Don't Pay Taxes On Your Gross Social Casino Withdrawals

Sites like Modo, High 5, and The Money Factory are sending out 1099-MISC tax forms. If you don't track your play correctly, the IRS will tax you on your total withdrawals and not your actual profits.

The "Sweepstakes Loophole" is a Myth

You've probably heard that because they use "Sweepstakes Coins" or "Gold Coins", social casinos aren't considered real gambling by the government.

‍This is false.

In the tax world there is a strict rule called "substance over form". It means reality matters more than legal jargon. If you are playing slots, blackjack, and roulette for real money, the IRS views it as unregulated gambling. And what's even worse is that when you cash out, these sites report your gross withdrawals directly to the IRS.

Keep the following in mind:

• If you receive a 1099-MISC, the IRS is already looking for that exact amount on your tax return.

• Without the right tracking, you'll be taxed on every dollar you withdraw, completely ignoring the money you put in.

The Session Method

The only way to ensure you pay taxes on your actual gains (and not inflated gross withdrawals) is by using the Session Method.

To stay audit-compliant, you need to track your play using a specific and detailed formula.

What's Inside the Free Guide:

• An audit-proof spreadsheet to track all of your sessions.

• Exactly how to log your buy-ins, withdrawals, and games.

• 10+ Profit and Loss Graphs to analyze every aspect of your play.