|  | | | 12 Oct 2006
Online casino gamblers might not be aware that every win has to be declared on their tax return forms. The IRS has strict guidelines regarding the payment of taxes on gambling winnings – even those won at online casino sites. The law is very clear on this one: If you win any money from gambling – including at an online casino – you need to declare your winnings on your tax return forms. Many gamblers feel that since most online casino sites are based offshore and theoretically illegal in the United States, any money won from these sites does not have to be declared as income. Gambling incorporates charity wins, lotteries, traditional land-based casinos and, yes, online casino sites.
Professional gamblers at online casino sites, especially, need to make sure that they are aware of all the tax requirements put out by the Internal Revenue Service. Online casino professional gamblers need to keep a rigid record of all their gambling sessions, the time spent at each session, the games played and the amounts spent and won. The IRS has issued a number of guides explaining how gambling records should be kept – the most popular being guide number 529 which should clarify most issues with online casino gamblers.
Of course, taxation and money issues can sometimes become overwhelming. If you are in doubt about how to go about declaring your income from online casino gambling, approach a tax expert or an accountant. Playing (and winning!) at online casino sites can be extremely rewarding, but don’t forget the more serious side of declaring your income.
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