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gambling winnings and taxes
gambling winnings and taxes - win
Gambling Winnings and tax implications
Can anyone help me understand some tax beneficial scenarios for winning 6 figures from a slot machine? I understand the casino's having to report over $1200-5000 and issuing the winner a w-2g form in Cali...but what next?
How am I taxed...what should i do?
FYI...i didn't win this money...a family friend did so, i'm still broke BUT...I also want to know if it's possible to claim the winnings on my ssid... or if it has to be claimed on his (he doesnt want to be pushed into another tax bracket.) TLDR: Tax implications and what one needs to do if one wins...over 6 figures at the slot machines.
submitted by MrClean87 to tax [link] [comments]
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submitted by Patriciauizeq to u/Patriciauizeq [link] [comments]
Tax people of reddit, how much in taxes do you pay on winnings from betting and gambling?
Is it similar to how winnings from game shows and reality shows are taxed? Would love to know.
As always any and all input is welcomed and thanks reading! 🙂
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Received a W-2G (gambling winnings) and added it to federal taxes. This was out of state. Does this require any action to file this at the state level too?
I received a W-2G for money won at a casino. I added this form to my Federal Taxes and did my residence state taxes as well. Do I need to add a second State (out of state) for this money and file anything there?
submitted by theNewGuyIsChill to personalfinance [link] [comments]
YSK The IRS doesn't care how you make your money. On your 1040 there's a section for gifts, gambling winnings etc, and as long as you claim it and pay taxes they won't bother you.
submitted by JessNei to YouShouldKnow [link] [comments]
TIL gambling wins are taxed at 25% and all gambling losses (up to the amount you won) can be deducted from your taxes as well
Gambling Winnings, Losses and Taxes
So last week i won a jackpot of $2,000 from a slot machine in a casino and i received a W-2G. The next day i basically lost all of them back to the casino (i know im stupid and believe me i know! lol ) My question is, would i still have to claim the $2,000 i won even though i lost them all again? How do i prove that i lost them all again if i didn’t have a membership card inserted into the slots i played when i lost?
submitted by mattzkie14 to personalfinance [link] [comments]
8 Tax Tips for Gambling Winnings and Losses
Gambling winnings and filing taxes
I live in Nevada. This past year I was a full time student and worked for the school for 9 months, 10 hours a week. My income from that was around 16k.
Also last year I spent way more than 10 hours a week for 9 months playing poker. I have about 20k in W-2Gs from that, but when counting losses, my net profit was only around 5k.
It's my limited understanding that if you have a job then you have to pay taxes on gambling winnings and can't deduct your losses, but if you file as a professional gambler then you can deduct your losses and also deduct business expenses, though you have to file self-employment taxes. Some years ago I was a full time poker player and filed as such, but I had a gambling tax accountant do my returns for me. I'd rather avoid his fee and just do things myself. I do have copies of the prior returns so I can somewhat work off those to do my own return.
FWIW I do have complete logs of every session as well as my relevant poker-related expenses, including a mileage log for my car.
Any advice on how I should file?
submitted by nixtamal to tax [link] [comments]
If someone were to win a large amount of money while gambling online in a State that doesn't allow sports betting. Is there a legal way to claim this money and pay taxes on it?
submitted by Here-For-The-Comment to legaladvice [link] [comments]
I just won a small poker tournament. How are gambling wins and losses taxed?
Without any prior knowledge I might assume that winnings are taxed as regular income. Is this anywhere close to correct?
Do losses factor in anywhere into taxes?
submitted by BluntTruthGentleman to PersonalFinanceCanada [link] [comments]
Did some gambling last year in Vegas and lost forms they gave me for taxes on my wins. What should I do?
I did some gambling last year (and the year before) in Vegas and won some jackpots at various casinos. I did not hold onto the tax papers they gave me after the wins and now I need them for my taxes. Is there a way to get another copy from the casinos?
To make matters worse, I don't remember all of the casinos I won a jackpot at so I don't know exactly which casinos to contact. Is there a way to see the tax information that has been sent in to the IRS so I can contact each of the casinos? I would like to get a win/loss statement from them so I can file these wins/losses on my taxes.
Thank you in advance!
submitted by scaredtopost to personalfinance [link] [comments]
Gambling winnings and my tax refund
I just filed my taxes and I'm confused on how gambling winnings affect my tax refund.
For 2016 I made $16,013.00 and my adjusted gross income was $17,555.00 including some unemployment benefits I received.
My dad won the lottery in mid 2016 for $5000.00 in Michigan (winning 5000 or less in Michigan does not get taxed so I was awarded the full amount) and did not want to claim the winning ticket because it would have went towards his outstanding debt. So we decided that I would cash in the winning ticket to avoid that from happening.
Fast forward to now, and I just filed for my tax return yesterday.
I filed my taxes yesterday and I forgot that I had to claim the gambling winnings using form W-2G, so initially my refund amount was the total without the $5000.00 included from the gambling winnings, which was $860 and my state return was around $150.
I filed my taxes initially without adding my gambling winnings from form W-2G and I realize I will have to do an amended tax return soon. I actually lost my form W-2G and will have to request for a new one.
So I went back on the tax filing website I used and entered the $5000.00 for my gambling winnings and that $5000.00 boosted my adjusted gross income to $22,555.00 on my tax website. As a result, my federal return amount decreased from $850 to around $200.
So my question is, is this normal for my federal tax refund to decrease because I claimed that $5,000 from gambling winnings?
I'm thinking that since I cashed in that ticket for my dad it raised my adjusted gross income up too high and now as a result I will get less back from my tax refund.
Thanks for reading and hopefully somebody can shed some light on this for me, because I was very disappointed to see my tax refund shrink.
submitted by TradeDrummond to personalfinance [link] [comments]
02-28 07:52 - 'It mentions in this article that in U.K. there is a clause about hobbyist trading and no tax liability as such if deemed to be a hobby shall be paid so. [link] Also there are good arguments to make on the gambling winnings scenar...' by /u/tronxt removed from /r/Bitcoin within 5-15min
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It mentions in this article that in U.K. there is a clause about hobbyist trading and no tax liability as such if deemed to be a hobby shall be paid so. [link]
1 Also there are good arguments to make on the gambling winnings scenario as BTC trading is pure speculation. [link]
2 And this also mentions gambling tax laws [link]
3 I personally think it’s down to you as the individual to fight your own case again HMRC in the U.K.. Personally from what I have read,I will and am willing to pay capital gains on all profits realises at exit. But I shall not declare any on chain crypto speculation as I see it as no more than gambling or at most a hobby. As I have a full time job and it is not my main form of income this is also proof that I do it for hobby gain. Views on the links and views please. I understand that our friends state side have different laws to U.K. off course and these links are maybe if no use to them.
'''
Context Link Go1dfish undelete link unreddit undelete link Author:
tronxt 1: abcri*chlow.*om/crypt*cu*re****and*tax-a*-*nt*oduc*ion* 2:
https://www.express.co.uk/finance/city/907649/Bitcoin-tax-cryptocurrency-ripple-HMRC-capital-gains-earnings-gambling-bet-winnings 3: www.*smu*.com/bl*g/*i**oin-gain*-d***-for*et*that-t*e-taxma*-will**an*-*is*shar*
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[Politics] - The Note: Will Trump and Republicans' gamble on tax plan prove a winning hand? | ABC
[Politics] - The Note: Will Trump and Republicans' gamble on tax plan prove a winning hand?
[Business] - How to Handle Gambling Wins and Losses This Tax Season | philly.com
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[Business] - How to Handle Gambling Wins and Losses This Tax Season
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[Business] - How to Handle Gambling Wins and Losses This Tax Season | philly.com
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[Business] - How to Handle Gambling Wins and Losses This Tax Season
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gambling winnings and taxes video
While some countries like the US deduct tax from casino winnings, some don't. In the US, all forms of gambling activities are taxed, whether legal or illegal. You must also have records of your winnings and losses, including proofs of your gambling activities. All these are essential during the gambling losses deduction for the year. For many of us, gambling means buying the occasional lottery ticket on the way home from work, but the Internal Revenue Service says that casual gambling also includes raffles, casino games, poker, sports betting—and, yes, even fantasy football. When you win, your winnings are taxable income, subject to its own tax rules. The following rules apply to casual gamblers who aren't in the trade or business of gambling. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips. Gambling and Lottery Winnings Class of Income. Gambling and lottery winnings is a separate class of income under Pennsylvania personal income tax law. See 72 PA C.S. §7303(a)(7). Between July 21, 1983 and Dec. 31, 2015, all prizes of the Pennsylvania Lottery were excluded from this class of income. In most cases, the casino will take 25 percent off your winnings for IRS gambling taxes before paying you. Not all gambling winnings in the amounts above are subject to IRS Form W2-G. W2-G forms are not required for winnings from table games such as blackjack, craps, baccarat, and roulette, regardless of the amount. Learn how to avoid paying taxes on gambling winnings and reduce your taxable gambling profit to a minimum with our practical guide. Amount of your gambling winnings and losses. Any information provided to you on a Form W-2G . The tool is designed for taxpayers who were U.S. citizens or resident aliens for the entire tax year for which they're inquiring. But even the winners can be losers if they don't pay their taxes! Any money you win gambling or wagering is considered taxable income by the IRS as is the fair market value of any item you win. Gambling income isn't just card games and casinos; it also includes winnings from racetracks, game shows, lotteries, and possibly even bingo ... If you win while gambling at an NJ online casino, you’ll need to report your earnings on your annual tax return to the IRS.Here’s an introduction into tax laws and U.S. online gambling. New Jersey legalized virtual gambling at online casinos in 2013. Since then, laws and regulations dictating the limits and provisions of online gambling have been cropping up in support of safe transactions ... Reporting Gambling Profits and Loss on Your Taxes. Gambling Losses Can Be Deducted on Schedule A. If you itemize your deductions, you can deduct your gambling losses for the year on Schedule A. However, you can only deduct your loss up to the amount you report as gambling winnings. So, you should keep: An accurate diary of your gambling ...
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