I hit 3 handpays yesterday and had taxes taken out all of them, do I get anything back come tax time when I claim these? submitted by
Casinos reported my jackpots to the IRS and so did I in 2018. However when I was doing my taxes I accurately deducted my gambling losses (using the Casnio's statement of winnings/losses). submitted by
Anyway I got a bill (only ~$3000) for the full amount. I could try to prove my gambling losses from 2018, but I have this question: Is it unrealistic to think that the act of me trying to prove this will cause them to look harder / deeper in other aspects of my tax returns over the years. For example, I no longer have any of my charitable donations information from when I moved. Could I be opening pandora's box by trying to fight it?
Taking somebody's advice and posting here immediately whenever I relapse. submitted by
Won't go into details, but yeah. This disease is a bitch. I need to sit in a corner and meditate, saying "I will not win my money back, I will not win my money back, work is where money comes from not gambling, work is where money comes from not gambling"
Funny that this mini-relapse started from a free-play bonus that I turned into a pretty decent-sized bankroll. Whoever invented casino games are an evil genius. They give you just enough control to think that when you win, you won because you played well. Lmao. We won because we got lucky. Simple as that. I didn't even lose any of my own money, I was just "counting my money at the table" as they say. It wasn't my money until I withdrew it, and kept it withdrawn. But we all know we can't do that as compulsive gamblers. Nearly 2 grand later and here I sit. I still have money in my account, but I'm not touching it. Next time I get the urge to gamble, I'm going to order a present for myself like a new laptop, or make a big deposit to the IRS for this year's taxes. If I have to sit here with the 100 dollars in cash in my wallet until next payday, so be it. I'll be much happier than if I had gambled it away.
I have been playing poker as a professional for a good 4 years now. I haven't filed taxes in 4+ years. I only play cash games so there's no real way for me to prove my income through this. Are people in my situation able to get that $1200 check? And if so how to I file for it? I've checked a few articles and i keep getting lost. submitted by
We all love to read stories about big wins and imagine ourselves in the shoes of those winners. But, have you ever thought about what happens at that very moment after successfully beating the slot machine? Usually, the slot machine locks up and, in most cases, you hear the music and see the flashing lights on top of the machine. But one of the first questions every player asks is whether they have to pay taxes on casino winnings? Well, you’re about to find out!
Taxes on Slot Machine Winnings in USA
In the USA, when a lucky player hits a jackpot, there’s the option of receiving the winnings in cash or check. In case it’s a large sum, it’s usually paid by check. However, the IRS only obliges the casinos to report winnings that are larger than $1,200.
Of course, all winners are obliged to show a proper identification— a valid ID or passport. When the casino checks for your identification they also look at your age to make sure you are officially and legally old enough to play. As the minimum legal age for gambling varies from state to state, be sure to check it out before you decide to play.
Do I Have to Report All Winnings?
All gambling winnings received from slot machines are subject to federal taxes, and both cash and non-cash winnings (like a car or a vacation) are fully taxable. Apart from slot machines, the same applies to winnings from lottery, bingo, keno, poker or other games of chance. So, if the amount won on a slot machine is higher than $1200, the casino is required to report it. In other words, all your gambling winnings have to be reported
on your tax return as "other income" on Schedule 1 (Form 1040), line 8.
Slot Machine Winnings in W-2G Form
In case it happens to you and you snag that big win (which we hope one day you will), it’s useful to know that casino or other payer must give you a W-2G Form, listing your name, address and Social Security number.
So, if the winnings are reported through a W-2G Form, federal taxes will be withheld at a rate of 25%.
If, however, you didn’t provide your Social Security number (or your Tax Identification Number), in that case the withholding will be 28%. Either way, a copy of your Form W-2G should be issued, showing the amount you won alongside the amount of tax withheld. One copy needs to go to the IRS, as well.
Aside from slot winnings, Form W-2G is issued to winners of the following types of gambling activities like:
- bingo (for players who win $1,200 or more),
- keno (for at least $1,500 worth wins)
- poker tournament players (for the $5,000 win or more).
- a horse track (if the winnings are 300x your bet)
However, not all gambling winnings are subject to IRS Form W2-G. For instance, W2-G forms are not required for winnings from table games like blackjack, baccarat, and roulette, whatever the amount. You’d still have to report your winnings to the IRS, it’s just you won’t need to do it through W-2G Form.
Are My Slot Losses Deductible?
The good news is that you can deduct your slot losses
(line 28 of Schedule A, Form 1040), while the bad news is gambling losses are deductible only up to the amount of your wins. In other words, you can use your losses to compensate for your winnings. So, let’s say you won $200 on one bet, but you lost $400 on one or a few others, you can only deduct the first $200 of losses. Meaning if you didn’t win anything for a year, you won’t be able to deduct any of your gambling losses.
In order to prove your losses, you need to keep good records and have suitable documents. So, whenever you lose, keep those losing tickets, cancelled checks and credit slips. Your documentation must include the amount you won or lost, a date and time, type of wager, type of your gambling activity, name of each casino/address
of each casino you visited and the location of their gambling business
. You may as well list the people who were with you.
Do State and Local Taxes Apply Separately?
Yes, you are required to pay your state or local taxes on your gambling winnings. In case you travel to another state, and snag some huge winning combo there, that other state would want to tax your winnings too. But don’t worry, you won't be taxed twice, as the state where you reside needs to give you a tax credit for the taxes you pay to that other state.
Keep in mind though that some states like Connecticut, Massachusetts, and Ohio don't allow gambling losses.
Online Slot Taxes
Whether you usually spin the reels of your favourite casino games in land-based casinos in the US, overseas casinos, or online casinos, all income for the citizens of the US is taxable. As a US citizen, you are required to send Form W2G for all winnings from a slot machine (not reduced by the wager) that equals to or is more than $1,200.
Taxes on Slot Machine Winnings in UK
As a resident of the United Kingdom, your gambling winnings won’t be taxed. Unlike the USA mentioned above, you’ll be allowed to keep whatever it is that you have won and earned in Britain, even in case you are a poker pro. Then again, you won’t be able to deduct any losses you might collect.
It doesn’t really matter if you win £5 or £5 million playing online slots, your winnings will be tax-free as long as you reside anywhere in the UK, be that in England, Wales, Northern Ireland or Scotland.
Taxes on Slot Machine Winnings in Canada
If you are a recreational player who lives in Canada, we have good news for you. When it comes to gambling, you don't have to pay taxes as your winnings are totally tax free. According to laws in Canada, gambling activities don’t fall under the category of constant source of income, therefore your winnings will not be taxed.
Canadians don't even pay taxes on their lottery winnings. The only exception here are professional gamblers who make a living from betting and are, therefore, obliged to pay taxes. Keep in mind though, this is the current situation - laws in Canada change frequently, which may also include tax laws.
Taxes on Slot Machine Winnings in Australia
In case you reside in Australia and like to visit casinos from time to time, you’ll be happy to find out that your winnings in Australia will not taxed and here are 3 core reasons for that:
- Gambling is not treated a profession (it's treated as a hobby)
- The government doesn’t see profits from gambling activities as income, but as a result of good luck
- The Australian government taxes casino operators and lottery organisers instead.
Of course, taxation varies from state to state.
Taxes on Slot Machine Winnings in New Zealand
Unlike in Australia, where even professional players can claim they are recreational, in New Zealand slot machine winnings (and any other winnings from casino games) are considered taxable income, in case the player has little income from other resources.
But, apart from professional gambling, it is very unusual for winnings to be taxed in New Zealand.
Most often, gambling is considered recreational and not income, so players can enjoy their gameplay as they do not have to pay taxes on their winnings.
Hey all, and apologies for what may be a dumb question. submitted by
Fortunately, I did fairly well this year in college football and I'm looking to redeem my betting slips next week in Las Vegas.
My winnings came out north of $2,500.
I'm going to Vegas next week and have never really cashed out this much from a sportsbook at once.
I understand there's a certain threshold where I'm expected to sign for taxes.
Should I expect to sign anything there?
How do you all handle paying taxes on your winnings? Do you report it or do you fly under the radar? How do the big time winners avoid paying taxes? submitted by
Just got back from Vegas the other night and I was wondering: if you win enough money (so that they have to draft up tax documents for you), they will automatically take out taxes and then give you the remainder. Do you still have to pay taxes on it in your own home state (assuming you don't live in Nevada) next year? submitted by
I was trying to track down copies of my w2g to report my winnings as I file my taxes and both the IRS and the Casino have no record of my winnings on their systems. submitted by
How do I proceed? It was 2 jackpots of 2000 each.
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