Sweepstakes Casino Taxes: Do You Have to Pay on Social Wins?
Yes — the IRS Doesn’t Care What You Call It Sweepstakes casinos market themselves as social gaming, not gambling. The IRS doesn’t see it that way. Once a prize converts from Sweeps Coins into a cash redemption, it’s taxable income in the eyes of federal tax law, regardless of how the platform labels the transaction. … Read more