Get tax on your winning

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    Last post ago over 5 years by kattboots
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    kynettie

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        kynettie

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        From what i heard  where i live we have no gambling what so ever only us(Hawaii) and Utah. Last year the governor past a billing taxing ur winning. So if u go to vegas or any where there is gambling u would get tax on ur winning. I assume the way they would track it is if u won  the casino would give u a W-2 so u can pay uncle sam . Even if u won and lost it all u would still have to pay the taxes on ur winning.Unlike the government is u won and lost it all u don't have to pay on ur winning right? what do u think about this Law? 
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        blueday

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          I think it sounds awful. 

          I don't think you should be taxed if you win at land casinos.  At the end of the day, you are the one risking your money and I don't see why you should pay tax if you get lucky and win.

          blue
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          medtrans

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          Yes, if you win over $1200 in the U.S. you will get a 1099-G.  For the IRS you can claim your losses up to your winnings (thus, no tax).  But where I live (Wisconsin) you cannot write off your losses.  All winnings must be shown as income.  Which really sucks!

          medtrans
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          bingocrazy48

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          Yep,when I won at a Illinois casino,I had to pay....like they don't get enough of our money.I also had to play tax on a scratch off ticket because it was for $1500.BTW...medtrans,I was born and raised in Wi!!!
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          blueday

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            medtrans wrote:

            Yes, if you win over $1200 in the U.S. you will get a 1099-G.  For the IRS you can claim your losses up to your winnings (thus, no tax).  But where I live (Wisconsin) you cannot write off your losses.  All winnings must be shown as income.  Which really sucks!

            medtrans
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            Unbelievable.  But surely you would have already been taxed on your income that you are using to spend at the casinos?  It really is double taxing.

            [quote author=Rosebud link=topic=18093.msg175851#msg175851 date=1309170519]
            Yep,when I won at a Illinois casino,I had to pay....like they don't get enough of our money.I also had to play tax on a scratch off ticket because it was for $1500.BTW...medtrans,I was born and raised in Wi!!!


            Unreal.  You should all come and live in the UK.  If you win you are not taxed on your winnings (yet!).

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            Johnny Karp

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            I think that winnings should be taxed but only after deducting the losses, that sounds fair.
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            Lipstick

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            As long as you can write it off with losses then pretty much is a wash. Of course unless you win a major jackpot.

            Getting receipts should not be a problem for your losses. Most casinos have a statement of your play time and will send it to you per request or in some cases can be viewed online. That is why it is very wise to use your players card so that the casino can track your play.

            Remember too that turning in your losses is not limited to casinos. Race track losing tickets and other forms of gambling count as well.

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            fiedo8

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            its a hard way to get taxed if you loose your winnings again--I cannot believe it
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            medtrans

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            Unbelievable.  But surely you would have already been taxed on your income that you are using to spend at the casinos?  It really is double taxing.

            .........I see what you mean blue, but here is how it works.  I won $2,000 at an Indian casino here.  The IRS tax on that was $560 and the Wisconsin state tax was $135.  I can get the IRS tax back at the end of the year by claiming I lost that $2,000 over the year (which I did.)  But the state doesn't care.  They consider the $2,000 as income and the tax due on it is $135 period.  Whether you lost it back or not.   


            Unreal.  You should all come and live in the UK.  If you win you are not taxed on your winnings (yet!).

            ..........I would love to!  That's why I am wondering why people are so anxious to have online gambling legalized.  (Not that anyone can prevent what is going on.)  We were going just fine.  I cashed out many times with Club World without a problem.  Now I won't play because of the withdrawal problems.  And when and if it is ever legalized in the US, there will be taxes to pay.  And who wants that?

            medtrans

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            kattboots

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            SIN TAXES

            It is argued that sin taxes are not really imposed to improve citizens’ quality of life. It may be viewed as just another way to line the country’s coffers, as it seems to be a shrewd way of taking advantage of people’s personal choices and preferences.

            Gambling, Alcohol, and Tobacco are the main goods and services that carry a SIN TAX... they just don't want us to have any fun at all!
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            Imagin.ation

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            My mother and father one year living here had winnings of over 150,000 on 1099's they claimed wins against losses and paid no taxes, i myself have had to claim high amounts in 1099's but always claim wins against losses..
            I think though, for someone who comes to vegas and wins big getting a 1099 then takes home winnings to their state without any proof of loss, they would end up paying taxes
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            kattboots

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            I pity the poor schmuck that does not gamble and lose!
            The one who drops in a $1 and hits the BIG jackpot...
            he will not have losses to claim against the winnings and he will PAY! 

            We are all ok though... we are gamblers!

            katt

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