Would you play at a USA Casino if you were Taxed?

[love2winalot]

Hiya: Here is a simple question. I think we all agree that whomever, and, whenever, Online gambling becomes legal in America, it will be because it is a way to collect more taxes. So, taking the following, what would you do?

1. It becomes legal to play. there is a deposit/withdraw processor that operates for the Casino, or Casino's in America only.
2. The processor of course has to charge a fee.
3. Banks will of course want to charge a fee.
4. You pay Taxes, instantly on all winnings over $1200. Just like in real casinos in America.
5. Your total Net winnings for the year are recorded, and if a profit is made, it is also reported to the IRS, and you pay those taxes on your tax return.
and.......................................
6. Some of the current On Line Casino's adapt, and you still have deposit/withdraw options at accredited Casinos, just like you do now. It is against the UIGEA, because they are not in America, "just like it is now", but you are still able to play there. NO TAXES.

What do you do?

 

[Nifty29]

The downside to having US regulated online casinos is that, one way or the other, the RTP will be reduced from what it is now.

If the Australian model is used, the RTP of slots will come down to around 80-85% and the government will get 8% leaving the operator with 8% (approx) and players will not pay tax on winnings.

If the current land based US model is used, the RTP should be about what Nevada etc dictates now but US players will have to pay tax - which, considering they pay NO tax on online winnings presently, means a reduction in what you expect to keep at the end of the day (unless of course you lose over the year etc). Also, it means the IRS gets to know about all the money you spend and withdraw as all transactions will need to be recorded.

Honestly, if I were a US player and could play at an accredited casino that functioned outside the US and its laws, I would just keep doing it as you would probably be better off in the end.

Im going to qualify my opinion by stating I am no expert on US tax etc and claiming gambling losses so I apologise if I have that part wrong.

 

[kakata]

In USA if you are a loser at the end of the year you will pay no taxes.

I won at an Indian casino and they paid me the entire amount than they sent a w2 form(signed by me) to the IRS .

When I filed for my tax, I proved that I had no winnings left....so I didnt pay a cent.

Now, if you cannot prove what you have lost but just part of your losses, you will pay taxes on the difference.

Lets assume you win a jackpot for 10K and at the end of the year you can prove you have lost 8K out of it...you will only pay taxes on the 2K winnings remaining. taxs on gambling winnings is 28%

 

[Antonia1953]

I declare all my winnings, losses and expenses, no matter where it comes from. I pay the tax and the US government accepts my payment of the taxes...therefore, we are working together in the process. You only pay tax for the amount over and above your losses and expenses.

I am highly restricted from playing in casinos in the US, due to the business I am in, so the majority of my winnings have always come from outside the US. I don't have a problem giving any government a fair portion. Whether we want to admit it or not, gambling is costly to any community.

If the US legalizes online gambling, I will face the same restrictions that I currently have from playing in landbased casinos. On the other hand, it will open new doors for myself and many of my associates.

The fairest play will come from the US and that alone makes it worth contributing to in my mind. US online players have not received fair play in several years and right now, the online casinos are inflicting racketeering-level odds on us. Let us not forget, that they are unregulated. Regulation is a must in the gambling industry and the cost of it is expensive.

 

[BingoT]

I clam it all each year
I guess it's what we say "That's Life"
I don't want anyone coming after me because I didn't pay my taxes.
+ it's a write off too.
Like that year I won the $14500.00 I got Lottery Tickets & Win/Loss statements that I can use to off set that amt.
I made out pretty good too in the long run.
~T~