2007-06-10 14:51:45 · 10 answers · asked by NYTrader55 2 in Games & Recreation ➔ Gambling
The pros Do and so do people like me who get more than 50% of there income from Gaming
2007-06-11 03:11:43 · answer #1 · answered by Zippy 5 · 0⤊ 0⤋
In Australia, only those people who gamble for a living have to pay taxes on winnings.
2007-06-10 15:08:13 · answer #2 · answered by Bleached Blonde Turkey Head 3 · 1⤊ 0⤋
Any winnings $1200 or over are reported to the IRS and you have to show ID to collect in Nevada casinos. A lot of slot machines list highest payout of $1199 just to get around this, but regular gamblers opt for recorded "buy ins" from the main cage and take advantage of the player tracking options to offset their wins.
2007-06-10 15:04:21 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Your analogy is flawed. yes the tax was paid on the $1 buying the lottery ticket, but an estate has paid the tax already on every dollar that is being transferred to an heir, just as the tax is paid on the lottery winnings. If the lottery winner died the next day after winning should his heirs have to pay the tax again on the transfer of winnings? I think you can see that would not be fair.
2016-05-17 05:14:34 · answer #4 · answered by marlo 3 · 0⤊ 0⤋
I recently won $1000 in a state operated raffle drawing in Michigan and they will be sending me a 1099 form for me to file with my taxes next year. Any time that a 1099 form is generated, a copy is sent to the IRS, so you better be sure to claim it come tax time.
2007-06-11 03:57:06 · answer #5 · answered by zeus112999 4 · 0⤊ 0⤋
On large amounts you are issued a 1099G so you have to report it because the IRS knows about it. You can report the amount you lost gambling to reduce your reported winnings though.
2007-06-10 14:56:02 · answer #6 · answered by the Boss 7 · 2⤊ 0⤋
Yes of course you do, it is earned income and has to be claimed. If you hit a big jackpot they will make you produce your i.d and your social security card, you will also have to fill out an I.R.S form as well before they will pay you.
2007-06-10 19:58:54 · answer #7 · answered by sincity usa 7 · 1⤊ 0⤋
Yes anything $600 or over in my state you will have to pay taxes on it.
2007-06-10 15:40:15 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes they do...sincity usa explained it very well. You can write off your losses against your winnings when it comes time to file your tax return, but you have to keep good records.
2007-06-10 22:31:33 · answer #9 · answered by neffer 4 · 1⤊ 0⤋
no.
2007-06-10 15:03:09 · answer #10 · answered by Anonymous · 0⤊ 0⤋