Paying 1/3 of winnings to the casino before you leave.
 

I was at the Yonkers casino last night and got lucky on roulette winning $950. When I cashed in the voucher I was told to give my Social Security number and deducted $306 from my payout.

Hard enough to beat the casino but you cannot beat the internal revenue service.

What's the point in gambling these days?

I go to a cash poker room once in a while. Last time I won $1250 and the only expense was a small 5%ish rake. :upsidedow

:1orglaugh:1orglaugh because they know you won't claim it yourself

each state has it's own limit before they will charge you. PA for slots is $600 and I think table games is $2k? I'm not sure, but as long as you don't tell them you won at a table game, they don't know if you walked in with $10k and walking out with $5k, slots are a bit different.

my friend's gf and her cousin went to the casino near us and she won $1,100 on a slot. they came to get her info and then SEIZED the money because she hasn't paid her taxes in a few years :1orglaugh:1orglaugh

Thankfully no tax due on gambling winnings in the UK. :)

Apparently $644.

Always keep track of gambling losses and winning and you can deduct your losses up to the amount of your winnings. Anything over that is income.

5% is huge for a rake...

What the fuck
Ive never had to pay tax in perth

yeah well 1984. Still although I oblige completely with the IRS, these rules take away from the small margin of winning the house. It is not fun. In the old days I had no problem paying 10% vig when I lost, but paying a third when you win gives no motivation for the risk.

Yeah, they're assholes there, but the people that play there suck so it's worth it. :winkwink:

I like how they tax your winnings but don't give you a bonus when you lose.

LOL.

The IRS is trying to shut down loopholes. It's easy for the casino to say "Well, we gave away $10k to one lucky winner last night" and there is no way for the IRS to know if it's legit or not. At the same time, if someone wins $10k... The IRS has no way of knowing.

Now deposit that shit in your Bank and pay again.

Had a friend bitching about that last week. He was on a gambling boat in Cincinnati down about $600-700 between himself and his wife then wins about $2000 and they take a big chunk for taxes but don't factor in the money he had already lost. Got pissed and left, lol.

Exactly. What if you spent $5000, left with $5000 in chips. Are you getting taxed on your few hours just sitting at the table?

Just like Capital Gains Tax.....




.

Wow, never heard of that.

I have seen people win 100k+ in Vegas on table games and just walk out with the cash. No questions, no forms.

Came in second in a poker tournament and had a great run in BlackJack last week in Bogota. When I cashed out (a little over $1,000) the cashier only asked if I would like them to call me a cab. Yes of course!

BTW, this small casino has the best BlackJack rules I've ever seen. Double-down on any hand, surrender and "double action" - where you can double your bet after seeing the dealer's hole card (before seeing your cards of course). It's a beautiful thing to double your bet when the dealer has a 4-5-6 showing.

http://rockefeller82.com/

It lotto counts as gambling in UK?

When you cash out the much at the cage they will ask you if you want to fill out a w-2,to which you can decline with no issue.

If you win over $1k at a machine in one spin (jackpot, bonus etc) you will have to fill out paperwork and they will pay it to you in cash. If you're non-american they'll keep 30%.

The National Lottery is a prize and no taxes (to the best of my knowledge) are due to be paid on any winnings.

Rules are for everyone. Also I like to play blackjack!

Gambling is a bad enough idea even when winnings are tax-free :2 cents:

funny, because the whole notion of the taxes you pay as an individual are "earned income tax" which winnings are not.

IMO, it's rather BS that you have to pay that % if you can provide evidence that you have lost money chasing that $1,000 win, otherwise you should be allowed to EXPENSE your gambling losses.

so, if you put in $500 into a slot machine, drain it all, then dump in your last $20 and win $600, in PA you have to pay taxes on the $600 BEFORE they will give you the winnings. I think it should be you prove, through your players card or receipts (which they don't obviously provide), that you invested $520 to make that $600, so your tax rate should be 30%+ on the $80 profit, not $600 net.

to me, makes no sense

Thats what a tax return is for, and why you are allowed to deduct gambling losses up to the amount of your winnings.

You can request a win/loss statement from the casino, as long as your play has been rated via players card/loyalty program.

I am not sure where all of your guys are playing? That is, if you're talking about Vegas or your local casinos.

I know for the casinos around here, they are Indian. You only have to "pay tax" at the cage on any slot type winnings over like $600.00. If you win on the tables, you have to fill out a form ONCE per year if its' higher than $10,000.00 in a 48 hour period. For example, you win $5k in two days back to back or over $10k in a single day. They do not tax or take anything from you on the pay out, you just have to fill out the form.

As I have mainly played tables, I have never been taxed at the casino, even in Vegas.

Indian casinos have different tax rules?

http://www.forbes.com/sites/robertwo...-surprise-you/

:2 cents:

Gambling is for idiots.

Calling others "idiots" is for morons.

The mandatory 30% tax happens if you are a foreign visitor and thus unable to provide an SSN.