Cash Prizes vs. Other Prizes

[Awena]

The price of a light plane on the web is about 1-2K so is not so much.

Hola Valentin, I have one question for you and it is .. would you like to have  light plane ?

[valentin68]

Of course I wold love to have a light plane. As a matter of fact I was saving money 2 years ago to buy a parachute (a paraglider) but after i had these money I decided to buy something else. Nice question Awena. I think think that everybody here wold love to fly! Wow, I'm on the mobile now!

[Awena]

Ok Valentin then, here it is, just for you .

[valentin68]

That's what i was talking about! We're in business now!!!

[Goreganga]

As far as I know (if everything is legal: D), then if you transfer some kind of physical prize to a financial one, you have to pay a tax, usually on paper they somehow solve the tax problem if, for example, you win a car, however so not in all countries.

[pinnit2015]

7 hours ago, Goreganga said:

As far as I know (if everything is legal: D), then if you transfer some kind of physical prize to a financial one, you have to pay a tax, usually on paper they somehow solve the tax problem if, for example, you win a car, however so not in all countries.

UK wise, the prizes (cash or physical) or exempt from tax (think the US is different). But you need to watch if you then start to sell items on Ebay etc as it could be construed as taxable income (possibly capital gains tax implications as well), but generally you're fine. 

[cocopop3011]

3 hours ago, pinnit2015 said:

UK wise, the prizes (cash or physical) or exempt from tax (think the US is different). But you need to watch if you then start to sell items on Ebay etc as it could be construed as taxable income (possibly capital gains tax implications as well), but generally you're fine. 

Yeah I think it is a very fine line actually! It's great our winnings are exempt from tax but indeed if the item was even to go Facebook it could be classed as income which is ridiculous, but there we are. Can't moan I suppose. Not that I would ever be lucky enough to win a prize worth selling anyway 

[Fiekie247]

I remember I once won some gadget on Videoslots but took 200 euro or equivalent in Cash instead.

Did not want to wait for the item to Arrive and 200 euro for my gambling budget means alot more.

As always I ended up losing the funds.

Here in South Africa - Winnings on Gambling at local online casinos/poker sites does not get taxed. Not sure about international, but then again all my winnings go to BTC anyways/