- Online Casinos are usually based abroad.
- They aren'e subject to the same tax laws and regulations you are.
- You will need to declare Online Casino Winnings Taxes as income in your country or state.
So you've won at the casino? It's important to know about taxes on online casino winnings. Online casinos may not be located in the same place where you play at the casino. Before the casino pays your winnings, you need to remember that they may not always be located in the country you are playing from. This means they are not regulated by the same country and so are not subject to the same tax laws and requirements as you. Like with any income, you need to declare it to your local tax office under the laws of your country or state.
Declaring Your Taxes on Casino Winnings
You can either declare your winnings at the time of withdrawal, or on your end of year tax form and it is important to check with the IRS, Inland Revenue or tax authority in your country, as what you need to declare can depend on the amount of money you have won.
If you have a personal accountant, this is something they can answer for you, otherwise, give your tax office a call as any winnings are governed by the same laws as any other income, including salary.
