2007-02-18 07:37:18 · 9 answers · asked by karatemike2002 1 in Business & Finance ➔ Taxes ➔ United States
Legally, any gambling winnings are supposed to be reported on your tax return, even if it's just $5 on a scratch-off lottery ticket. For winnings over a certain amount, you receive a 1099 and the amount is reported to the IRS.
Gambling losses up to the amount of your gambling winnings ca be deducted if you itemize, and if you can document your wins and losses sufficiently to suit IRS rules.
2007-02-18 10:22:10 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
Im not sure on the amount of cash that you must win in order for the casino to issue you a tax statement. If you do win "BIG" tax may be deducted from your jackpot.
As to overall winings. You are suppose to show your winning earnings to the IRS, but most people don't if you win less then the what ever amount the casino has.
2007-02-18 15:42:05 · answer #2 · answered by Anonymous · 3⤊ 0⤋
Winnings are taxable income but they can be offset with loses in the year realized. I do not believe casinos issue 1099's (reporting them to IRS) unless the jackpot is $1200 or more.
2007-02-18 15:40:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
yep...I had to cash a few trifectas at the racebook in Harrah's and they had me sign for them...the certain gambling earnings w4 forms...
2007-02-18 15:41:05 · answer #4 · answered by doingitright44 6 · 0⤊ 0⤋
How much did u win?
2007-02-18 16:09:36 · answer #5 · answered by Michael P 1 · 0⤊ 1⤋
It has to be over a certain dollar amount. The casinos will let you know if it needs to be reported to the IRS.
2007-02-18 15:39:39 · answer #6 · answered by CctbOh 5 · 0⤊ 3⤋
no i have been to vegas i won lots but dint spend it on taxes but gave it out to the poor
2007-02-18 15:40:00 · answer #7 · answered by lil breonna_princess 1 · 0⤊ 3⤋
I did`nt.
2007-02-18 15:44:56 · answer #8 · answered by David H 6 · 0⤊ 2⤋
over $500.00
2007-02-18 15:40:17 · answer #9 · answered by coolagua 1 · 0⤊ 2⤋