Taxes Question !?
I started playing this year and I’ve been playing a lot of instant online games. I was looking at my account summary today and although I’ve deposited about $600 and only withdrawn $300 it’s saying my total wins are $1900. When taxes come around is that $1900 number the one I will have to report?
I doubt I will be getting a WG tax form since that $1900 is from all the small wins the instants give. If that’s the case and that number is the one that will be reported it doesn’t rlly make sense.
You deposit $20 and by the time you get to $35 and withdraw you’ve already made $50+ in small wins that is added to that large sum that you will have to report. Literally start with $20 you drop to $10 then get back to $20 drop to $15 then eventually you get to a profit which by then in that whole process you’ve accumulated many small wins that’ll just bite you back when taxes come.
Please correct me if I’m wrong. I just want to understand this better before I dig myself into a deep hole.