When it comes to filing your taxes, one of the most common questions has to do with whether you need to claim online casino earnings. This is an important consideration because things can get a little tricky with the IRS if you have unclaimed earnings.
Should You Claim Your Casino Earnings?
The safest thing that you can ever do is claim all earnings on your taxes. What this means is that if you take part in any online casino games, and you earn any type of income from them, then you are going to want to make sure that the IRS knows of this when you file your taxes. If you earn a casino bonus or a specific prize during your gaming, then you are definitely going to want to be honest about it.
It is important that you are always honest on your tax paperwork. If you do not think a specific winning was significant, ask a professional. Do not leave it out just because you are in doubt. If the IRS finds out that you generated any kind of income that you should have claimed but that was not, then you can get in trouble. This trouble can extend past simply having to pay taxes on that income, because you may end up paying fees, penalty and interest if you let it go for a long time. Honesty is always the best policy when it comes to any income that you earn, through casino gambling online or otherwise.