Topic No. 419 Gambling Income and Losses Internal ...

Bit confuse .self employed. My annual taxes to irs are about 3000 a year .. but this year i won at the casinos.. they gave me full cash didt take taxes & gave me a w2g form.when i input this to turbo tax it says i now owe 4440 which is less the the 24% i should pay for the gambling winnings

submitted by Amez14 to IRS [link] [comments]

Betting taxes in Las Vegas

Taxes in Las Vegas
Hello guys, I’m new to all this. Can someone explain please briefly how to avoid paying taxes on winnings in Las Vegas?(sport betting)
Let’s say i want to bet $3000 to win $1000 will i be asked to provide my SSN?
And what if i want to bet $20 000 should i do it in different casinos that aren’t associated with each other so they couldn’t find out who i am?
So basically what’s the threshold for all that?
I heard people just ask for chips instead of cash and then exchange them for cash in different days.
Thank you so much!!!!
submitted by Upper_Performer6478 to sportsbook [link] [comments]

Do I get anything back from handpays come tax time?

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 Pls_No_Ban to gambling [link] [comments]

Blackjack Taxes

Hey y'all,
Wondering about how putting BJ winnings on your taxes goes... if you do it, if you do some of it, all of it, etc. I know some people probably don't include it on their taxes so I'm trying to gauge what y'all do.
submitted by Pharm-D2020 to blackjack [link] [comments]

ILPT Request: If you find $100k in your backyard, will the IRS let it slide?

submitted by georgiejp to IllegalLifeProTips [link] [comments]

Colorado online sportsbooks will report 1099s to IRS of your winnings >$600 and you can't deduct losses from AGI. Wondering if in-person bets will require an 'account' for the casinos to track us and report to IRS? If not, in person betting is better than mobile it seems.

Update: To anyone reaching this post late, I have good news. I misinterpreted what I was reading from fanduel and draft kings. The 1099 reporting of $600 or more only relates to daily fantasy sports.
Now that they have legitimate sports books, sports book winnings are NOT reported to the IRS unless you win a bet at 300-1 or more odds, and in that case a W2-G would be given to you and the IRS. And if that 300-1 or more win is $5k+, the sports book is also be required to withhold 24% on you're behalf and remit that portion to the IRS upfront. Pro-tip: Don't be betting 300-1 or more long shots anyways.
All of this being said, even wins that aren't required to be reported to the IRS from the sports book via a W2-G, you are supposed to nevertheless claim the wins as income anyways which probably no one is doing. Talk to your accountant or tax advisor. Just be careful and personally, I still like in-person bets if you can make it to the casino sports book in Cripple Creek/Black Hawk/Central City because then you're dealing with cash rather than documented bank transfers to and from sports books.
submitted by amiatthetop2 to sportsbook [link] [comments]

Bill/Notice from IRS about gambling wins from 2018. Should I fight or do I risk shaking the hornets nest?

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).
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?
submitted by mr_rob_oto to tax [link] [comments]

I asked if I bet 2,000 and win 2,000 if any of it will be taxed is this true?

submitted by Drue-Danzy to tax [link] [comments]

Day 1 again

Taking somebody's advice and posting here immediately whenever I relapse.
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.
submitted by DustProof51 to problemgambling [link] [comments]

Can I File for the Stimulus Package?

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 VagusVitae to poker [link] [comments]

Do You Have to Pay Taxes on Slot Machine Winnings?

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:
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:
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.
submitted by askgamblers-official to onlinegambling [link] [comments]

tax question ?

How much can you win at blackjack before the IRS gets involved?
submitted by okc-profile to blackjack [link] [comments]

Taxes on winning bets?

Hey all, and apologies for what may be a dumb question.
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?
submitted by NeauxRegrets to CFBVegas [link] [comments]

Casino Winnings and Loss Deduction Questions

Hello Readers,
Over the course of this year, I have won around $54,000 from an online casino(not all at once). I have set aside some money but it isnt enough.
My normal tax situation is Married Filing Joint. Gross income yearly is $79,000. When I input these numbers on TurboTax it shows me owing $13,000 in Fed and $3,000 state.
According to a win/loss statement from the online casino I have lost $65,000. Which to me is nuts because it counts every single slot spin I have done. I deposited around $6,000.
In this process, a box on TurboTax popped up asking if I had losses. I entered what I lost according to the casinos win/loss statement and it itemizes the return instead of a standard deduction and it drops what I would have owed to FED to around $1600.00 and State to $300.00.
It seems WAY more beneficial for me to itemize with the losses. TurboTax makes it seem simple. I read a BUNCH of articles on deducting losses to offset winnings and almost all of the articles state that you cannot just simply say I won "X" amount and lost "X" amount. Providing documentation most definitely wouldn't be an issue as this was all done on Draftkings Casino. What specifically would the IRS potentially ask for and will they even ask for it?
I'm just wondering how the loss deduction is actually performed on taxes.
Thanks in advance.
submitted by BulkyShare4 to tax [link] [comments]

ILPT: The IRS has a hard time proving casino wins that don't trigger a W-2G, or a CTR. Don't make it easier for them by posting pictures of your slot machine ticket, or stack of casino chips.

submitted by throwawayblueline to IllegalLifeProTips [link] [comments]

A Failed Trump Golf Course Turned Into a Dilapidated New York State Park

A Failed Trump Golf Course Turned Into a Dilapidated New York State Park submitted by stefeyboy to politics [link] [comments]

Do you pay taxes on your winnings?

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 CocoMarieN to blackjack [link] [comments]

If you win at a Casino and they take out taxes, do you still have to pay taxes in your home state?

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 QueenCole to personalfinance [link] [comments]

Think I'm good at the casino for a while

Think I'm good at the casino for a while submitted by Reed_Himself to gambling [link] [comments]

Anti-corruption Compilation part 6

This is a compilation of all the posts by user ar_david_hh who summarises anti-Corruption news of the day along with other interesting news in one comment. It is linked from the sidebar->Interesting Threads->Anti-corruption. The list is ordered by date, newest first. Date format: D/M/YYYY. All credit goes to the sub's hero ar_david_hh
Previous compilation threads: Part 1, part 2, part 3, part 4, part 5
Azerbaijan attacked Artsakh on 27 September 2020, making the war to be the main topic, the updates since this date are to be found in the daily Megathreads pinned at the top of the sub for now.

submitted by Idontknowmuch to armenia [link] [comments]

Sports betting begins at 1030 AM tomorrow 6/12 in New Jersey

Murphy just signed the bill!
Edit: looks like Thursday***
submitted by ultrashorty to sportsbook [link] [comments]

Gambled last year and both the IRS and Casino have no record of me winning.

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.
How do I proceed? It was 2 jackpots of 2000 each.
submitted by Harambehasfinalsay to legaladvice [link] [comments]

Video 40 - Recreational Gambling and the IRS Tips for Filing Taxes : Gambling Winnings Tax Tips Income Tax On Casino Winnings 2019!  EPISODE 2 How Often Do Gambling Winnings vs. Gambling Losses Get ... IRS Tax Changes Affecting Casinos Gambling Losses :TaxSlayer Tax Tips Gambling, The IRS and Taxes: How to Deduct Your Gambling ... How The Wealthy Hide Billions Using Tax Havens - YouTube Winning the Lottery. The taxes on lottery prizes and winnings.

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Video 40 - Recreational Gambling and the IRS

Don’t Let IRS Take Your Winnings Away! Be Smart, Understand Income Tax On Casino Winnings in 2019 by Watching a Short Video on Our Official Website! https://... In this video an industry insider talks about the potential IRS changes in the casino industry. IRS wants to change rules regarding gambling and jackpot reporting requirements both lowering the ... "Secrecy World" author Jake Bernstein explains how the super-wealthy hide billions using tax havens and shell companies. -----... It might seem like gambling is one of those activities that the IRS has nothing to do with. But according to the US tax laws, the IRS considers gambling inco... Winning the Lottery. The taxes on lottery prizes and winnings. An SFS Tax Problem Solutions Video for the Now What Help series from Jeffrey Schneider. 2016 Federal IRS Tax Amnesty Programs - Duration: 26:00. IRS Medic 6,400 ... What you need to know about the taxes on your casino winnings - Duration: 2:43. Wendover Resorts Recommended for you. 2 ... How to Minimize Taxes on Slot Machine Jackpots and more Casino Tax Advice - Duration: 35:40. URComped 6,327 views. 35:40 . Watch this BEFORE Filing Your 2019 Tax Return in 2020!!! - Duration: 14 ... Subscribe Now: More: winnings and gambling loss... How to Minimize Taxes on Slot Machine Jackpots and more Casino Tax Advice - Duration: 35:40. URComped ... Guide to IRS Form W-2G Certain Gambling Winnings - TurboTax Tax Tip Video - Duration: 3:25 ...