Sure...like anyone else (of course a disabled may have an extra dedcution when computing taxable income - but they are essentially taxable like anyone else).
$75.00
no they do not have to pay taxes on their winnings.
You may have to report your casino winnings on taxes if they exceed a certain amount. The game you won in also plays a role if you have to pay federal taxes for the winnings. If you won a poker game, the minimum taxable amount is $5000. Even if you don't have to pay taxes, it is still your duty to state them on your tax report.
Yes, you can zero out the winnings with the losses. Though the losses need to be in the same tax year.
Yes they have to pay taxes on the winnings
Any winnings that you are required to pay taxes on are reported by the casino to the IRS and to your state tax commission. In most states this would be any single hit jackpot of $1,200.00 or more. For instance, if you hit 3 Double Diamonds on a slot machine that pays $1,200.00 for that single hit, then you would pay taxes on that amount. The casino will issue you a W2G showing the taxes that you paid and the casino will report it to the IRS. But, if you were to win three $400.00 jackpots totaling $1,200.00, you would not have to pay any taxes on these jackpots. However, if you have accumulated or aggregated cash transactions (either paid into a casino or paid out from the casino to you) totaling $10,000.01, it will be reported because of the Bank Secrecy Act enacted by Congress to prevent money laundering.
The taxes on prizes must be paid at the time you pay income tax for the year in which the prizes were awarded. If you have cash winnings, money is typically withheld from your winnings for taxes.
Depends on the type of disability payments you receive. I do not have to pay taxes on my military disability, it is tax free.
Being on disability does not exempt you from paying taxes.
Unfortuneatly, the olympians from the USA do have to pay taxes on the winnings from the medals awarded.
There are no taxes on table games winnings so you will not get a W2-G but the casino may issue a 1099 form at the end of the year if your winnings exceed $600. They will have your tax info if you cash winning of more than $10,000 because casinos must file Cash Transaction Reports as they are subject to the "money-laundering rules." Casinos must report aggregate cash transactions of $10,000 or more in any one day to the IRS.
It's considered a source of income and therefore taxable. The person choosing to continue gambling with that income and perhaps losing it, is not relevent as far as the IRS is concerned. Moreover, your getting ahead of yourself in the accounting....if you sit and the table and lose....you don't have to have any tax withheld as you won't pay any. And if you win one day, and lose the next, the amount of the loss IS able to be taken against the income from the winnings...so you don't pay tax only on winnings...but NET winnings.