Tips for Filing Taxes : Gambling Winnings Tax Tips
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In America Do I Have To Pay Taxes Are online casino winnings taxable My Online Casino Winnings?
Taxes are a very grey area when it comes to online gambling.
However, are they able to enforce it on online winnings?
Well, if you live in America, you do have to claim your online casino winnings, just like in an offline casino.
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This is taken from the and is their thinking behind the matter: Gambling winnings are fully taxable and must be reported on your tax return.
You must file Form 1040 and include all of your winnings.
Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos.
It includes cash winnings and also the fair market value of prizes such as cars and trips.
However, there is good news for all casino gamblers from the United States.
The great thing about online casinos is that this is all documented in https://bannerven.com/online-casino/lotus-asia-online-casino.html cashier section and as long as you print off your deposit and withdrawal history, you can claim loses back up to the amount of your winnings.
Plus, if the tax man does come calling, you can keep him satisfied with your meticulous records.
God knows a tax man loves pages and pages of paper with numbers all over them!
So, there you have it: your gambling income is taxable.
Now, whether you decide to report it is up to you.
You can submit any additional questions, answers, information or comments in the form below.
We will strive to answer your questions within 48 hours.
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