I won over $12,000 last night.

[multiband8303]

Went to the casino, threw down one hundred bucks to play on a 3/6 limit table. Had a blast.

Got Aces Full (Started with pocket aces, one King on the flop, second king on the turn) other played had pocket kings. Everyone on the table got a split of the jackpot (50% to the loser,25% to the winner, 25% to every other player on the table split 6 ways, 8 players total)

Http://www.canterburypark.com - I'm sure it has it listed there somewhere

Anyways - they gave me a 1099 - so I will have to report this correct?

Cliffs: Won the bad beat jackpot with aces full, against quad kings.
Everyone got paid on the table
Good day for me, now I'm going to the bank and paying off my car loan

 

[mzkhadir]

yes you will have to

 

[mzkhadir]

yes you will have to

 

[purbeast0]

so you are saying you won the bad beat jackpot?

your post is almost unreadable.

that's awesome though.

 

[Sinsear]

Nothing like a bad beat jackpot to brighten your day huh?

 

[Mxylplyx]

If you plan to spend this money, I suggest you put a quarter of it away now so you can pay the tax bill next year. You might also want to start tabulating your gambling losses this year, if any, so you can offset some of that profit. Gambling losses are deductible.

 

[RaiderJ]

What are gambling winnings taxed at? Something like half?

 

[multiband8303]

Originally posted by: Mxylplyx
If you plan to spend this money, I suggest you put a quarter of it away now so you can pay the tax bill next year. You might also want to start tabulating your gambling losses this year, if any, so you can offset some of that profit. Gambling losses are deductible.

It was my 3rd time at a casino....ever. I have no losses.

I am actually saving one quarter, one quarter for taxes, and the rest is going to pay off my car (I owe $4250, on a 14k loan) - what I do with the rest (roughly under $2k) - I might just treat myself to a new TV....

 

[EagleKeeper]

Depending on your income level, you may wish to also put aside another 10% to cover your state income taxes.

Only if you itemize, can you deduct your gaming losses (up to the level that you claim winnings).

Any other tax/gaming related questions, feel free to PM

 

[DBL]

How did the hand play out? Did the Ace come on the turn or the river?

 

[imported_elwood]

Uncle Sam wants his $6000.

 

[Maleficus]

Hello friend.

 

[GRIFFIN1]

The one sure thing about gambling is that the more you do it, the more you will lose.

 

[moshquerade]

Originally posted by: GRIFFIN1
The one sure thing about gambling is that the more you do it, the more you will lose.

True.

Congrats OP. Just remember lightning rarely strikes you once, so forget about twice.

 

[DBL]

Originally posted by: GRIFFIN1
The one sure thing about gambling is that the more you do it, the more you will lose.

If poker is defined as gambling, then you are wrong.

I'll gamble all day when you can play a game where you can have the odds in your favor. That's what makes poker different that anything else in a casino.

However, the vig probably makes is hard to win at a 3/6 limit table, especially if they take even more out than usual due to a bad beat jackpot.

 

[spidey07]

Nice hit!

Yes you will have to claim it. It is counted as normal income. Good news is you can deduct your losses as well so keep really good records of any money you spend on gambling and deduct that.

Weird that they gave you a 1099, normally the form is a W2-G for gambling winnings.

 

[sygyzy]

Congrats!

 

[ViviTheMage]

I never win at centerbury, granted I have only gone 3 times...grats to you!

 

[anxi80]

congrats on the hit. i was playing at one of my frequent spots and was getting cold cards so i got up and moved to another table. no more than 15 minutes later someone hit the bad beat jackpot at the table i had just gotten up from. i didnt announce it to the table because i didnt want to hear it... but yeah, i was kicking myself on the inside.