As known from:
VA
US Gambling Sites / LuckyLand Slots Review / Luckyland Slots Taxes

Luckyland Slots Taxes: Does Luckyland Report to IRS?

LuckyLand Slots is restricted in your area.
Instead, we recommend the following alternative:
Stake.us
Players accepted in the US US Flag
Highlights
  • Exclusive Bonus Code: GBHSOCIAL
  • Redeem for Crypto
  • Earn Stake Cash for logging in!
$55 Stake Cash + 260K Gold Coins + 5% Rakeback
Promo Code
Copy
Play now
T&Cs apply, 18+
Last Updated on 14/07/2024
Fact checked by: Drew the DFS Guy

Although social casinos have free-to-play games, there are cash prizes on offer at many. As such, knowing your way around the latest Luckyland Slots taxes is important if you end up winning and aim to redeem your coins.

This guide will provide you with the necessary insights and information that will help you get on top of potential taxes that you will need to pay. Be sure to keep track of the legal requirements that come with accepting prizes from sites such as Luckyland. This will put your mind at ease as you play your favorite games.

McLuck
Social Casino Promo
4.6/5
27.5 SC FREE and 57,5K Gold Coins
Welcome Bonus
|
T&Cs apply, 18+
Copy
Play now
McLuck Highlights
  • Hundreds of slots
  • Great Megaways games
  • Bonus buy features

Understanding how Luckyland Slots works

First off, it’s important to know why a discussion on taxes is even on the table. After all, you’re probably thinking that a social casino is simply a platform that offers fun and free games in the spirit of Vegas-style setups. This is true on one hand. However, sites such as Luckyland Slots also offer a number of cash prizes for players who manage to meet certain requirements.

For those who are simply looking to enjoy the platform using Gold Coins, you won’t be in the running to claim any potential cash prizes. Your Gold Coins have no value as it’s a purely virtual currency that enables you to play any one of the games available. However, if you decide to use your Sweepstake Coins, then it’s an entirely different story – especially if you start winning.

Winning Sweepstakes Coins and redeeming your coins for prizes

For those who play in Sweeps Coin mode, you will have the chance to use your SC balance on available games. If you have a good run, you may find yourself with quite a few SC in your possession. At Luckyland, you’ll be able to request a prize redemption when you have a minimum of 50 SC. From here, the operator will transfer your cash prize to your personal bank account.

The letter of law requires you to pay Luckyland Slots taxes if you win enough US dollars in the form of these prizes. So, where do you stand and how much do you have to win in order to declare this on your tax return? Let’s take a closer look.

The Luckyland Slots taxes that you need to be aware of

The Internal Revenue Service (IRS) requires that Luckyland Slots winners include cash prizes on their tax returns. However, a detailed reporting of this is only required if you win $600 or more throughout the annual financial year. This includes not only cash prizes, but any other gifts that you may have received such as gift cards used at various outlets in the US.

Moreover, for those who win more than $5,000 in prizes, a mandatory federal tax withholding of 24% kicks in. For example, if you win $10,000 worth of prizes, then $2,400 will immediately be withheld in accordance with this federal tax law.

Do all states require you to pay Luckyland Slots taxes?

If your annual prizes are less than $5,000, then you need to know what the relevant state tax is. Each state will have different laws pertaining to this. It’s advised that you speak to a consultant who understands local sweepstake laws or knows a thing or two about taxes.

Know how to report your prize money

Luckyland Slots, much like other sites, indicate within their terms and conditions that it’s the players sole responsibility to keep track of their own taxes. You will need to make sure that the correct IRS form is included within your annual returns based on the cash prizes or gifts that you have won on the platform. For example, a W-2G form must be filed on large winnings with the 24% federal tax withholding put into effect.

Conclusion – keep track of your tax requirements

There is no getting around Luckyland Slots taxes; as is the case with all other social casino prizes and subsequent taxes. Make sure that you keep a record of your prizes and submit your returns accordingly. Consult a specialist if you are unsure of anything as you don’t want to land in hot water at the end of the day. This will enable you to play with peace of mind moving forward.

Social Casino Promo
4.6/5
McLuck
Social Casino Promo
4.6/5
27.5 SC FREE and 57,5K Gold Coins
Welcome Bonus
|
T&Cs apply, 18+
Copy
Claim Promo

Luckyland Slots taxes FAQ

❓Do I need to pay Luckyland slots taxes?

When it comes to paying taxes, you need to brush up on all the necessary information pertaining to this topic. It’s vital that you know what is required of you before you start playing so that you can keep your eye on the ball and ensure that your personal tax returns are up-to-date. Check out our latest guide to find out more.

🌎What are the state taxes for Luckyland cash prizes?

You’ll find that our Luckyland Slots review will be quick to outline that different states have different laws pertaining to social casinos. This extends to the respective taxes that you are required to pay. Take a look at our comprehensive coverage to find out more.

🔖How do I file my Luckyland Slots taxes?

Knowing how to file your taxes is not necessarily something that Luckyland Slots is going to help you with. However, our experts have given you a guideline to follow. Read our guide to see what the current situation is when it comes to potential taxes on Luckyland prizes.

Social Casino
LuckyLand Slots Social Casino
Favicon
Rating follows
LuckyLand Slots Social Casino Promo
7.777 Gold Coins + 10 Sweeps Coins
-
Skrill
Visa
Mastercard
American Express
Discover
Bank Transfer
Paysafecard
Western Union
T&Cs apply, 18+
Top Online Casinos
Top Casinos Bonuses
McLuck
McLuck
McLuck Review
4.6/5
Wow Vegas
Wow Vegas
Wow Vegas Review
4.6/5
Fortune Coins
Fortune Coins
Fortune Coins Review
4.5/5
McLuck
McLuck Promo
27.5 SC FREE and 57,5K Gold Coins
T&Cs apply
4.6/5
Wow Vegas
Wow Vegas Promo
35 SC FREE and 1.75M WOW Coins
T&Cs apply
4.6/5
Fortune Coins
Fortune Coins Promo
Claim Your Free 650,000 Gold Coins & 1,400 Fortune Coins
T&Cs apply
4.5/5
Our Team
Mark LewisJosh SchwartzDrew the DFS GuyDan HolmesMike Goodpaster
Mark Lewis
Mark Lewis
Editor
Josh Schwartz
Josh Schwartz
Editor
Drew the DFS Guy
Drew the DFS Guy
DFS Expert
Dan Holmes
Dan Holmes
Sports Writer
Mike Goodpaster
Mike Goodpaster
Editor
Get the latest updates in Sports and Casino via our Newsletter

21+ and present in VA. Gambling Problem? Call 1-800-GAMBLER.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.
Virginia Town HallCloudflareSSLco² neutral
×
Your Promo Code:
The bonus offer of LuckyLand Slots was already opened in an additional window. If not, you can open it also by clicking the following link:
Play now