Hello people…
I’m hoping to get some clarity on a situation I’m dealing with. I’m KYC verified on the gaming platform where I play, primarily for sports betting. I usually withdraw my winnings in cash, and I’m wondering how this affects my tax obligations.
Since I’m withdrawing in cash, does that make a difference when it comes to taxes? Should I be reporting my winnings in any specific way, or does it not matter since it’s cash? I want to ensure I’m on the right side of things, but I’m not entirely sure how the tax implications work in this scenario.
If anyone has experience with this or knows how it works, I would really appreciate any advice or insight. Thanks 