![]() ![]() So if you redeemed $1,000 in cash prizes from Chumba Casino, you’d have to set aside $240 of this for tax. We found that your earnings will normally be subject to a flat 24% tax rate. 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. So be sure to keep a record of your gaming at Chumba Casino! How much taxes do you have to pay on your earnings? 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 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, you can offset this with any losses that you made at Chumba Casino. ![]() Yes, you will have to pay tax on any cash prizes redeemed on the social casino site.
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