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  • Writer's pictureSafe Online Gambling

Taxman wants your Online Casino Winnings

There are a few things that always remain constant. Yes, death and of course the government loves to tax us (to death) even though they have no idea how to best utilize the funds they collect. However, one more constant that you can bet on (did you see what I did there) is that the government will certainly tax you when you win real money in an online casino.


Winning real money in an online casino is taxable
Beware of the Taxman taking Casino Winnings

For most of us, April 15th is a day we have to give our fat cat uncle a slice of our earnings, and unless we have overpaid the IRS throughout the year; we will be cutting a percentage of our income for the government to waste by sending it towards their personal pet projects. That includes all your income, whether it’s from a W-2, a side gig, illegal activity (yes, you have to report that), and potentially a new source of income for some: gambling winnings.


Many gamblers had a very strong 2023 with casinos winning almost $67 billion from players according to the American Gaming Association. When revenue figures from tribal-owned casinos are released separately later this year, they are expected to show that overall casino gambling brought in close to $110 billion to U.S. casino operators in 2023.


Many states are finally allowing legal gambling which will continue to give a larger tax base. It still is amazing that all states (like Texas) have not approved of legalized gambling, especially in online casinos.


Nonetheless, gambling winnings are considered income. Actually, it is considered "other income" on state and federal tax returns, and a gambling winner is supposed to pay a tax on all of their winnings no matter how big or small.


Safe Online Gaming has two pieces of good information. One, is if you do have to pay taxes on your winnings than that means you are in the positive. Therefore, even though we hate giving the government a slice of the pie, we still get to celebrate winning at the casino. The second piece of helpful advice is that although you cannot cut down your gambling winnings with your losses; you can deduct losses up to the winning amount on your tax return. You can at least breakeven in this scenario.


Now the important key to give yourself an opportunity to have to pay the taxman is to find the best online casinos. There are thousands of sites to play, but it is important to do your research when choosing an online gaming site. Sites like https://www.fiestajackpot.games/ or  https://calientecasino.games/ and even https://www.sugarshack.games/ have all of the thrills of being at a casino in a safe secure environment.  Players can have hours of fun and a chance to win real money.  Each of these casinos have an operator standing by offering gamblers assistance 24 hours 7 days a week. 

 

For those operators who need a safe online site who need to purchase credits; visit sites like www.BuySkillCredits.com or www.InternationalGamingCredits.com.


In addition to having a great opportunity to win, you don't have to pay for that high priced drink or shell out hundreds of dollars to take a flight. (Which we are wondering why that couldn't be used as an itemized deduction?) As always, be responsible, and set your limits.

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