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How are online sportsbook / casino winnings taxed?
To give an example, lets say your net win / loss over the course of a year was $2,000. Those winnings came from a combination of sports bets and table games (let's say primarily blackjack). You withdrawal $1,000 and leave the other $1,000. Is $2,000 still taxable or is only $1,000 taxable? Also, I would just like to confirm that winnings are not taxed at an individual wager level. As in you win a $100 hand of blackjack and then lose it the next hand. You don't owe taxes on the $100 won, correct, because the net win / loss is $0?
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‎February 5, 2021
12:08 PM