2007-07-28 03:44:38 · 4 answers · asked by Anonymous in Games & Recreation ➔ Gambling
It's about 30% - so that would be $450 ;);)
2007-07-28 03:59:03 · answer #1 · answered by kr_toronto 7 · 0⤊ 0⤋
It's counted as income for the year, so it depends on what your base income is. When you do your taxes you simply add the 1500 to your normal income.
You can also deduct gambling losses up to the 1500. However, you have to have proof that you spent the money gambling.
2007-07-28 05:08:44 · answer #2 · answered by Bigfoot 7 · 0⤊ 0⤋
Nothing! After claiming your winnings on your tax return, there is a section to list gambling losses. So if you list $1,500 in losses, that offsets your winnings - therefore no tax! And since that number's pretty low, you shouldn't have to worry about getting audited or "proving" your losses in the event that you do.
2007-07-28 04:36:15 · answer #3 · answered by bigslick316 3 · 0⤊ 0⤋
Technically, if you win $1, you have to declare it on your tax return. But if you don't, it's unlikely the IRS is going to audit you if you've won less than a few thousand dollars. If I were you I would not bother.
2007-07-28 12:15:13 · answer #4 · answered by Vegas Matt 7 · 0⤊ 0⤋