Looking for help with Chumba Casino taxes? We’ve got this handy resource that’ll tell you all you need to know about paying taxes on any prize earnings made from this social casino.
You’ll know that Chumba Casino is a social casino which means that there may be a fair amount of misunderstanding about whether you have to pay taxes here. After all, social casinos are very different from regular online casinos. So keep reading to see what kind of Chumba Casino taxes you may be required to pay.
Yes, you will have to pay tax on any cash prizes redeemed on the social casino site. However, you can offset this with any losses that you made at Chumba Casino. So if in the course of one tax year, you had won $100, but lost £200, you wouldn’t have to pay any tax on these losses.
However, regardless of whether you have a net profit or a net loss over the course of a tax year, you will still have to report this as part of your income tax statement. So be sure to keep a record of your gaming at Chumba Casino!
Now that we’ve answered the question, ‘Do you have to pay taxes on Chumba Casino earnings?’ it’s time to think about how much you need to pay. We found that your earnings will normally be subject to a flat 24% tax rate. So if you redeemed $1,000 in cash prizes from Chumba Casino, you’d have to set aside $240 of this for tax.
However, as Chumba Casino is a sweepstakes casino site, if you have earned cash prizes over $5,000, then it would be subject to income tax withholding. This would also apply to any earnings made from lotteries or gameplay pools. Check out the IRS site that has a tax withholding estimator that can help you manage this part of the tax process.
Well, you won’t find anything too useful on the actual Chumba Casino website. The closest thing that you’ll find to this is a piece of text in the terms and conditions that says, ‘You are solely responsible for any taxes which apply to any Prizes that you collect from your Participation.’
This means that you’ll have to visit the IRS website and download the W-2G Form. From here you can just fill in the net earnings you made and submit the form back to the IRS. Easy!
Chances are that you are playing at Chumba Casino just to have some fun without a thought for dull things like tax. After all, this is a social casino where most people will simply play some slots with little expectation that they’d win rewards of real world value.
However, you should probably keep a log of each reward you earn from Chumba Casino that has cash value. Similarly, you will need to make a record of each time that you have spent money purchasing gold coins from Chumba Casino.
This means that at the end of the financial year, you will be able to simply tally up all of the incoming and outgoing money and present your net profits or losses as part of your income tax. Sure, it’s not exciting, but it’s a whole lot more enjoyable than being audited by the IRS!
We realize that discussing taxes is never going to be too exciting, but it’s incredibly important to know how much you should set aside when you take into account your earnings from social casinos like Chumba Casino.
Thankfully, it looks like the rate of Chumba taxes that you have to pay is unlikely to change too drastically over the coming years. However, it’s still probably a good idea to check back here so that you know exactly how much Chumba Casino taxes you’ll need to pay!
Make sure that you read our guide to see if you have to pay any Chumba Casino taxes and we will also let you know about the legality of this social casino site. Don’t forget that you can read our full Chumba Casino review to learn more about this brand.
Check out our guide to Chumba Casino taxes to see whether this casino site accepts cash payments. After all, there is a fair amount of confusion about how social casinos like the Chumba Casino casino app work, and our guide is here to set you straight!
Be sure to read our guide to Chumba Casino taxes where we will also discuss other money issues such as what the payment methods are at this social casino. After all, that Chumba Casino slots sign up bonus is only going to last so long!
Not only do we have a guide to Chumba Casino taxes, but we’ve also got resources that help you see what the redemption options are at this social casino. Plus with a guide covering what kind of Chumba Casino promo code you can get, you’ll have all you need to get started at this gaming site!
Check out our guide to the Chumba Casino taxes where we will examine everything else to do with your finances and this social casino site. This means you’ll see what taxes you have to pay and how long it takes to redeem prizes. Don’t forget that you can also check out our guide to Chumba Casino slot cheat codes so that you can get a helping hand with your gaming.
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