NewOrleans
Banned User
- Joined
- Oct 16, 2008
- 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.
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.