Exciting, right? But here’s the big question: Will the taxman let you keep it all?
The answer depends on how you earned that win:
Is it pure luck? If it’s a random lucky draw where you didn’t render any service or skill, it’s generally considered capital in nature and likely escapes the tax net.Is it skill-based betting? If you’ve been actively betting, analyzing odds, and engaging in activities to secure that win, then it’s fully taxable. The taxman will definitely come knocking!
Knowing what counts as taxable income and what doesn’t can save you from unexpected surprises.
– Update by Lazarus Amukeshe, Hdip Tax
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