2007-11-26 04:54:43 · 9 answers · asked by Anonymous in Games & Recreation ➔ Gambling
It depends on the state and where you won the money.
For expamle, in MA if you win more than $650 on a scratch ticket you have to collect it at a center and show an ID. They take out state taxes and you pay federal later. It is documented that you have won so you would have to put the winnings on your taxes...
Technically you should claim anytime you win anything but usually, when you win it's something small and you've put out more than that amount.
2007-11-26 05:05:38 · answer #1 · answered by ladyluck 5 · 0⤊ 0⤋
You are technically required to report all gambling winnings as income.
You may subtract all losses during the year to offset winnings, but you may not deduct losses that a greater than all your winnings. That is to say if you gamble and lose, you cannot claim it as a way to lower your taxes. If during the year you win a $10,000 jackpot, you will probably fill out tax forms when you collect, and possibly have taxes deducted at that time, too. If during the entire year, you lost a total of $5000, you can deduct the 5K losses from your $10k winnings, and if your taxes were withheld at time of your jackpot payment, you would be entitled to some of that back as a refund.
But you must keep very accurate records to be able to back up anything submitted to the IRS, should the need arise.
2007-11-26 13:51:58 · answer #2 · answered by H_A_V_0_C 5 · 0⤊ 0⤋
You are supposed to claim all winnings as income.
With that being said, you have to fill out tax forms on the spot for a single jackpot over 1200.
In Vegas, you'll see lots of jackpots at 1199 for that reason. Once it hits that 1200 mark and you win, they're gonna come have you fill out paperwork and you'll get a tax form at the end of the year.
2007-11-27 03:20:43 · answer #3 · answered by Erik 2 · 0⤊ 0⤋
You are required to claim any and all winnings above the amount you loose.
However different games have different reporting requirements because of the odds. You may win $20,000 in a night playing poker and the IRS lets you be the one tell them how much you won. Win $1500 on the slots and they are going to bring you a 1099
2007-11-26 12:58:43 · answer #4 · answered by D S 4 · 1⤊ 0⤋
If you win a jackpot over $1199, you are required to pay taxes on it.
In PA on scratch off tickets, anything over $500 will require that you pay taxes and you have to submit a Lottery Claim in order to get your money. For lottery tickets, they send you a 1099 form at the end of the year.
2007-11-26 17:12:52 · answer #5 · answered by philly_romantic 6 · 0⤊ 0⤋
I won a $2500.00 Jackpot and had to claim that. I'm not sure if you have to claim collective winnings, but when you hit a Jackpot the casino usually provides you with the tax form.
2007-11-26 12:58:32 · answer #6 · answered by Jason H 3 · 0⤊ 0⤋
Varies depending on where you live, and where the winnings occurred.
you have to ask a tax professional
2007-11-26 19:08:07 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I beleive it changes depending on what state you reside in
2007-11-26 12:57:10 · answer #8 · answered by Beeskneez 1 · 0⤊ 0⤋
I think state to state it's different, but usually it's 500.00
2007-11-26 12:58:03 · answer #9 · answered by Bradygirl 5 · 0⤊ 0⤋