What’s considered a taxable winning when playing sportsbook in Las Vegas?
Posted by admin under sportsbook
You know how if you win more than $1,200.00 playing slots you get taxed….now what is it for sportsbook? Thanks
It should be the same, the winnings also apply to table games so if you win big cash it out in smaller increments. You can also deduct losses, so even if you win enough to have to pay taxes you can get them returned by withdrawing cash from ATMs (keep reciepts) and saving reciepts from all other gambling. I know of regular gamblers that go to the dog and horse tracks to collect losing tickets that people throw away to deduct them as gambling losses. It may not be very ethical but it is very very common.
It should be the same, the winnings also apply to table games so if you win big cash it out in smaller increments. You can also deduct losses, so even if you win enough to have to pay taxes you can get them returned by withdrawing cash from ATMs (keep reciepts) and saving reciepts from all other gambling. I know of regular gamblers that go to the dog and horse tracks to collect losing tickets that people throw away to deduct them as gambling losses. It may not be very ethical but it is very very common.
References :
All winnings are taxable. You are asking about when they are required to with hold?
References :
it’s the same amount. the game or games do not make a difference
References :
All gambling winnings are considered taxable income. The casinos in Las Vegas are required to have you fill out a W-2G only for your winnings over $1,200 that you won in a single wager. This is a key point to remember. You can sit and play Blackjack all day, playing $250 a hand and get really lucky and walk away from the table with $10,000 profit and no one will come running after you with this W-2G form. The first time this happened to me (it was nowhere near $10,000 profit, I just used this amount as an example), I thought for sure it was a mistake by the casino, but then I read into the rule. The way the casino looked at it, my winnings came $250 at a time and therefore never crossed the $1,200 limit, so there was no need for me to fill out the W-2G. But, this does not mean that if you are the lucky guy or gal to walk away with $10,000 profit from the Blackjack table that you are not required pay taxes on it because you are.
It is up to you to report the winning to the IRS. And as someone mentioned earlier about saving receipts to prove gambling losses, this is a very good idea just in case you do win. You cannot just claim your losses and hope to get money back on your tax return, but if you win, you can claim your losses up to the amount of your winnings. So, if you have $4500 in casino winnings to claim, but also have $5000 of legitimate casino losses and receipts to prove it, then you will not be required to pay taxes on any part of your $4500 casino winnings (and if you filed a W-2G at the casino and they withheld taxes before paying you your jackpot, then you will get this amount back). Now, on the other hand, if you only have $5000 in casino losses, but no winnings to claim…well, then you’re just out $5000 and there’s no taxable gain by having all those receipts. They only come in handy if you get lucky and win. Hope all this made sense; feel free to e-mail me if you’d like a better description or links to IRS web publications backing this information up.
References :
Here’s a good link to Bank Rate’s website if you want to read the article on gambling winnings.
http://www.bankrate.com/brm/itax/news/20010122a.asp?caret=61
a dollar…..if you win 1 more dollar than you lose you are supposed to pay tax on it…….in the real world of the IRS much more money is lost than won gambling so in reality they are collecting revenue that they are not really entitled to. so they make a rule to generate income so they don’t have to raise taxes.
References :
Add A Comment