June 22, 2017

Archives for April 2012

Tax Liability On Gambling Wins

Online casinos are the source of biggest jackpots and prizes, and so, often a question arises in every player’s mind: is it necessary to pay taxes on the winning, or they can avoid taxes by hiding their winnings from tax authorities? Actually, this question is more comprehensive than it looks, first, taxation laws are different in every part of the world, perhaps, not every country counts online gambling as a legitimated source of income, and so; they take it as an illegal sourced income. Generally, tax liability is not affected to the legality of any income; hence every gambling win has to be taxed no matter whether it’s considered as a legal source of income or out of an illegal activity.
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