Thread: Sportsbook/Gambling Taxes

I live in Michigan and I know the income tax rate is 4.25%. Is it correct that the federal tax rate on sportsbook/gambling winnings is a flat 24%?

My second question is what are consider winnings? I’ve read a couple different things. Lets say I place a $50 bet and it pays out $100. Do I pay tax on the $100 or just the $50 I won?

I didn't think that taxes would increase so much when I started playing in 2012

where do the authorities get these figures from to set taxes, why is it so expensive?

It will be interesting to read about this; I didn't know there were taxes there. Are there any training videos or courses on the topic of online betting? Maybe someone here knows something similar and can share it; I would be delighted. I have recently started studying this field of activity since I am currently quarantined in my city, and I have free time to learn a new way of earning money sitting at home. So far, I have often come across people who advised me on the service https://cisdetroit.org/, so I'll probably start my activity with it. If you have any opinions about this service or you can recommend me something, then I will be glad to hear any opinion