/biz/ - Business & Finance

[Anonymous No.22793244]

>lose 60% of my account in the past week trading BTC on Binance
>get angry and drunk last night
>deposit the remaining 40% of my acccount in an online casino
>bet it all on one hand Blackjack
>heart racing like a mother
>almost pass out
>pull a BlackJack and win
>deposit all the money back into my Binance account

So uh, I don't have to pay taxes on that right?

[Anonymous No.22793326]

No. Keep on gambling you are on to something

[Anonymous No.22793343]

>>22793326
Did I just find a legal way to avoid taxes?

[Anonymous No.22793379]

>>22793244
If this is true, take your blessings and sort out your investment/trading strat.

I know people who did what you did, and ended up hanging from their ceiling days later from the regret...

Seriously anon, take a break and think things though,

[Anonymous No.22793446]

>>22793379
That's what I was thinking too. Not sure if I should continue, might have a problem. My trading went well for some time but I got greedy and wanted bigger profits which led me to almost lose it all.

[Anonymous No.22793459]

you lucked out and got an extra life, don’t waste it

[Anonymous No.22793601]

>>22793244
Yes you have to pay tax on this. Fyi you also have to pay tax on gain from trading crypto but you probably knew that.

[Anonymous No.22793661]

>>22793601
>Yes you have to pay tax on this
But I just read that gambling profits are tax free here in Germanistan
>>22793459
I wont

[Anonymous No.22793702]

>>22793661
You don’t have to pay tax on the gambling winnings but you do on the crypto gains.

[Anonymous No.22794018]

>>22793702
yes but he can claim his losses

[Anonymous No.22794105]

>>22793661
Ah, I assumed you were American. My bad, homie.

[Anonymous No.22794224]

>>22794018
Not necessarily. You have to itemize to claim gambling losses and you can only do so to the extent of your winnings.

For most people, the losses have very little tax impact. Certainly not enough to take the a bite out of the losses.