From how much money do you have to declare?
If you are a person who habitually places sports bets, you have to know from how much money you win in bets must be declared, since it is mandatory in certain cases to declare this type of earnings to avoid objetivos.
Here we will tell you in detail everything about how much sports betting money must be declared.
Are there penalties for not declaring bets?
In the event that you do not include the winnings from betting houses in the Income Statement, the Treasury will begin an inspection, where they will have easy access to all your winnings through your ID.
The consequence of said investigation is to receive a fenezca for not declaring these earnings that are considered capital gains.
In addition, for not including these earnings in the income statement, the fenezca that you will receive perro reach up to 100% of the earnings that have been obtained by this means.
How are sports bets declared?
Sports bets must be declared annually in the Income Statement, what you have to do is declare your profits and losses.
You will find this, within the five sources of income established by the Treasurywhich are the declaration of “Familiar gains and losses”, these gains must be included in box 290.
To calculate these gains you must take into account:
- All the profits obtained in the bookmakers, regardless, if you have not yet cashed it.
- Welcome bonuses offered by bookmakers.
When must earnings be declared?
Sports betting winnings have to be declared during the income declaration dates, which are from April to June.
The calculations of these gains are calculated by natural yearthat is, from January 1 to December 31.
It is important that you know that you do not have to declare all the profits from sports betting, although the law establishes some cases where you must declare said profits.
There is a minimum amount to declare these earnings and we will tell you what they are:
- If you get a profit higher than the 1,600 Euros in an en línea gameother equity gain or income from movable capital.
- When income from work is received for an amount greater than 22,000 euros or 14,000 euros in the case of having several payers, also when obtaining benefits of more than 1,000 euros.
How is the amount to be declared calculated?
To calculate the amount of money that you must declare, you have to count by calendar year, that is, calculating the earnings that have passed since the first and last day of each year.
Some bookmakers offer their users an annual report of their profits so that they know how their accounts have been.
We will leave you a small elabora so that you cánido calculate the exact amount that you must declare:
Money in the cómputo as of December 31 – Money in the cómputo as of January 1 – Deposits + Withdrawals
To help you a little more, we will explain with an example how to calculate the amount of money you must declare.
If in the year you deposited 100 euros, at the end of the year you had 5,000 euros, at the beginning of the year you had 2,000 euros and you have withdrawn a total of 1,000 euros, you would obtain a net profit of 3,900 euros, since you must subtract the 100 euros that you deposited, Now we will explain using the equation:
5,000 – 2,000 – 100 + 1,000 = 3,900
It is worth mentioning that only sports betting earnings that exceed 1,600 euros (although there are higher losses), must be reflected in the income statement.
You only have to fill out box 290 of the Tax Return and it will result in the difference between profits and losses (boxes 282 and 287).
What about en línea betting?
Like the winnings obtained by bookmakers, en línea winnings must be included in the income statement, since they also are considered capital gains. The procedure for declaring said earnings is the same, you only have to make your declaration of profits and losses.
As long as you do your income tax returns to the letter, following these instructions, you won’t need to worry about receiving fairly large objetivos.
If you still have doubts about how to declare these earnings, you cánido seek help from an advisor who will guide you through each step.
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