2007-05-22 11:04:12 · 5 answers · asked by Matthew G 1 in Games & Recreation ➔ Gambling
I have no idea how Johnny came up with 8%.
The fact is that gambling winnings are taxable. In Las Vegas slot machine Jackpots, Keno winnings, and Sporting events that pay greater than 300 to one have taxes withheld at the rate of 28% for US citizens and 30% for Non-US Aliens.
Table games such as craps and blackjack are not witheld but transactions of greater than $10,000 are reported mainly to prevent money laundering.
You can use verifiable losses to offset winnings.
2007-05-22 11:24:34 · answer #1 · answered by gross d 3 · 0⤊ 0⤋
Most of the time you must report any winnings over $1199.00. Usually a casino representative or slot rep. will bring a SS form for you to complete and claim your winnings which are subject to a 25% Federal tax only. Check around however as some of the limits may have changed.
2016-05-20 03:50:26 · answer #2 · answered by ? 3 · 0⤊ 0⤋
If you win over $1,500 the Federal tax money taken is at least 20%. There is no state tax in Nevada.
2007-05-25 06:02:58 · answer #3 · answered by banananose_89117 7 · 0⤊ 0⤋
If you win a lot of money, you have to declare it on your income taxes. It simply becomes more income and will increase the amount of tax you owe.
2007-05-22 12:22:50 · answer #4 · answered by Bigfoot 7 · 0⤊ 0⤋
8%
2007-05-22 11:11:19 · answer #5 · answered by Anonymous · 0⤊ 0⤋