I have hit a few jackpots and the casino has me fill out tax forms. Do I HAVE to do this?
2007-12-28 08:03:19 · 8 answers · asked by Anonymous in Games & Recreation ➔ Gambling
Yes you have to fill out tax forms....Uncle Sam always wants his share!
By the way what casino are you going to?????
2007-12-28 11:08:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You will have to fill out tax forms, but depending on where you are at and how much determines when you have to do this. Some states if it is over a certain amount the casino or sponsor of the jackpot game has to have those tax forms filled out before they can give you the money, the minimum amount for this is different from State to State though, if you win a jackpot and they give you the check or money without having you fill out the tax forms you should do it right away and have tax calculated out on that money before you even spend one cent of it, that way you don't have to pay for the taxes out of your own pocket. If the money is won before Jan 1st of the next tax year you'll want to fill out those tax forms before Apr. 15th of the next year, because those winning, no matter how much, are taxable.
2007-12-28 08:13:36 · answer #2 · answered by Mark G 7 · 0⤊ 0⤋
it depends if you hit a Jackpot for $1200 and over they will give you a W2G you will have to claim it but if it is under $1200 than no you don't. if you have a players card some casinos offer a win / loss statement that might help you with keeping some of your money and not giving it all to Uncle Sam. at least this is how it is in Illinois
2007-12-28 08:14:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋
18
2016-05-27 12:44:14 · answer #4 · answered by julieta 3 · 0⤊ 0⤋
Yes, you do. Gambling income is taxable, and casinos are responsible for reporting any winnings over a certain amount; if they don't they could lose their gambling license. Winning a jackpot without reporting the income would be tax evasion.
2007-12-28 08:12:19 · answer #5 · answered by norm. 4 · 1⤊ 0⤋
Yes if it is over a certain amount, I think $600.00 is the amount
2007-12-28 08:12:00 · answer #6 · answered by MR. T. 6 · 0⤊ 0⤋
Yes you do. If you do not it is called defrauding the government and you can go to jail.
2007-12-28 08:07:43 · answer #7 · answered by gklb 4 · 0⤊ 0⤋
You do if it's 1200 dollars or more.
2007-12-28 08:13:09 · answer #8 · answered by Nemo the geek 7 · 0⤊ 0⤋