CLchips are our way of rewarding you for contributing to our community by making comments and posts, participating in competitions and more.
We detect your country to filter casinos that do not accept players from where you live, and we display bonuses and jackpots in your preferred currency where possible.
→ Change your preferences
Has anyone won a considerable amount, cashed out, and then paid taxes on it? I'm wondering about anyone's story on that if you do have one. If you ran into any problems while paying taxes on your gambling winnings ($10,000 or more)
Hey Blue, I assume you're in the US given the flag. I've never had that big a cashout to claim for gambling winnings, but it's a tricky proposition.
The activity for online betting isn't regulated for most states, but you're still expected to claim those winnings. For regulated states you'd definitely want to make sure you claim them and paying the money, as the casinos are reporting those winnings to the state and feds as obligated by law.
For unregulated winnings... well, I don't know. I mean you're obligated to claim and pay. The company is offshore though and not reporting the amounts to the feds, so you wouldn't have them reported on that end. I'm not saying you should break the law, but I personally would have a major hard time claiming winnings on something the government deems illegitimate. I'd have to pony up and face the consequences if that ever got discovered though. That's me personally.
Of course, the call is yours. If you're going to be claiming those winnings, I'm sure the government will be more than happy to take that money.
Where I live gambling winnings are not taxed unless you're a professional gambler.
Always play it safe! Consult our list of rogue casinos and warnings before depositing at a new casino.
Post in our forums to earn CLchips which can be used to buy real prizes in our CLchips shop.
Have something to say? Agree or disagree? Tell us what you think!
Login or register to post comments
Registering for an account takes less than a minute and you will be brought right back here to comment afterwards.
Join our global community of casino players and share your views, tips, and fun.
Earn CLchips by chatting in our forum, then spend them on prizes in our shop.
Love it? Hate it? Rate your favourite casinos and casino games right here.
These are the most recently updated forum topics: