Instructions on NinjaBet

Instructions on NinjaBet

Instructions on NinjaBet

Instructions on NinjaBet

Instructions on NinjaBet

@jack

@Claudio-NinjaBet said in Questions about Taxes and Withdrawals:

Hi @hydrokube ! You are taxed only on your net winnings if they are more than 600$. The bookmakers will send you a 1099. But you are only taxed on your net profit ;)
You can read here for example https://turbotax.intuit.com/tax-tips/general/tax-considerations-for-fantasy-sports-fans/L75xYecdS

Instructions on NinjaBet

@jack The thresholds you mentioned do not determine whether you owe taxes on your betting profits; they only set the reporting requirements for platforms like betting sites and payment processors to send information to the IRS. Here’s a clearer breakdown:

Tax Obligation:

In the U.S., all gambling winnings are taxable, regardless of the amount. You are required to report all your profits on your tax return, even if the platform doesn’t report them to the IRS.

Reporting Thresholds:

For 2024, platforms will issue tax forms (e.g., 1099-K) for gambling-related transactions if your total winnings exceed $5,000.
For 2025, the threshold drops to $2,500.
Starting in 2026, the threshold reduces further to $600.
So, even if your winnings are below these thresholds, you are still legally obligated to report them and pay taxes. The thresholds simply dictate when the platform will notify the IRS directly about your winnings.

@jack If you are physically in a state, you can bet on the bookmakers licensed in that state.

@jack you should be able to deposit with revolut usa. icard you can try.