Re: Is Rakeback Taxable?
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Actually it's really weird. Every other type of income you make, whether it be lottery winnings, normal wages, gambling profits, etc. is taxable, But rakeback isn't. You are free to make $100k/year in rakeback and the government lets you not claim it.
Syke.
- Jags
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Precisely why is this? Isn't rakeback basically just a discount off of rake, and thereby money that would otherwise have been won at the table?
Also, everyone who has flamed this is a tool. This thread is interesting and useful.
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