is rakeback taxable?

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is rakeback taxable?

when i play poker online sites offer rakeback is this taxable thanks

2006-12-20 03:41:43 · 2 answers · asked by todd c 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

What is rakeback?

2006-12-20 07:46:05 · answer #1 · answered by TaxGuru 4 · 0⤊ 0⤋

I don't know what a rackback is. There are two things I can tell you. If you have more in your account after you gamble than you did before, the difference is taxable as gambling winnings. On-line gambling is not legal in the US. Strangely enough, illegal income is taxable under US tax law.

2006-12-20 18:39:33 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋