Tax questions
Not sure if this is the right place for this...
Are taxes required to be paid on earnings or cashouts in a given year? For example if this year I win $20,000 and cashout $10,000 and keep the other $10,000 online for building my br, can I only pay taxes on the 10k cashed or do I have to pay on the 20k total? Also if this year's winnings are used to pay off previous year's gambling debts, can any type of write-off be made there. Thanks for any insight in advance.
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