Amount won or lost during each activity. I recommend you play at this casino for the best online craps experience. The last sentence in the disclaimer above is critical, and it applies not only to this article but also to any other information you find on other craps and gambling-related websites. Can you confirm that your wager met the following criteria: On your tax return, gambling winnings are added to your job income to calculate your adjusted gross income. Names of other people if known who were with you when you gambled. Withholding not taxation on table games progressives?
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Withholding not taxation on table games progressives? Jan 30, Threads: January 30th, at 1: At that time I was under the impression that while obviously taxable, it was my choice as to whether I wanted the money withheld for taxes at the time of payout or whether I could choose to pay the taxes on my own.
The property's compliance officer agreed and I received the payout in its entirety and I paid the taxes on my own. My question is as follows: I have heard conflicting reports as to whether this law has changed and whether properties are now actually, legally required to withhold in the case of a table game progressive being won. Does anyone know if the law has changed? I am still under the impression that it is my money and my choice. Sep 12, Threads: January 30th, at 9: The information provided in this article is for entertainment purposes only and should never be construed in any way as legal or proper guidance or advice regarding tax laws, tax reporting, and tax payment.
If you need help with your taxes, consult a tax professional. Do not rely on or use the information in this article in preparing your tax return. The last sentence in the disclaimer above is critical, and it applies not only to this article but also to any other information you find on other craps and gambling-related websites. Do not trust those types of websites to provide accurate information about taxes associated with gambling winnings.
There are at least two things wrong with that information. Table games are not specifically called out in the Internal Revenue Service instructions, but they are captured under the heading for Dog Racing, Horse Racing , Jai Alai, and Other Wagers not addressed later in the form.
On your tax return, gambling winnings are added to your job income to calculate your adjusted gross income. Incomplete, misleading, or wrong information about paying taxes can be dangerous for you. We here at the Crapspit hope you never make decisions about your tax return based on information you read on any craps or gambling-related website.
Gambling income includes winnings from raffles, horse races, dog races, lotteries, and from casinos. The payer casino may file i. In addition to filing a W-2G, the payer may be required to withhold income tax at the Federal level from payment to you.
The IRS has two withholding types for gambling winnings: The casino will not apply a Regular withholding to winnings from slot machines, keno, or bingo. You must report money won at craps for the year on line 21 of Form Keep your loss records separate from your winnings records i. If you want to deduct any losses, you must be prepared to show proof if you get audited. The Internal Revenue Service suggests keeping the following types of records:. Dates you made the wager s , and types of betting activities e.
Names and addresses of where you gambled. Names of other people if known who were with you when you gambled.