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AVOID gambling taxes.

Discussion in 'Online Casinos' started by NewOrleans, Oct 22, 2008.

    Oct 22, 2008
  1. NewOrleans

    NewOrleans Banned User

    Occupation:
    gambling
    Location:
    Canada New Brunswick
    Too many replies on another post about her gambling tax problems so like usual I will answer this question for everyone clearly and only with researched information.

    Listen,most people panic when they hear gambling tax,but what they do not know is that the IRS only tracks amounts of jackpots over 1200$ at 28% tax over 5000$ is 50% or the max percentage they can tax which nears 50%...The casinos also have to report it so you cant win 10000$ and get away with it the casinos report to the IRS

    Also if you win 1200$ but lost 2000$ you do not owe anything since your winnings are calculated by how much you lost compared to what you won.
    This means...
    Keep transactions lower than 1200$ and they cannot be taxed.
    Make sure you keep track of your losses as well as your winnings in case you win a jackpot,at least you can deduct the losses,this information is straight from the IRS :) just stay under the radar.
     
  2. Oct 22, 2008
  3. RobWin

    RobWin closed account

    Occupation:
    Who knows?
    Location:
    A Vault!

    What will happen if I win a $15,000.00 Jackpot, should I tell the casino to only pay me $1,200.00 at a time ?? :confused:
     
  4. Oct 22, 2008
  5. 1819

    1819 Dormant account

    Occupation:
    retired athlete
    Location:
    ny,nj,fla
    when doing "research" please include real world experiences. keep transactions to under 1200? when i play high limit slots w2's get spit out like sunflower seeds. i pay an accountant and i pay him well. please no tax advice from things you googled.
     
    1 person likes this.
  6. Oct 22, 2008
  7. Pinababy69

    Pinababy69 RIP Lisa

    Occupation:
    Crusader
    Location:
    Toronto, Ontario - Canada
    My solution to avoid gambling tax is that I live in Canada. Sorry, couldn't resist guys. :laugh:
     
    2 people like this.
  8. Oct 22, 2008
  9. winbig

    winbig Keep winning this amount. webby PABnononaccred

    Occupation:
    Bum
    Location:
    Pennsylvania
    You mean W-2G's? :D

    You must register/login in order to see the link.
     
  10. Oct 22, 2008
  11. 1819

    1819 Dormant account

    Occupation:
    retired athlete
    Location:
    ny,nj,fla
    correct.:) ya know it's funny when playing the higher limit slots sometimes all hits over 1199 imediately require a hand pay. sometimes the machine waits until i cash out then requires a hand pay. i have also had instances where i have been given the ticket then given a w2g at the cage. it can be a real pain in the a*s when it is every hit. especially on a $25 machine. you have an attendant doing nothing else but running to the cage for ya. on a recent trip i had a stack of forms. if someone saw them they would think i cleaned house when in fact almost all the cash went back.
     
  12. Oct 23, 2008
  13. NewOrleans

    NewOrleans Banned User

    Occupation:
    gambling
    Location:
    Canada New Brunswick
    thanks

    If I google the IRS website or directly type it in my search bar there is a difference? huh?? same info,and it seems like you guys gamble for a living 1200$ in one hit first spin... god,All i suggested is you keep your withdrawals low or play table games...And I just suggested staying under the radar I am a Canadian its easier to avoid taxes here I suppose?And jeez ur spending 25$ a spin? Insane. and what the fuck yeah if you win 25 thousand in a jackpot and took out 1199 at a time you might dodge taxes NO I am not certain but I suggested you tried it.
     
  14. Oct 23, 2008
  15. winbig

    winbig Keep winning this amount. webby PABnononaccred

    Occupation:
    Bum
    Location:
    Pennsylvania
    It's all relative. For instance, $25 to me would be about $.00000025 for Bill Gates.

    and the means to "stay under the radar" are quite illegal here in the states.
     
  16. Oct 23, 2008
  17. pokeraddict

    pokeraddict Webmaster

    Occupation:
    Pro Poker Player
    Location:
    Las Vegas
    Only if you file a Schedule C as a pro or itemize. If you don't itemize and instead take the standard deduction you actually have to pay taxes on the $1200 no matter how much you lost.
     
  18. Oct 23, 2008
  19. 1819

    1819 Dormant account

    Occupation:
    retired athlete
    Location:
    ny,nj,fla
    lol. a $25 slot is 50 or 75 a spin.
     
  20. Oct 23, 2008
  21. me_and_ed

    me_and_ed Ueber Meister CAG MM

    Occupation:
    Selling out
    Location:
    Vancouver


    Its easier to avoid taxes because there are no taxes on gambling related winnings in this country.
     
    1 person likes this.

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