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Why do you have to pay tax on casino winnings when you are likely going to put it all back into the casino and then some?
Wiki User
∙ 15y ago
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.
Wiki User
∙ 15y ago
Wiki User
∙ 15y agoIn the U.S. the general answer is yes, legally you are supposed to pay tax on any casino winnings. That said, you can also deduct losses up to the amount of your winnings. Your CPA should be able to give you more specific information.
Wiki User
∙ 12y agoYes, in the U.S. at least. You are supposed to pay tax on ANY income, and casino winnings are considered income. However, an apparently little known fact, when you file your taxes at the end of each year, you can take deductions up to the amount of your winnings.
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What if you win at a casino and play it back do you pay taxes?
Yes, you can zero out the winnings with the losses. Though the losses need to be in the same tax year.
How do you get a banned lifted at northern quest casino so you can claim your winnings that are in safekeeping?
That's a scam so old it's been put into movies! You meet with someone who is banned, and they tell you of the $10,000 in winnings that they can't claim. But they say that you could go in with their receipt and get it for him. But wait! How does he know he can trust you? So he asks that he holds your wallet or some money of your's. You give it to him, and go in to collect the winnings - but the receipt or chips were fakes, and when you go back outside he is gone with your wallet or money! Oops! Truth is, if a casino is kicking someone out, they still pay out on legitimate winnings. A person would not need to have a ban lifted, if by chance they have actual chips or a receipt, they could contact the casino by phone and make arrangements. These aren't the days of Bugsy Malone, they don't actually beat and kill people any more. "Slots and Tots" is the new motto of what is now basically "DisneyCity".
What is a reasonable amount to pay a company to get back your withheld tax from a casino?
Pay nothing...scam! No one can get any money "back" that you can't get yourself. Any money withheld on gambling winnings is done according to the ax laws. They are on deposit under your SS# and are available as a credit toward the tax you may owe on those winnings, when you file your return (which must show that income as it has already been reported to the IRS by the Casino). Hec, if anyone actually got any refunded to you...when you had to pay the tax on it to the IRS ou would simply be returning it to them...and all that you'd accomplish is adding fees to your tax payment.
You saw Holly Starr on TV when you were in Vegas at the Casino and the crowd was going nuts over her hotness?
She is getting a big name in Vegas. She is on Channel 14/25 and they show her atleast 8 times an hour. Vegas loves her already. Kansas , you are most likely going to loose her to bigger things. I knew her way back when.
If you have a 100.00 chip that you brought home from the casino can you take it back and cash it in?
Yes, assuming that the casino is still in business.
How do you use the word bookie in a sentence?
After the race, he went back to the bookie to collect his winnings from the bet he had put on.
If you owe government student loans will the lottery take it out of your winnings?
You do know what is going to take place when you owe back taxes, penalties and interest from past years. And of course they will already have some income taxes that were withheld from your winnings that you will have to file a 1040 federal income tax return for to report your winnings and all other sources of gross worldwide income on.
Does Ladbrokes Casino have a players club program?
Ladbrokes Casino does have a VIP program for players. The VIP program offers opportunities to earn cash back, monthly casino bonuses, and free giveaways.
Is Ty Lawson back from his injury?
naw he actually is most likely going to miss the tourney opener
Can you return old casino chips back to get your money?
No. you are not supposed to leave the casino property before exchanging them. You can do it but if the design gets changed you will be oit of money.
When you back up and hit the brake the car stops running?
If you back up and hit the brakes and the car stops running, this is likely to mean that the car is not working properly. It is most likely to mean that the fuses are going out.
How do I write a letter of reinstatement for casino gaming?
I took myself off a casino in Illinois 17 years ago how do I get reinstated
