Do I have to pay taxes on winning a mere $350 on online gambling?
IRS requires a flat 30% tax on all gambling winnings. You need to check your gambling site’s Terms of Service Agreement and see if they report any payouts to the IRS. You should also check with your bank to see what their policy is on deposits made to your account and if they report any to the IRS. If they do, it’s probably over $2000. It’s possible that they report any deposits made from gambling sites. By law, they must tell you if they do. If you are reporting any gambling income on your taxes, it’s best to report all of them. If you get audited, you don’t want that $350 causing you a lot of problems.
