Question about taxes?
Quote: billryanAre you saying that if I am playing my freeplay and get a dealt Royal on a $1 hundred play, it is not a taxable event?
I answered that question above
Quote: billryanAre you saying that if I am playing my freeplay and get a dealt Royal on a $1 hundred play, it is not a taxable event?
Of course it is.
Quote: DRichOf course it is.
Not according to IRS rules.
But those rules don't mention JACKPOTS.
They simply say rebates are not taxable. And Freeplay is considered a rebate if it's based on past performance.
Now it probably would be challenged and would need to go to tax court.
You might win in court but most likely any aspect of the law found to be malleable will be used to make you lose.
You better have a good tax attorney.
Quote: darkozNot according to IRS rules.
But those rules don't mention JACKPOTS.
They simply say rebates are not taxable. And Freeplay is considered a rebate if it's based on past performance.
Now it probably would be challenged and would need to go to tax court.
You might win in court but most likely any aspect of the law found to be malleable will be used to make you lose.
You better have a good tax attorney.
Money won off of a rebate isn't a rebate. It is taxable.
Quote: DRichMoney won off of a rebate isn't a rebate. It is taxable.
https://www.irs.gov/publications/p525#en_US_2019_publink1000229502
Quote: darkozI answered that question above
As I read your responses, one seems to contradict the other.
Quote: darkozhttps://www.irs.gov/publications/p525#en_US_2019_publink1000229502
Exactly, gambling winnings are taxable.
