These are questions that many people ask themselves when they go to play their favourite game. The good news is, no! One doesn’t need to pay taxes on any of the winnings. Online gambling websites do not report any information about your online activity to the government and will never do so.
If you are playing at an online site, then your winnings will not be taxed. If you have won a jackpot and the playout is in cash, this will also be tax-free. However, if the playout is given as a prize, such as with air miles or other rewards points, these may come with strings attached from the provider of those prizes for fulfilling their requirements.
Contact them directly to know out more about what might happen on that end.
Even though there are no taxes charged when winning any gambling game online, many people choose to declare themselves gamblers so they can enjoy some additional benefits through income-tax deductions available only to gamblers (such as deducting losses).
Therefore, it is a good idea to talk with a qualified tax professional before you start gambling online about the best way to file your taxes.
Now the main question: what to do if the pay-outs are all cash?
If all of the pay-outs are in cash, you will not have to worry about paying any taxes. That is because when something is considered “cash,” it means that there has been no conversion from one form of currency to another (such as from a foreign currency to U.S. dollars). So, if you’re winning 꽁머니and getting paid out in USD or other types of local currencies for your winnings, this won’t be a problem! As long as they had converted the funds into cash before giving them over to you since that was their end goal anyways.
And what happens if you are playing on your phone?
All online gambling games can be accessed through mobile devices these days. So, anyone can play online games on their phones. And when it comes to taxes, the answer is the same as it would be for playing on a computer: you won’t have to worry about paying any taxes if all of your pay-outs are in cash (as long as they converted them before giving them over).
