2006-07-07 19:54:45 · 11 answers · asked by JUSTICE S 1 in Games & Recreation ➔ Gambling
More than 50% if you declare it.
2006-07-07 19:56:32 · answer #1 · answered by Dr Dee 7 · 0⤊ 0⤋
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2016-06-09 13:47:40 · answer #2 · answered by Hillary 3 · 0⤊ 0⤋
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If you win money here and there and no large amounts you never have to claim (well you do but you won't get caught). When I was a cocktail waitress in Las Vegas you had to show ID and a SScard for all winnings over $1200. I believe you are given the options to have the taxes immediately taken out and taken care of by the casino if you choose as well. I am not sure about what type of gambling or where you are and your states laws but I would guess they are all the same or close.
2016-04-12 23:06:41 · answer #3 · answered by ? 4 · 0⤊ 0⤋
It's 25% for more than $5,000. Withholding also is collected on proceeds that are 300 times or more the the amount of the bet.
All gambling winnings -- regardless of the amount -- are taxable. But it's ultimately the winner's responsibility to let the IRS know how much was won, even if the casino doesn't have to file a W-2G. This reliance on the gambler's tax-law compliance is where the IRS frequently gets shortchanged.
2006-07-07 20:00:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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how much taxes do i pay on 4,000dollars in gambling winnings?
2015-08-06 22:34:58 · answer #5 · answered by Ferdie 1 · 0⤊ 0⤋
Gambling winnings are taxed at the same rate as your ordinary income from Forms W-2, 1099, etc., so there is no difference in tax rates.
However, if you had gambling losses you can offset them against any winnings you are reporting.
2006-07-07 20:01:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
There is no one answer. You pay taxes on them at the rate you normally pay so that could be a number of ranges. If you itemize and had losses you can deduct those up to $5,000. this would essentially leave you owing no taxes on the amount. If you use the standard deduction, you will pay taxes on the $4,000. Be advised that if you won the amount in a state other than your resident state, you may have to file a tax return int hat state as well.
2006-07-08 08:57:04 · answer #7 · answered by accountant 3 · 0⤊ 0⤋
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2016-04-24 06:25:22 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Depends on where you live. Some states charge gift taxes and/or state taxes. You don't have to claim it until your next tax return in 2007, if it was won this year.
2006-07-07 19:59:52 · answer #9 · answered by Belle 6 · 0⤊ 0⤋
You can deduct your losses up to the amount you won. You can even take off meals, room, etc while you were gambling. The end amount will be added to your income and you will be taxed accordingly.
2006-07-08 10:26:18 · answer #10 · answered by kb 4 · 0⤊ 0⤋
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2017-03-03 00:19:31 · answer #11 · answered by Verena 3 · 0⤊ 0⤋