- Taxes On Online Casino Withdrawal Rules
- Indian Casino Taxes
- Taxes On Online Casino Withdrawal Calculator
- Online Casino No Deposit Bonus
- Online Casino Besplatno
- Casino Taxes By State
Contents
Many poker players in the United States are unaware of the tax laws that cover their winnings. Poker winnings are taxable whether they are from cash games or tournaments. This is true for brick and mortar, as well as online poker rooms. Even if a player lives in a state where online poker is explicitly illegal there is still a responsibility to pay taxes on those winnings.Online Casino Payouts + Withdrawal Methods For UK Players. The quickest payout method for UK gamblers is a service called Skrill. Once known as Moneybookers, Skrill is an eWallet service, that acts as a virtual wallet for your funds, as well as a currency conversion service. Skrill is a go-between for your bank and your online casino account. Players looking for instant withdrawal casinos should therefore conduct plenty of research before registering at an online casino. They should not only study various casino reviews, but should also study the various banking options at individual casinos and invest some time clarifying issues with the online casino’s customer support system.
Online poker taxes in the United States
Many players may think that they can get away with not paying taxes on winnings because it was not won in a traditional casino. This could not further from the truth. Just as the technology for online poker has advanced over the years, so has the technology that helps the US Government monitor banking transactions. This is not just true for money that you deposit into a bank account. It goes well beyond that.
Taxes On Online Casino Withdrawal Rules
While depositing a check or receiving a wire from an online poker room may draw some scrutiny from the IRS, the government has other ways of tracking your online poker winnings down too.
The Neteller bust in 2007 was the first time it became obvious to online gamblers that the US Government could monitor their transactions. Many players thought that the IRS would never gain access to this information. They were proven wrong. Many players were forced to scramble to pay taxes on their winnings before they got a dreaded tax bill. Many players learned a lesson here, while others did not.
Neteller was just one of many US facing ewallets to fall. The government seized UseMyWallet, QuickTender, eCheckUS, eWalletXpress, PrePaidATM and many fly by night processors that processed US online gambling payments. The Department of Justice even created a bogus processor called Linwood Payment Solutions and received countless information about player payments that passed through their processing center. This gave the feds unlimited access to online poker player’s transactions that were once thought to go under the radar.
Ewallets were not the only companies handing over their player records to the US Government. Busted online poker rooms and other online gambling companies were doing the same thing. PokerStars, Full Tilt Poker, Absolute Poker and Ultimate Bet are just a few of the names that were forced to turn over player records to federal authorities. The lesson learned here is that there is always a chance that the information that you thought was private can fall into the hands of the IRS.
Brick and mortar poker taxes
Brick and mortar wins are a bit it easier to hide, but there is still an obligation to report your winnings. Each cash game session must be logged. The IRS does not define what a session is. Keeping a daily journal of wins and losses should suffice. Tournament players should log each tournament entry. A poker room will be happy to give you a receipt for any tournament entry upon request. Large tournaments will automatically provide one.
A casino will issue a W2G any time that a player nets $5,000 or more in a brick and mortar tournament. A W2G is a tax form that will be submitted to the IRS with the player’s Social Security Number and other personal information. Players can refuse to provide this information. If they do, the casino is required to automatically withhold taxes on the win.
Brick and mortar players should also be aware that a casino is obligated to create a Currency Transaction Report any time a player crosses more than $10,000 through the casino cage in a 24 hour period. Poker players should also know that the casino may report any transaction that they consider to be suspicious as this is required by federal law.
Should you file as professional or recreational gambler?
There are two ways to declare poker winnings. One way is to enter the income under miscellaneous income. This is what most players will do. A player that files as a recreational player will pay their standard tax rate on this money, but will not have to pay Social Security or Medicare taxes on these winning. Most players that have full time jobs will file this way.
Players that have demonstrated a pattern of winning can claim their winnings as a professional gambler, regardless of whether the player has a full time job or not. A pattern of winning is not defined by the IRS, but many believe it means the player has gambling wins in two of the last three or three of the last five years. This is where it gets complicated, as this type of filing requires a Schedule C tax form. This is the same tax form used by self-employed business owners. There are many advantages to filing this way and one large drawback.
The drawback is that a player that files as a professional player must pay the self-employment tax on that money. When someone has a standard job they pay 6.2% of their income for Social Security and their employer matches this. This means that since you are filing as self-employed, you pay both sides of this tax because there is no employer to pay the other half. The percentage for the employee side was 4.2% in 2012, but it went back up to the traditional level of 6.2% for the 2013 tax year. There is also a 2.9% Medicare tax. This means that you will pay 15.3% in taxes placing poker income under a Schedule C, where adding it on a 1040 as Other Income will not trigger this tax. The total percentage in 2012 was 13.3% due to the Social Security tax reduction during the recession. Schedule C filers will be able to deduct 6.2% of the tax as a business expense. This adds some tax relief.
Professional poker player tax deductions
The good news is that professional players that file a Schedule C may deduct all expenses that are related to their poker business. Travel expenses tend to be the largest for professional poker players. The mileage expense for 2012 was 55.5 cents per mile. That number will be 56.5 cents in 2013. This includes miles driven to and from any casino or other gambling establishment in your personal vehicle as long as your intention was to win money. Players that think they may file this way should keep a log of how many miles that are driven to and from any poker game, even if the game was not in a traditional casino. You will need this information to decide which way to file at the end of the year.
Other travel expenses may be deducted as well. This includes airfare, hotel and rental car expenses when you take a trip where your primary purpose is to win money playing poker or some other gambling game that requires skill.
Online poker players may also have other expenses related to their work. Computers are deductible as a business expense. If you bought a computer with the sole purpose of using it for your poker business, then it qualifies as a tax deduction. So does that monitor setup needed to 24-table.
There are also some expenses that get overlooked. Your internet connection may be deductible up to the percentage of its use that is used for online poker. If you bought a computer desk, chair, floor mat or anything else office related, then that is deductible too.
You can even take the home office exemption, although this may start to push the limit. A business owner can deduct a percentage of their rent that is based on the percentage of their apartment or home devoted entirely to their business. This can be risky though. First, this has been known to send a red flag to the IRS. Second, people that do not rent may find problems down the road when they sell their home. It may create a taxable event when the home is sold if the home is considered to be a primary residence.
State income taxes
Many states tax gambling winnings. Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming have no state income tax. Players in other states should expect to pay taxes to their state beyond what is paid to the IRS.
How should a poker player tax plan?
If a player has a net cash win of $5,000 in a poker tournament in a brick and mortar casino they will receive a W2G. A player will also receive a W2G for a $1,200 gross slot win. A player has the option of having an amount withheld from their win of up to 39.6% to cover taxes in 2013. If you are the type of player that has bankroll management problems, then having the casino withhold a percentage of your win is probably a good idea. This will prevent a nasty surprise when tax time comes in 2014. There is nothing worse than owing the government money that you do not have. Do not let yourself get into that situation.
One exception to asking for a tax withholding is if you are a net losing or break even player. Even then, there is still a disadvantage to receiving a W2G.
A player can write off their gambling losses up to the amount that they won. Gambling losses are an itemized deduction though. A player that typically takes the standard deduction will not be able to write off all of their losses. Most people that do not have a home mortgage interest deduction or donate a lot of money to charity will take the standard deduction. The standard deduction for 2013 is $6,100 for single filers and $12,200 for married couples filing jointly. If you do not itemized deductions normally then you will end up getting taxed on the applicable amount, even after itemizing gambling losses, because you could already deduct the standard deduction amount.
Tax planning for 2013
It is too late to plan for 2012, but it is not too late to plan for 2013. There are several phone apps that track sessions. These include Poker Journal and Poker Income Pro. Keeping an old fashioned paper notebook with poker sessions works too, especially for people that are prone to losing phones. Make sure to back up sessions entered into the app in case your phone should break or get lost. These apps may be used for online and brick and mortar poker sessions.
Poker players should also keep a mileage log for their car. A trip requiring long distance transportation should also be tracked. It may seem like a waste now, but it will not be if a big tournament win should come later in the year. You will then be prepared to demonstrate the expenses incurred to get you to that big win.
Disclaimer
This article is meant as an informational tool to help poker players. This article does not take the place of professional tax help. There are many tax attorneys that handle gambling winnings, especially in Las Vegas. Consult one of these tax specialists before filing your taxes if you have gambling winnings to make sure that your deductions are proper and you are filing your taxes correctly.
Image credit: Mark Van Scyoc / Shutterstock.com
Welcome to our Casino payouts and withdrawals page here at CasinoDepositReviews.com. Knowing which casino payouts and withdrawals are fastest, safest, and easiest to use is incredibly important, which is why we’ve put this page together. We all know gambling is fun, and we hope you know that it should only ever be done for fun. But we also know that once you’ve won, you’ll want to collect those winnings as soon as possible, am I right?
Your first step is finding a trusted online casino that offers quick withdrawals. An online casino with multiple payout options should also be right at the top of your priority list. But just because you’ve found an online casino with payout options and withdrawal methods that you like, doesn’t mean it’s the best one for you. We’re prepared to help you find the most trustworthy sites here on this casino payouts and withdrawals page. Not only will we help you find trustworthy sites, we’ll also answer any questions you have regarding casino payouts and withdrawals, like which are the best and how they work.
How To Get The Fastest Casino Payouts / Withdrawals
There’s only one way to find the online casino withdrawals that take place the fastest: you have to do your homework. That’s why this page exists. To guide you through the research phase of finding the fastest casino payouts and withdrawals. It may take a little time, but finding the online casino payout options + withdrawal methods that pay the fastest will end up paying dividends in the long-term.
First off, pick the casino that you want to use. It won’t matter how you can withdraw from a casino if that casino doesn’t have the games you want to play. Once you’ve done that, head to their cashier page, which will list out all of the payout and withdrawal methods at that casino. From that list, you should find the payout methods that are available to bettors in your country, so that you’re not wasting time researching methods that aren’t available to you.
If you live in the US, you will want to pay special attention to the limits associated with online casino payout options + withdrawal methods because they can greatly vary from those living in other countries. This is due to laws like the UIGEA, which have made it increasingly difficult to do business with offshore casinos.
Another thing to keep in mind when choosing casino payouts and withdrawals is that if you deposit with a credit card, you’ll need to choose a different withdrawal method. While some deposit types are also great for withdrawing funds, credit cards are not one of these, though. This isn’t too big of an issue – there are plenty of online casino payout options + withdrawal methods to choose from.
If you live in the US, you will want to pay special attention to the payout limits as well as withdrawal options available at a particular online casino because they can greatly vary from those living in other countries - laws like the UIGEA have made it increasingly difficult to do business with offshore casinos. And know that if you use a casino that accepts credit cards that you will need to find a different method in order to withdraw your funds.
What Is The Fastest Casino Payout Method?
| Top Online Casinos | USA? | Bonus |
|---|---|---|
| Lucky Red Casino | Yes | 400% |
| Slots.lv Casino | Yes | 400% |
| Club USA Casino | Yes | 100% |
The fastest casino payout method will depend entirely one a single factor: where the player lives. Currently, there are casino payouts and withdrawals that are available to international players that are not available to USA players. This is something to keep in mind when you’re trying to find the fastest casino payout method.
For players in the United States, the quickest payout method would be through bitcoin. Payouts made with this digital currency are processed extremely quickly, and can reach you within a 24-hour period, though it rarely takes that long. Bitcoin comes with minimal fees attached, as well, which means that your withdrawal is fast and cheap.
For international players there are a few different options that have roughly the same speed. Since bitcoin is an independent currency, it is available to players all over the world. Again, it only takes up to 24 hours to process and receive withdrawals through bitcoin. International players also have the option to use eWallets, like Neteller, Skrill, and PayPal. Funds are processed and credited to wallets within a 24-36 hour period, but rarely take that long to reach your account.
Different Types Of Online Casino Payout Options + Withdrawal Methods
Check By Courier Casino Withdrawals - US Players Welcome - One of the best online casino payout options is a check via courier, especially if you live in the US. Just about all online casinos that accept US players will offer a check by courier to pay you out your winnings. This will be sent to you via FedEx or another courier and it usually gets to your door within 3-5 business days of your request being processed
Cashing Out From Casinos With Ewallets - There are about five or so eWallets that are very popular for casino payouts and withdrawals. InstaDebit, Click2Pay, Neteller, Skrill, and PayPal are the most common eWallets you’ll come across when looking up online casino payout options + and withdrawal methods. These are available in over 100 different countries, but do not accept US players at this time.
Bank Wire Casino Withdrawals - Every online casino available will offer a bank wire for withdrawals. The limits may differ from casino to casino, but you will always find this as an option. All you have to do is give them your banking information and they will wire the winnings directly into your account. Depending on your bank, this method can take a few days to be credited into your account.
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Digital Currency Casino Withdrawals - Digital currencies, like bitcoin and litecoin, are quickly becoming the best way to make casino payouts and withdrawals. This is because they are available to everyone around the world, including US players. When you request a payout with a digital currency, you get privacy, speed, and accuracy. It doesn’t take more than a few hours to have your withdrawal credited to your account.
PayPal Casino Payouts - NO USA PLAYERS - Well, there is only a few online casinos that accept PayPal, so that means that there is only a few that offer payouts using PayPal. But, the PayPal casinos that are available are among the best online. All you have to do in order to cash out from the casino with PayPal is go to the cashier and put in the withdrawal information. The withdrawal is usually processed within a matter of minutes and the money is in your Payoal account. No US players can use Paypay at online gambling sites for any reason.
Casino Payouts For US Players
As of this writing, the fastest casino withdrawals for gamblers in the USA are through cash wire transfers. Incoming wire transfer fees vary from bank to bank and from one casino site to the next, but shouldn’t be more than $20 per transfer. This sort of withdrawal shouldn’t take more than a few hours, depending on what time of day and what day of the week you make your withdrawal.
1. How Long Will My Wire Transfer Take?
Wire transfers are the quickest online casino withdrawal method for USA gamblers, but there’s no simple answer to this question. If you request a wire transfer at 8 AM on a Monday morning, you could have your money in a matter of hours. If you ask for a wire transfer at 4:30 PM on a Friday afternoon, you’ll have to wait until the beginning of the following week.
2. How Much Will My Wire Transfer Cost?
Different banks charge different fees. For example, Bank of America charges $12 for incoming wire transfers. Other banks may charge a little more or a little less, but you shouldn’t spend more than $20-$25 for your transfer.
Casino Payouts And Withdrawals For US Players
Currently, the best withdrawal method for US players is bitcoin. This is the most popular digital currency available for online casinos at the moment, and the most stable. Using bitcoin for casino payouts and withdrawals ensures a fast, safe, and private banking experience for US players. Fees vary from site to site but are usually minimal, keeping to a small percentage of whatever it is you’re taking out.
1. How Long Will My Bitcoin Withdrawal Take?
While fees vary from site to site, there’s one constant. You will, unfortunately, have to pay a processing fee. Some sites will offer one or more free payouts per month, either waiving the fee entirely or issuing credits to your account which will cover the cost of the withdrawal. With bitcoin payouts, it is usually a percentage of the requested amount that is taken, usually between 2-4%.
2. How Much Will My Bitcoin Withdrawal Cost?
Bitcoin withdrawals have to be processed, just like other casino payouts and withdrawals. But it only takes a few hours at most to do this. Due to its digital state, you don’t have to wait very long for the currency to reach you. Once the processing is finished, your bitcoin wallet will have the funds in it within seconds. The longest a bitcoin withdrawal will every take to credit your wallet is 24 hours.
Best Casino for Bitcoin Withdrawals in the USA
We recommend Slots.lv casino for customers in the USA who want to use bitcoin to withdraw cash from their online player accounts. Slots.lv Casino accepts bets from American gamblers in all fifty states. They also have some of the best Bitcoin payout speeds, always coming in well under the estimated processing time.
When you first sign up with Slots.lv, they usually have special casino bonuses and promotions that make your gambling dollar stretch a little farther. When you bank with Slots.lv, you’ll never be disappointed. In their history, they’ve never missed a payout. Bitcoin withdrawals are processed quickly and efficiently and never leave you wanting.
Online Casino Payouts + Withdrawal Methods For UK Players
The quickest payout method for UK gamblers is a service called Skrill. Once known as Moneybookers, Skrill is an eWallet service, that acts as a virtual wallet for your funds, as well as a currency conversion service. Skrill is a go-between for your bank and your online casino account. Using Skrill, gamblers in the UK can move money around between various accounts, and easily accept quick payouts when they win big at online casinos.
1. Are Skrill Withdrawals Safe?
Skrill, which once did business under the name Moneybookers, has a long history of customer service, and all transactions are fully encrypted using the same technology as your traditional online banking system.
2. How Quickly Will I Get my Money from a Skrill Withdrawal?
Indian Casino Taxes
Most online casinos will say that it can take anywhere up to 36 hours for you to receive your withdrawal through Skrill, but this is rarely the case. Processing can take a few hours depending on when you request your payout. But once it’s been processed, your payout is credited immediately to your Skrill account, making this the fastest payout method for UK players.
Casino Payouts For Canada Residents
The easiest and quickest cashouts for Canadian casino gamblers is available through InstaDebit, an eWallet service that links directly to an existing bank account. This not only makes the withdrawals fast, but relies on your bank’s existing security measures as well as those implemented by InstaDebit to ensure the safety of your financial transaction.
1. How Much do InstaDebit Cashouts Cost?
Total fees for withdrawing cashouts from Canadian casinos vary, but hover around $3.50 or the equivalent amount in any world currency. Not only is InstaDebit the easiest and fastest withdrawal method, it is among the cheapest payout options in the world.
2. How Long Will it Take to Get My InstaDebit Withdrawal?
InstaDebit cashouts are instantaneous, relying on the speed on your Internet connection to transfer your winnings from your casino account to your bank. You don’t have to wait for two banks to communicate with each other, the way you do with wire transfers.
Best Canadian Casino for InstaDebit Withdrawals
We recommend Ignition Casino to Canadians who want to use InstaDebit to cash out their winnings. Ignition Casino has a proven track record of doing fair business with their customers, are known for always making sure the payout is received in a timely manner, and have the sort of game variety that Canadian gamblers are interested in.
While there are a number of wonderful casinos that offer gaming through an online website to Canadian residents, Ignition casino operates on a different level, offering players in the great white north top of the line quality gaming. There really are no better options than Ignition casino.
Casino Payouts For Australia Residents
The quickest cash out method for Australian gamblers is NeTeller, a trusted eWallet service that’s been in business for decades. If you’re looking for the easiest way to get your payout from an Australian-facing casino, NeTeller comes highly recommended.
1. Do Any Fees Exist for NETeller casino Withdrawals?
Taxes On Online Casino Withdrawal Calculator
Fees vary depending what online casino that accepts Australians you’re accepting a payout from, though in most cases NeTeller withdrawals won’t cost you more than a few bucks.
Online Casino No Deposit Bonus
2. How Long do NETeller Withdrawals Take?
Online Casino Besplatno
Since NETeller is an eWallet and is linked directly to your traditional bank account, payouts are instantaneous. That means no waiting for the money you won fair and square at your favorite online gaming site.
Casino Taxes By State
| USA? | Best Online Casino Payouts | 1st Deposit Bonus | Software | Visit Casino |
|---|---|---|---|---|
| 400% Up to $4K | RTG | Visit Casino | ||
| 100% Up to $777 | RTG | Visit Casino | ||
| 100% Up to $500 | RTG | Visit Casino | ||
| 100% Up to $747 (2x) | RTG | Visit Casino | ||
| 200% Up to $2,000 | RTG | Visit Casino | ||
| 100% Up to $500 (10x) | RTG | Visit Casino | ||
| 100% Up to $787 | RTG | Visit Casino | ||
| 200% Up to $2,000 | RTG | Visit Casino | ||
| 100% Up to $747 | Nuworks | Visit Casino | ||
| 125% Up to $125 | RTG | Visit Casino |