What about paying taxes at the end of the year?

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    Last post ago almost 7 years by ethereal
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    LHofsdal

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        LHofsdal

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        Hello Gang,

        I have a question, do you have to claim your winnings on your taxes at the end of the year? Do the online casino's report your wins? I know people who play bingo on line and have won but did not claim it on their taxes so they say. 

        Just kind of curious.

        Thanks.
        LH
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        genenco

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          Mighty! Member
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        Hmmmm...well, first of all you jave got to win enough (Chuckle)

        But when the laws change, this will be one thing the onlines will be "Expected" to do for our beloved Govy collectors.

        I frankly wouldn't mind then telling the govt and myself "here's what you spent/lost/won and the profit ior loss.

        That way you have proof of the expenses.
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        BIGLEAN

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        LHofsdal wrote:

        Hello Gang,

        I have a question, do you have to claim your winnings on your taxes at the end of the year? Do the online casino's report your wins? I know people who play bingo on line and have won but did not claim it on their taxes so they say. 

        Just kind of curious.

        Thanks.
        LH

        I read somewhere that you do NOT have to report the winnings, don't remember where though!
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        Lipstick

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        Hi LH,

        Online casinos do not report your wins to the IRS. If you do not take it upon yourself to claim your winnings on your return there is only one snag. If the IRS audits you for any reason including income not reported, thats where it could get complicated.

        Lips
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        Slotbeuker

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        I'll be more than happy to pay taxes over the money I won, as long as I get a refund over the money I've lost.
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        ethereal

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        Here (Australia) you pay 0 tax on winnings! hoo! Even if you win 10,000,000 on the lottery, there is no tax on your actual winnings

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