Yes , sometime win sometime lost all . what Issue i can tag ? Lost , Donation , gift or income ? If Gambling site sent BTC back to my wallet and less than i send to them .
Exp1. Send BTC to play Gambling about 0.5 BTC . but refund back to my wallet only 0.32 BTC.
Exp2. Send BTC to play about 0.5 BTC. But refund back to wallet about 1.3 BTC.
Good question, I have that question too, my example would be using Polymarket or Augur
You should create a new wallet for your gambling site and mark any deposits/withdrawals to/from that site as Transfers, after that create individual transactions for gains/losses ex. if you lost 5 BTC then create a Withdrawal with 5 BTC and tag it as a Realized gain. For profits, you can add a Deposit and tag it as Realized gain as well.
UK tax law is that gambling wins are not taxable unlike the US, so does this mean we need a different approach? How can you mark a gain as non-taxable in Koinly?
If I transfer BTC to a casino site, but I don’t own the keys to the receiving wallet, does this count as a transfer or as a withdraw and then a deposit when I take the coins back out of the casino site after the betting activity?
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There are no taxes on winnings/deposits by default, if you wanted to pay tax on these then you would have to tag them as Income.
Yo can create a custom wallet for the casino site and change the withdrawal to be a transfer to this custom wallet and same with the deposit (i.e. convert deposit to a transfer from gambling wallet).