lose??this is a joke,right?

[bijetl]

Well!

In our country(Czech rep.) exist some 10 % taxes from every bet you make. No matter if you win or not. I think, but I am not sure, that if you live in Czech rep. without job, just betting, you should pay some taxes too. Also it is not allowed to bet on internet! :lol: :lol: :lol:

10% taxes wether you win or lose??this is a joke,right?

it is not tax. It is a fee that you have to pay to the bookie when you place a bet.

[TEDDIE21]

Well!

In our country(Czech rep.) exist some 10 % taxes from every bet you make. No matter if you win or not. I think, but I am not sure, that if you live in Czech rep. without job, just betting, you should pay some taxes too. Also it is not allowed to bet on internet! :lol: :lol: :lol:

10% taxes wether you win or lose??this is a joke,right?

No it's not a joke.I used to live in Romania for 6 years and they have only one important bookie(Astra) and you have to pay them 15% of the amount you stake,no matter if yyou win or lose.
And if the winning is bigger than 200 euro I guess the taxes a even bigger.
Luckily here in Moldova we don't pay any taxes.We have about 5 bookies,online of course and it's qiut good as most of times I can find the same odds as the highest on the market.