Paying Tax at American Casinos

[AussieGambler21]

I wasn't really sure where to post this so please move to a more appropriate section of the forum if need be.I couldn't find a real suitable section to post this but would like peoples thoughts and ideas on the matter.

I am thinking of moving to the US but don't like the idea of paying tax on my gambling wins so i was just wondering how much tax the casinos actually take out of your gambling wins, if you can claim tax refunds on this and generally how much of an effort it takes to declare your winnings and losses to the IRS?

I would love to move to the US but the taxes on gambling is probably the only thing that is really stopping me from going any further with the idea however i don't mind paying taxes as long as they are reasonable.You also have to bear in mind i come from a country where all gambling wins and losses are completely tax exempt.

So please give me your opinions.

[silcnlayc]

I claim my losses to match any winnings. You cannot claim losses beyond that. Taxes are based on your net income after deductions so in realty, you do not pay taxes on gambling if you can claim the same losses.

The only time I had any taxes taken from my winnings was when playing the horses and I hit over $5000 on a race. They took a third out but I got that back when I filed taxes.

What was strange, the casinos never took a dime of my $6000 win for taxes but the online horse racing did.

I claim all wins at casinos and offset it with my losses there too. They keep track of this nowadays and you can get a statement online from your account to file with it if you need to nowadays.
.

[vegetagirl2008]

Actually the casinos do not take out anything. What they do is they ask for your social security number if you win a certain amount then they provide you with a w2 to give to your tax preparer. But playing online I really don't know about that one. But I know that I have to report any winnings to the IRS.

[dalzilla]

At the Oklahoma Native American owned casino I play at a couple of times a month, here were my options on wins of 1200.00; I could take the full amount and pay the taxes later or they would withhold the taxable amount up to 20%then issue check for the balance. I took the latter option so I didn't have to worry about the taxes later. This has happened a few times and each time I did the same. Was issued a W2-G that came via mail showing gross and net with taxes withhold. I've never gone above a $1000 win on a table game so I don't know the situation there. Now... I would like to go above $1000 on table game

In Las Vegas if the RNG was spitting out winning symbols, I played up to the $1199 limit and cashed the tickets separately. Ditto for Reno gambling.

[littlebit]

[QUOTE=dalzilla;306902]At the Oklahoma Native American owned casino I play at a couple of times a month, here were my options on wins of 1200.00; I could take the full amount and pay the taxes later or they would withhold the taxable amount up to 20%then issue check for the balance. I took the latter option so I didn't have to worry about the taxes later. This has happened a few times and each time I did the same. Was issued a W2-G that came via mail showing gross and net with taxes withhold. I've never gone above a $1000 win on a table game so I don't know the situation there. Now... I would like to go above $1000 on table game
QUOTE]

When I would go to Louisiana to play at the casinos there, the same option was available. In Louisiana, they also automatically deduct state taxes before you're paid, which will be refunded if you aren't a Louisiana resident and file the proper tax form with the state.

[lauriejim]

This a off the wall ? and maybe one of you might know the answer.........If your a non resident and play at a out of state casino(tunica) alot for the past 9 years and have had state taxes withheld (mississippi) is there a way to recoup those or is that just giving money to the state, there are no state taxes in tenneessee, but i know over the last 9 years i have had several k's withheld in mississippi taxes..................... sorry for the derail o/p but littlebits post has me wondering.............laurie

[AussieGambler21]

Originally Posted by lauriejim

..................... sorry for the derail o/p but littlebits post has me wondering.............laurie

No problem laurie , i would be keen to know too as i would like to find out as much information as i can about taxes on gambling wins in the US before i make any final decision on whether to move to the US or not.

Thanks for all the information so far too everyone

[Jasminebed]

Just wanted to add that we do not tax gambling winnings in Canada either. If a Canadian resident wins over $1,200 in a US casino, the casino makes a withholding, and you apply to get it back once you are home.

[Mousey]

Originally Posted by lauriejim

This a off the wall ? and maybe one of you might know the answer.........If your a non resident and play at a out of state casino(tunica) alot for the past 9 years and have had state taxes withheld (mississippi) is there a way to recoup those or is that just giving money to the state, there are no state taxes in tenneessee, but i know over the last 9 years i have had several k's withheld in mississippi taxes..................... sorry for the derail o/p but littlebits post has me wondering.............laurie

I live in Alabama and play @ Tunica. As far as I know there is no way to recoup that tax they automatically withhold on $1200+ hand pays.

To the OP:

I. Nelson Rose
http://rose.casinocitytimes.com/articles/977.html

Also go to the MeisterMall (amazon) http://www.casinomeister.com/shoppingUSA.php and look for a book entitled

Tax Help for Gamblers by Jean Scott.

[anniemac]

I have won at Louisiana casinos also and they asked me whether I wanted withholding taken out. You have the option of saying yes or no. I always had enough deductions that I did want them holding out withholding. They do take out SS taxes and state taxes. Then you have to file a state tax return to recoup the state taxes they took out. You will get all of the state tax back as a refund. So I would expect that if Mississippi has a state tax, then you would just file a state return and get it back. It's no big deal. Get the form off the internet for the state, fill it out and attach copy of your Fed. return and send it in. Never had a problem.

If you keep your wins below the tax limit, then you won't have to do anything. The couple of times I had to file was when I hit a jackpot.