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Are my winnings taxable?

How the government gets their "pound of flesh"

Ok the good news is that we only have to report gambling winnings to the IRS which are over $600, and only if those winnings are 300 times the initial wager.   

The bad news is we have to report wagers over $600 that are 300 times the initial wager!  

In addition, if you winnings (minus the wager) exceed $5000 or more, and are 300 times the initial wager, we have to withhold 24% of those winnings and redeem them to the IRS.   

But really, if you win 300 times your wager and it exceeds $600, it's not really a bad day now is it?   

We'll provide you an end of year report, with a breakdown of all your winnings, so that you can brag to your friends, and make your accountant happy.  

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