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Is there a law on casino money won?

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conner campbell
Answered 2020-05-15 23:44:04

Yes. You must give half to a native american tribe of your choice, according to sexion 85.4B

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xxxbobby12
Answered 2020-12-01 08:45:02

i am familiar with Las Vegas. wins over a thousand they take out the federal tax, and the state gaming tax. thats it. the gaming tax in Nevada supports the majority of state budget, so other taxes are very limited and low. the gaming tax is known as the voluntary tax system.

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sofianoviello
Answered 2020-06-30 18:00:00

Whatever you win anywhere is your money. there should be a law on how to manage your money or report it. Worry more about other important things like equality, inclusivity, persecution, and all other good things that make a country great.

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Wiki User
Answered 2015-11-02 19:52:41

Yes, lots of 'em. Each state has their own sets of laws and federally, you are supposed to claim your winnings, but that's pretty much on the honor system. When you claim your winnings on your federal tax, don't forget to subtract your losses. You can easily obtain a win/loss report from the casinos you frequent if you call them, or stop by their customer service or players club booth. If you don't have a players' card at that casino, though, getting a win/loss report will probably be difficult or impossible. Casinos are not required to send the win/loss reports to the feds, so don't worry if you feel the amount you have won is too insignificant to claim. The IRS won't come and take you away or anything. I would, however, strongly advise you to claim any winnings in excess of $10,000. If you made $10,0000 all in one day, you're going to be on the radar anyways, because, just like banks, casinos are required by federal law to fill out a CTR (currency transaction report) for cash transactions over $10,000. These are not sent to the IRS, but to homeland security, to identify possible cases of money laundering. But if one government agency has this information, how hard would it be for the IRS to get wind of it?

Beyond the federal, the only state I can answer for is Indiana. If you win a jackpot of $1200* or more in the state of Indiana, 3.4% state tax will automatically be taken out. You can get this back if you are not an Indiana resident, although I hear that can be quite a hassle. If you win a drawing, you may be required to pay state taxes also. Just remember, though, if you don't have your current drivers license, state ID or passport with you when you win a drawing or jackpot, you will not be able to claim your prize until you can produce one of those valid documents.**

*The $1200 amount is the same for any U.S. state, it is the amount that the IRS set as a minimum. However you need to have hit 1200 in one shot. One spin, one hand of Poker, or blackjack, one roll of the dice, whatever. If you play for a while and get small hits a lot and cash out more than 1200 you're fine. ( I played for a while, built my total up to $1300, cashed out, and went home. however I also hit a win for $1500, when I was paid, the casino workers also brought a tax form to fill out before they gave me the $$ ) You'll see progressive amounts for some slots/video poker stop at $1199, so more people will play them, knowing that if they win top payout, they don't have to pay taxes.

**If you don't have valid ID on you at the time of the win, you will be removed from the property, and the casino will keep the win and possibly any money you have in the machine. You cannot be in a casino without proof of age/ID, no matter how old you are, or "who you know". If gaming control comes in and cards everyone, than everyone better have ID, or the casino can get fined, or even get their license pulled.

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Kayla Evans
Answered 2020-08-24 15:11:48

THIS IS NOT A ANSWER BUT, am i supposed to answer the question???

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Anonymous
Answered 2020-07-02 04:44:03

there are indeed laws related to winnings. Taxes for example. Any money you win beyond a specific amount (25$ in a lot of places), you are supposed to report on your income taxes. There is a form for it. In fact for big winnings, many casinos will require you to report the money by filling out specific forms first, before you get it.

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