Is that the legal tax definition though? If I pay you $100 for your services or $100 in credit isn't that still payment? I think Kick is using a tax loophole. I'm just thinking out loud. If I log onto stake dot com and deposit $100k I have $100k in credits. If a streamer is paid $100k in credits and has the same odds of payout as me why is that not $100k in cash payment/value.
Tbh I'm just talking out my ass. I don't really know. But I would think since it's just credits and not real money, he would just be taxed on the amount he withdraws. The withdraw amount would all count as winnings since he didn't deposit any of it.
So if you deposit 100k and make 50k profit, I think you would only be taxed on the winnings. So taxed on the 50k when you withdraw your 150k.
You are probably right I just have a gut feeling that this is massive fraud. Stake already has the odds advantage and now they are paying streamers with credits equal to dollar value and using that to market to a bigger audience. It's just speculation though, but still interesting in my opinion.
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100K play money until it turns into real value. So taxed on the 25K.
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Is that the legal tax definition though? If I pay you $100 for your services or $100 in credit isn't that still payment? I think Kick is using a tax loophole. I'm just thinking out loud. If I log onto stake dot com and deposit $100k I have $100k in credits. If a streamer is paid $100k in credits and has the same odds of payout as me why is that not $100k in cash payment/value.
Jump in the discussion.
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Tbh I'm just talking out my ass. I don't really know. But I would think since it's just credits and not real money, he would just be taxed on the amount he withdraws. The withdraw amount would all count as winnings since he didn't deposit any of it.
So if you deposit 100k and make 50k profit, I think you would only be taxed on the winnings. So taxed on the 50k when you withdraw your 150k.
Jump in the discussion.
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You are probably right I just have a gut feeling that this is massive fraud. Stake already has the odds advantage and now they are paying streamers with credits equal to dollar value and using that to market to a bigger audience. It's just speculation though, but still interesting in my opinion.
Jump in the discussion.
No email address required.
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