Googobucs
Dormant Account
- Joined
- Sep 18, 2013
- Location
- Florida, USA
I am not sure what you mean when you say you paid a tax when placed a wager? Are you saying the paycheck you used to gamble has already been taxed?
Of course nobody is a fan of taxes on winning, but the government considers it earned income when its a jackpot of $1200 or more. The good part is if you do lose, you can write off the losses up to your winnings.
Thank god they don't tax table games though!
A percentage of your bet goes to taxes. I don't know the exact details, but the way it was explained to me years ago was using horse racing. I dont know that this applies to slot machines, but It probably does play into the RTP. I don't recall the exact details but it was something like this: When I place a $2 wager, $1.97 goes into the pool, .02 goes to the track and .01 goes to taxes.
So in this example, my wager was taxed. I should not be taxed again on my winnings.