Winnings Tax?

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This topic contains 8 replies, has 7 voices, and was last updated by  hahungdung 5 months, 3 weeks ago.

  • Author
    Posts
  • #11294

    bernardbear
    Participant
    Points: 1 761.00

    Are Online Casino winnings taxable?

  • #11536

    shirish5
    Blocked
    Points: -140.00

    There is tax on win prize.

  • #11588

    shahzadmalik
    Participant
    Points: 605.00

    tax is always there for everything

  • #34438

    zeeshanjutt777
    Participant
    Points: 20.00

    May be they have some kind of rules

  • #34462

    ardodd
    Participant
    Points: 9 681.00

    If you are playing online casinos you do not have to pay tax’s until the end of the year. As they will send you a income report.

    Now if you desire to Cashout of casino after winning then in some case’s yes. But most casinos are not there to tax you, as it is not part of the program. They will send you a earning statement to support your account.

    Live Casinos are also different in that do hold out tax’s on certain big prize packages. But Live Casinos also just send you a Earning Statement at the end of year.

    Both Online and Live Casinos have to report earnings to their governing party for tax purposes. So yes you will have to pay tax’s at some point on your winnings.

  • #34466

    shirish5
    Blocked
    Points: -140.00

    @ardodd if we play casinos which are not in our country then how are we taxed?

  • #34474

    hafiz786
    Blocked
    Points: -44.00

    Sorry guys ! I am confused here…. I never think about winning taxes, before. But, I personally think that, Yes there is tax, always some kind of tax. Because there is nothing in the World without tax. Especially when we are dealing with payments.

  • #34481

    ardodd
    Participant
    Points: 9 681.00

    @shirish5 and @hafiz786 Casinos do not Tax anyone.

    They give you all your money if you win anything. It is your responsibility to any local, state or federal taxes.

    You do this by asking for a income statement from the casino where you won money. And it will show you the total amount of winnings you have had during any certain time period.

    It is your responsibility to report your winnings NOT the Casino.

    At the end of the year the Casino does their own taxes and shows who won who lost and how much they made. They the Casino in some cases will send you a Income Earnings Statement showing all of your earnings for that year.

  • #42283

    hahungdung
    Blocked
    Points: 200.00

    I do not know gambling winnings tax is how much because I’ve never been lucky in gambling and has not been heard on the gambling winnings tax ever

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