I was watching a special on t.v. regarding casinos in Las Vegas. In one part of the show they stated that whatever you win on the tables is not considered taxable income. Is this true?
What happens if you win a poker tournament? Is this considered taxable income?
2006-11-17 09:53:16 · 8 answers · asked by Anonymous in Games & Recreation ➔ Gambling
In my local casino (Oneida Bingo and Casino in Green Bay, WI) all winnings are taxable income. If you win over $1,500 they make you sign tax papers before you leave.
2006-11-17 09:59:44 · answer #1 · answered by Nick 2 · 0⤊ 0⤋
Anything you win at the poker table is taxable, tournaments included. The good news is you can deduct your losses. For example if you buy-in with $300 and win $500 only the $200 profit is taxable (You can't deduct more than what you bring into the game).
2006-11-18 16:05:54 · answer #2 · answered by DarkWolf 4 · 0⤊ 0⤋
The probably meant no tax was due on it in Nevada. It's considered income, so you must declare it on your Federal return, however, because the casino will certainly report the payout to you as a business expense. You want to tell the IRS you won money, you don't want them to come to you asking why you haven't said anything!
2006-11-17 18:02:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
if "chips " are shoved your way in a live game there is no 1099 on every pot,but if you win a tournament or part of a bad beat jackpot or monte carlo high hand prize and it generates a 1099 YOU ARE MARKED for that money. but if you itemize your deductions you can go to the OTB,dog or horse track and pick up losing tickets equal to that amount and VOILA! deduction=winnings!but you can only deduct loses UP TO the amount won on the 1099-wink wink,
2006-11-18 00:05:45 · answer #4 · answered by badmts 4 · 0⤊ 0⤋
All are taxable. Ask Barry Greenstein. He had some problems with the IRS.
2006-11-17 18:22:39 · answer #5 · answered by rostov 5 · 0⤊ 0⤋
That is not true. All winnings are taxable. The same is true of the lottery as well.
2006-11-17 17:56:44 · answer #6 · answered by Anonymous · 1⤊ 0⤋
They're all taxable.
Do you really think the greedy politicians would let such a great source of potential income go? :-)
2006-11-17 18:02:54 · answer #7 · answered by jeepdrivr 4 · 0⤊ 0⤋
I believe the difference is, nobody keeps records officially in cash games, while they have forms to complete when you walk off with a big tourney prize.
Brits and certain other countries have exemption forms.
2006-11-18 01:15:19 · answer #8 · answered by Father Ashley 4 · 0⤊ 0⤋