Large amount of money

Casino QuestionsCategory: Online CasinosLarge amount of money
Top Casino asked 7 months ago

If I have won a large amount of money, should I cash it out all at once? Will it affect my taxes?

1 Answers
Top Casino answered 7 months ago

Cashing it all out or bit by bit is your decision, and it will not affect anything, including your taxes. As mentioned before, casinos will not report these winnings, so you are on the honor system to declare the winnings on your tax return. You can also deduct any losses in the same year from these winnings.

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