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taxed gambling?

M

memo

Golden Member
what is the most winning you can make gambling and not have to report it? i know it's different in every state isn't it? what about river boat gambling?
 
As far as the IRS is concerned, anything you win gambling is income.

EDIT:

Gaming Winnings

Gambling winnings are proceeds from wagers including events sponsored by charities. All gambling wins are reportable income, even those that do not result in the issuance of a W2-G. Income should be reported on the "Other Income" line on Form 1040.
Click to expand...

From here.
 
$1200 is the limit before the amount automatically gets reported to Uncle. (within the US confines)

In tax theory, you should report all gaming income; but you can also deduct all losses up the the extent of reported winnings.
 
what about from stuff like Online Poker?

since online poker is technically illegal, can I get prosecuted if I file my winnings with the IRS?
 
Originally posted by: EagleKeeper
$1200 is the limit before the amount automatically gets reported to Uncle. (within the US confines)

In tax theory, you should report all gaming income; but you can also deduct all losses up the the extent of reported winnings.
Click to expand...

hmmm, I cashed 1600 dollars worth of chips in vegas. no claiming, no nothing...just here's your cash.
 
Originally posted by: amoeba
what about from stuff like Online Poker?

since online poker is technically illegal, can I get prosecuted if I file my winnings with the IRS?
Click to expand...

Think Al Capone.
 
I know in horse racing a SINGLE BET (i.e. trifectas, exacta, quinella, superfecta, etc) that pays off $500 or more they make u fill out a IRS form reporting it...HOWEVER if i had 10 win tickets on a horse that paid $50 to win I wouldn't have to sign anything.
 
Originally posted by: iamwiz82
Originally posted by: amoeba
what about from stuff like Online Poker?

since online poker is technically illegal, can I get prosecuted if I file my winnings with the IRS?
Click to expand...

Think Al Capone.
Click to expand...



So are you saying I shouldn't file? What if the amount gets big enough where its hard to hide? I mean I'm not that good yet but I can see my winnings coming to an appreciable amount over a year.
 
Originally posted by: Drakkon
I know in horse racing a SINGLE BET (i.e. trifectas, exacta, quinella, superfecta, etc) that pays off $500 or more they make u fill out a IRS form reporting it...HOWEVER if i had 10 win tickets on a horse that paid $50 to win I wouldn't have to sign anything.
Click to expand...

heh, cashed many single bets for more than 500 (some just this last churchill meet, most were trifectas), never had to fill anything out. Wonder if it varies by state/track?

geez, maybe I gamble too much.
;
 
it very well could vary...im in AZ and thats been the limit at every track here at least...what sux is i like to use the computer betting machines and a single voucher is considered a "single bet" so by the end of the day i may have to resign to signing the form 🙁
 
Originally posted by: Drakkon
it very well could vary...im in AZ and thats been the limit at every track here at least...what sux is i like to use the computer betting machines and a single voucher is considered a "single bet" so by the end of the day i may have to resign to signing the form 🙁
Click to expand...

ugg, that sucks. So even if you cash 5 tickets for a total of 600 you have to claim?
 
getting prosecuted for illegal winnings pales in comparison to getting prosecuted for tax evasion...
Pay the taxes on the income (particularly if there's even the most remote chance Uncle Sam will find out you won)

On the other hand, you can deduct gambling losses from gambling income (I believe)... Thus, since you're already over the gray line (if it was illegal gambling), you may as well go the extra mile: Start picking up losing lottery tickets that litter the ground around most convenience stores. Use them to offset your winnings.

Check with CPA after January if he does another thread.
 
Hmm, on the tax form, does it force you to specify what type of gambling it is?

Or can you just file it as generic gambling income?

 
you get on a yatch where there is a casino. and the yatch sails to another country for a tour. you win some big money on that yatch while iit is in the terriority of that country. so do you have to pay tax for uncle sam?
 
Originally posted by: spidey07
Originally posted by: EagleKeeper
$1200 is the limit before the amount automatically gets reported to Uncle. (within the US confines)

In tax theory, you should report all gaming income; but you can also deduct all losses up the the extent of reported winnings.
Click to expand...

hmmm, I cashed 1600 dollars worth of chips in vegas. no claiming, no nothing...just here's your cash.
Click to expand...

I think the difference is that the casino cannot prove or disprove that you won your $1600 in chips - for example you might have bought in at $2000 and cashed out when you dropped to $1600.

The time I hit a slot machine for $1250 the casino automatically reported the amount to the IRS because they could prove that it was actual winnings.
 
Originally posted by: spidey07
Originally posted by: Drakkon
it very well could vary...im in AZ and thats been the limit at every track here at least...what sux is i like to use the computer betting machines and a single voucher is considered a "single bet" so by the end of the day i may have to resign to signing the form 🙁
Click to expand...

ugg, that sucks. So even if you cash 5 tickets for a total of 600 you have to claim?
Click to expand...

no no like i said signle bets only count against it...so i can cash 5/6/10 $100 tickets at the window and be ohkay...unless i cash them at a voucher machine where it tallies them all up into one $600 voucher then take the voucher to the window then i get the form...
 
Originally posted by: amoeba
Originally posted by: iamwiz82
Originally posted by: amoeba
what about from stuff like Online Poker?

since online poker is technically illegal, can I get prosecuted if I file my winnings with the IRS?
Click to expand...

Think Al Capone.
Click to expand...



So are you saying I shouldn't file? What if the amount gets big enough where its hard to hide? I mean I'm not that good yet but I can see my winnings coming to an appreciable amount over a year.
Click to expand...

They busted Al Capone for tax evasion not telling the IRS about the illegally-gained money he was pulling in.
 
Originally posted by: nietsni3
you get on a yatch where there is a casino. and the yatch sails to another country for a tour. you win some big money on that yatch while iit is in the terriority of that country. so do you have to pay tax for uncle sam?
Click to expand...

If you hve to sign a form to get your winnings, and that form gets submitted to Uncle, you had better declare it.

Originally posted by: amoeba
Hmm, on the tax form, does it force you to specify what type of gambling it is?

Or can you just file it as generic gambling income?
Click to expand...

There is no distinction. lines on the 1040 asks for gambling winnings and gambling losses.

 
::Cliff Notes::

1. The actual amount before they are supposed to be reported by the casino/track etc is $1199.00. $1200.00 is supposed to be reported.

2. By law, you are to report on your taxes if you win anything, even a penny.

3. Keep all gaming receipts you may have and you can file them against your winning.

4. By not reporting your winnings, you are commiting tax evasion.
 
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