I've been gambling a lot lately, and have won multiple jackpots but have now lost it all. Am i screwed come tax time?
Hi All, I have been gambling lately and I have won multiple jackpots to the tune of about 40,000. Over the last few months, I've managed to give it all back to the casinos. I have about 20 w2g forms for those jackpots and i always assumed that since i use my card every time I play, that the casino's 'tax' section on their website would be good enough for the IRS to see that I have lost it and come tax time, i would enter in the w2g and then just claim the same amount in loss and be done with it. However, now that I am reading, it looks like I may need a detailed gambling log including every single bet I've ever made. That can't be right can it? Sometimes i make 1000s of bets in one night playing video poker. How screwed am I?
Spending 10% of your paycheck on failing lotto tickets for the rest of your life would still be a more worthwhile investment than spending it on tithe
This is probably like a common knowledge kind of thing for this community, but I really wanted to dig into it more than a cynical look at it. As is common tradition, Churches usually advertise(read: enforce) tithing. Akin to like a second tax, the congregation is encouraged to pay 10% of their paycheck(we'll use take home for ease of argument) to the church for tithe. Now tithing is usually given the connotation that should you tithe, God is going to "reimburse" you in some way. Most people give tithing credit for "blessing" them with a better paying job. An example would be NFL Raiders Quarterback Derek Carr who paid a huge tithe to his church. So it stands to reason than many church members will tithe in the hopes that God will "bless" them with better living. What bugs me is that most of the "blessings" these people get would most likely have happened without church or tithing regardless. The difference would be is they could've put that tithe into their savings and have a bigger savings account. Now the lottery can have a bit of a bad reputation since it's essentially gambling, and a gambling addiction can be crippling and a severe problem. However, I sat and thought about how much the tithe takes out of one's paycheck vs a $2 (USD) lotto ticket. So let's say you make $24,000 (USD) a year. 10% of that is is $2,400. Let's also say the "average" jackpot is $1,000,000. Again for sake of argument, we're going to ignore the smaller and larger prizes. 1,000,000 divided by 2,400 is 500. So it would take roughly FIVE HUNDRED years of FAILED lotto tickets for the funds to outweigh the worth, at least in the case of comparing to tithe. Specifically FAILED, because within your life span; if you consistently spent 10% of your paycheck on lotto tickets, you could win the jackpot. But spending 10% of your pay to those charismatic megachurch pastors to help furnish their private jets and lavish mansions literally benefits you in NO WAY. If the church you pay tithe at is actually genuine in helping impoverished communities, then I would compare that to donating to charity. Which goes against tithing in hopes of reaping some kind of divine "blessing" So please, put that money in the bank, or buy a lotto ticket. Stop making charismatic liars rich. Or do, I can't make you live your life.
I Have A Huge Casino Slot Addiction ! I Need Help ! This Is My Story , Thanks In Advance To Anyone Who Takes The Time To Read / Provide Any Info , Criticism Or Advice
My story is a long one and gets crazy and need to vent .. I appreciate whoever takes the time to read ... I'm currently 26 it all started about 5 years ago .. my wife ( fiance at the time ) took me to my first casino trip . I had never been .. were a lower class family have 4 kids and don't make much together but we get by , we went with our income tax check took half of it around 4k ... I found myself in a high roller room betting 50$ dollar spins on Vgt Slots and I hit my first jackpot for 12k ... It was amazing .. after taking my i.d and ss info signed a few paper work 10 minutes later they came and handed me a w-2 and 12 K ALL IN CASH ! Tbh it's the most cash I ever seen in my life and from that moment on I WAS HOOKED ... I took that money and kept playing ended up even winning more Jackpots around 30K in total when all was said and done that weekend ... Never had all this much money in my hands at once .. I had so much luck couldn't believe it .. I did nothing smart with the 30k , I ended up putting down a 15k down payment on a nice used chevy tahoe ( I COULD OF BOUGHT IT AND OWNED IT FOR 22K !) But I WANTED MORE MONEY TO GAMBLE ) I put down that huge down payment and got hit with huge interest and a high monthly payments for 4 years ( lost the truck 2 years latter due to only 2 missed payments ) the rest of the money I had I went back to the casino with chasing more Jackpots and lost it all !! Fast forward 5 years later I've won a total of around 150k in jackpots have never paid taxes on none of them ! Ive never filled taxes before all the jobs I have have been hard labor and under the table .. I worry about how much I owe in taxes but I still gamble to this day... Every year since that year we take half our income tax and go up there and bet on high roller slots 25 to 100$ dollar spins ! and end up loosing it all !.. my wife who is a waitress sometimes makes extra money on a lucky day and instead of saving a dollar it's all spent right at the casino ! I' have not a single thing to show for the 150k I've won ! And less then 10 dollars in my bank account currently , have overrdrafted my account so many times to go play slots .. sold a car of mine one time a older cadillac for 5k$ the only car I've ever actually owned and hadn't financed , sold it just to go gabmle and play slots because it was saints Patrick's day ! Went up there and lost the whole 5 k immediately within less then a hour ! It doesn't help that we live about an hour from Windstar and near by Oklahoma's major casinos .. I think my problem stems from always chasing that higher jackpot the life changing one that will never happen ... My highest to date is only 14k , but I've literally gotten off a machine one time after it drained me for 3k and watched another lady sit down and win 69k !! So I'm constaly chasing that .. it makes me feel sick tho when I think about what life would be like if I saved that money over the years I would maybe have 69k in my bank account ! I know I've giving well over that all too the slots ! And for the last 2 years the machines have been so tight and I can't win no matter how hard I try no matter how hard I play .. I just want this horrible disease out my life .. I have no family alive besides my beautiful children and my wife the problem is here whole family , mom , dad , sisters , brothers , ants , cousins , are all addicted to gambling , casinos , game Rooms , scratch off tickets as well ! .. just feel sick and disgusted with myself , all the money I've lost .. being 26 not having anything to my name , gambling has destroyed me .. I even got hooked on game Rooms in lower class neighborhoods and ended up homeless sleeping under a bridge days a time due strickly to a gambling addiction ! No drugs involved ! That's a whole nother story but I believe I overcame that only because I realized how crappy gas station and game room machine are after throwing hundreds and hundreds in you almost or barely every hit anything and can't never win nothing huge .. I use to throw whatever I had in my wallet hundreds at a time into any slot machine I'd see at a gas station and feel sick to my stomach when I lost it all then go back and chase it again ,! But thankfully it's been a year and I walk past game Rooms and gas station slots often and I don't even think about touching them knowing how tight and worthless they are and how they had me sleeping outside ... But the casino on the other hand is still a sincere problem ... Knowing the chance of winning huge jackpots having the ability to win huge jackpots .... Been with the same woman for 8 years and we have never once been on vacation any chance we get to be away from the kids and our idea of a get away or fun is a trip to casino ! This story is all over the place and I typed so much .. can't imagine anyone reading all this.. but feels good to vent .. I hope all is well..
( My Story ) I Have A Severe Slot Addiction ! Finally Found The Group For Me !! I Want Change , My Wife Is Addicted Too ? Owe So Many Taxes ... Any Info /Tips Appcrieated
My story is a long one and gets crazy and need to vent .. I appreciate whoever takes the time to read ... I'm currently 26 it all started about 5 years ago .. my wife ( fiance at the time ) took me to my first casino trip . I had never been .. were a lower class family have 4 kids and don't make much together but we get by , we went with our income tax check took half of it around 4k ... I found myself in a high roller room betting 50$ dollar spins on Vgt Slots and I hit my first jackpot for 12k ... It was amazing .. after taking my i.d and ss info signed a few paper work 10 minutes later they came and handed me a w-2 and 12 K ALL IN CASH ! Tbh it's the most cash I ever seen in my life and from that moment on I WAS HOOKED ... I took that money and kept playing ended up even winning more Jackpots around 30K in total when all was said and done that weekend ... Never had all this much money in my hands at once .. I had so much luck couldn't believe it .. I did nothing smart with the 30k , I ended up putting down a 15k down payment on a nice used chevy tahoe ( I COULD OF BOUGHT IT AND OWNED IT FOR 22K !) But I WANTED MORE MONEY TO GAMBLE ) I put down that huge down payment and got hit with huge interest and a high monthly payments for 4 years ( lost the truck 2 years latter due to only 2 missed payments ) the rest of the money I had I went back to the casino with chasing more Jackpots and lost it all !! Fast forward 5 years later I've won a total of around 150k in jackpots have never paid taxes on none of them ! Ive never filled taxes before all the jobs I have have been hard labor and under the table .. I worry about how much I owe in taxes but I still gamble to this day... Every year since that year we take half our income tax and go up there and bet on high roller slots 25 to 100$ dollar spins ! and end up loosing it all !.. my wife who is a waitress sometimes makes extra money on a lucky day and instead of saving a dollar it's all spent right at the casino ! I' have not a single thing to show for the 150k I've won ! And less then 10 dollars in my bank account currently , have overrdrafted my account so many times to go play slots .. sold a car of mine one time a older cadillac for 5k$ the only car I've ever actually owned and hadn't financed , sold it just to go gabmle and play slots because it was saints Patrick's day ! Went up there and lost the whole 5 k immediately within less then a hour ! It doesn't help that we live about an hour from Windstar and near by Oklahoma's major casinos .. I think my problem stems from always chasing that higher jackpot the life changing one that will never happen ... My highest to date is only 14k , but I've literally gotten off a machine one time after it drained me for 3k and watched another lady sit down and win 69k !! So I'm constaly chasing that .. it makes me feel sick tho when I think about what life would be like if I saved that money over the years I would maybe have 69k in my bank account ! I know I've giving well over that all too the slots ! And for the last 2 years the machines have been so tight and I can't win no matter how hard I try no matter how hard I play .. I just want this horrible disease out my life .. I have no family alive besides my beautiful children and my wife the problem is here whole family , mom , dad , sisters , brothers , ants , cousins , are all addicted to gambling , casinos , game Rooms , scratch off tickets as well ! .. just feel sick and disgusted with myself , all the money I've lost .. being 26 not having anything to my name , gambling has destroyed me .. I even got hooked on game Rooms in lower class neighborhoods and ended up homeless sleeping under a bridge days a time due strickly to a gambling addiction ! No drugs involved ! That's a whole nother story but I believe I overcame that only because I realized how crappy gas station and game room machine are after throwing hundreds and hundreds in you almost or barely every hit anything and can't never win nothing huge .. I use to throw whatever I had in my wallet hundreds at a time into any slot machine I'd see at a gas station and feel sick to my stomach when I lost it all then go back and chase it again ,! But thankfully it's been a year and I walk past game Rooms and gas station slots often and I don't even think about touching them knowing how tight and worthless they are and how they had me sleeping outside ... But the casino on the other hand is still a sincere problem ... Knowing the chance of winning huge jackpots having the ability to win huge jackpots .... Been with the same woman for 8 years and we have never once been on vacation any chance we get to be away from the kids and our idea of a get away or fun is a trip to casino ! This story is all over the place and I typed so much .. can't imagine anyone reading all this.. but feels good to vent .. I hope all is well
There's a LOT to cover, so this update will be split into multiple messages. Holiday Changes - (Mostly to be reverted at the end of the month) - Changed bot avatar to be festive - Added new holiday random events (and disabled the rest until after the holidays) - Increased the chance of random events spawning by 3% for everyone - Added north pole to search (and disabled the rest until after the holidays) - Increased coin payout and banknotes possible from giftboxes - Changed vote rewards to include gifts to send to friends - Added two new jobs: Santa and Elf. Santa is the highest paying job to date. - Beg items are all holiday themed for now New Commands - pls highlow - This SEEMS like a gamble command, but it's not really. It's more like beg. You don't put any money up, and you get a random amount back. The bot will pick a secret number between 1-100, and a hint number. You look at the hint number, and guess if the secret number is higher, lower, or the same (jackpot). Guessing correctly gives you some coins, guessing a jackpot pays out a lot higher. - pls snakeeyes - This is a gamble command. You make a bet, and you try and get snake eyes (which are two ones on the dice). One eye pays out 1x your bet, two pays out 5x. This will be the hardest gamble command to date for making money, but it also has the highest payout yet. Give it a go! In a later blog post, we'll be showing you the inner workings of this (And the other) gambling commands as well. - pls taxcalc - Shove in a number and get the amount you'd pay in taxes back out. Good for those who trade a lot. Major Currency Changes - Level cap is now 5,000 up from 1,000. This comes with new titles, and level 5,000 comes with something fun that you'll have to discover for yourself. - New Item: Pizza :pizza~1: - Made for people with money to burn, this item can be consumed to gain a single level. - Changed tax rates (use pls taxcalc to figure them out) - You can now work every 30 minutes rather than every hour - Max item stack up to 100k - Min bet amount down to 100 - Removed commands: fortnite, hourly, yearly, (and asktrump which isn't currency but doesn't deserve it's own section) - Removed entire quests system. It was broken, unrewarding, and a mess of code. It'll be back but 100x better in the rewrite. - Postmemes is slightly different. Chance to break your laptop is MUCH lower. Major Design Change Because it's often verbose to constantly say "500 coins" rather than something like "$500", we decided to adopt our own currency symbol. There was a tweet to vote for the new one (follow us @dankmemerbot for future stuff like this). From now on, you'll see a lot more currency stuff that looks like this: "⏣ 5,000" rather than "5,000 coins". Quality of Life Changes - A majority of currency commands now ping you, easier to see your responses in busy channels - You can now open up to 1000 lootboxes at a time - You can now use more than one bank note at a time - pls profile has a lot more info now - Lowered a ton of cooldowns, raised one or two to be consistent with others - Added all new dank memer server mods to pet name multi for mods - events now accept more than first answer (good for if you typo or smth) - Tons of small QoL changes requested over the last week or so Bug Fixes - Duplicated level up rewards/notifs are finally gone - Blacklisted users can no longer be heisted - Pets will no longer gain any useless levels (past 31) - Blacklisted users can no longer join heists - All jobs should be able to be promoted now - Tons of weird edge case bugs fixed - Tons of inconsistent formatting fixed - Tons of typos fixed - Lots of other smaller bug fixes that I've probably already forgotten. Conclusion I've put a lot of time and thought into this update, and I hope it makes your quarantined holidays a little bit more fun. This is the last update of 2020 (minus one to remove holiday stuff), and it was a blast to hear what you all wanted changed for this. This update is just a small portion of what I've got planned for the next few months until the rewrite is ready to go. Happy holidays, from the Dank Memer team.
With all of this recent market volatility, i've been reflecting on some of my early days messing with cryptocurrency (as in last summer). This is a story of how my life got flip-turned upside down with a $27k bet on a single heads or tails coin flip. tl;dr got greedy lost crypto trying to pay off my student loans Fair warning. I will not be sharing the name of the website, because I don't want anyone to make the same mistakes I did. It's not all that hard to find if you have level 1000 googling skills, but definitely be careful out there with some of the seedier sites if you do (against my advice to stay away) decide to go spelunking. Last summer, I was playing around online with some cryptocurrency - Ethereum. I believe it was about $400 at the time (that's the number i'll use as a base for all further references to the price at that time). I had a few of them from my paycheck and some good Litecoin investments over time (got in early, got out before the crash last spring-ish). I decided to put it all on some gambling on Ethereum because... why not... it wasn't real money right? I bet 1 or 2 ETH ($400-$800 at the time) on a few coin flips, got some success. But then I rolled the jackpot and won a bonus of 12 Ether! At the time, that was about $4800 or $5000. That made 16 ETH (or about $6400). The money was starting to become real - it could pay off my credit card bills, my enormous college loans, etc. - maybe give me a shot at making it in this fucked fiat system we have. I did the monster math - $12000 was exactly one doubling away with some room for taxes and capital gains on the top - if I could double my 16 ETH into 32 ETH, I could pay off one of my private, high-interest (relatively-speaking) student loans and clear that debt off my name Dave Ramsey style. Time to bet it all on a heads or tails coin flip - definitely not Dave Ramsey style. Clicked the button to submit it. Metamask did its thing, submitted the contract - got a message that it was submitted for the approvals on-chain. I was riding high, so I got cocky for just a moment - I took a bathroom break and took my eyes off the smart contract submitting and getting approved. Maybe i'm superstitious... anyway I lost 16 ETH on a single coin flip. Today (2/5/2021) => 16 ETH is worth about $27,000. Sad times, but i've since bounced back. Thought i'd share this story. Thanks for listening o7
Is it true that you pay tax on lottery wins and get the money over a period of years?
Was watching the McMillions show about the McDonalds Monopoly game fraud, and one of the "winners" mentioned they were going to get the $1m prize as $50k per year over 20 years, and had to pay tax on it Is that usual, or just a quirk of that game? Here in Australia lottery or other gaming wins aren't considered income for tax purposes - unless you are a professional gambler
I'm using HR block to do my taxes this year. I had a number of w-2g jackpot forms this year that I have a tax obligation on. I've added all these forms into HR, but there is also a section to add gambling winnings and losses. My question is - Should this be the total number of wins/losses or should it add up net totals per session. I played on one casino and it tracks every bet. I won a total of $259,624 (which includes the jackpots that were won and reported on w-2g as well as every hand of black jack and slot pull). I lost a total of $263,662 for a net total of -4,038.36. I know my losses can't exceed my wins, so should I be reporting $259,624 as my wins and losses? Appreciate any input.
Hello, I am a gambling addict. I recognized my addiction 10 years ago but didn’t acknowledge it and try to get better until 5 years ago. After struggling to stay gamble free for 2 years, I finally was able to stop completely with support of family and friends around me. I opened up to them and in return was blessed with love and empathy. Last week I was 15 days away from 3 years straight gamble free. For business I had to travel to a different state, and there was a casino open near my hotel that my company put me in. I wanted to go in just to see how it felt and prove I was disconnected. This was a mistake. I sat at a slot and immediately couldn’t help myself. I convinced myself that I needed to play to prove that it wouldn’t feel the same. I know that from an outside perspective this rationalization sounds utterly foolish, but in the moment I tricked my mind to where it made sense. I put in a $100 bill and hit the max bet for a $20 spin. Nothing. Hit it again, and the feature triggers and goes to the bonus wheel. The wheel stops. The machine screams and the lights go haywire. I hear people around me clapping. I hit the Mega Jackpot for $163,000. Now, I was smart enough to take the net winnings after tax and get out of there as fast as I could. Since then I have paid off every dollar of debt I had and I still have a ton of money leftover just sitting in my checking account. My credit report will now show $0 debt. Credit cards and student loans gone. I’m still in shock. While it’s incredible to be debt free and have some real cash on hand, I feel like I didn’t deserve this and I should’ve been punished, not rewarded. I haven’t gambled since and I am currently 6 days clean after the relapse. My grandpa, who is super supportive, told me to take it as a blessing from God. He said that I should use it as motivation to “go out a winner” and if I ever feel like gambling again to just remember I’ll never win more than I did this time. Guys, I’m conflicted emotionally and mentally. I’m afraid of myself and how easily I relapsed after almost 3 years. I’m disappointed and afraid. I keep thinking about what could’ve happened if I didn’t get ridiculously lucky and win the jackpot and if I just kept losing. I would’ve probably played until I lost it all, as I used to until 3 years ago. I used to say, “one day I’ll hit the jackpot and all my problems will be solved.” What sucks is I had just come to terms with how sick and delusional that sounded when I’d say it. The issue is, it actually happened now, and I’m in the best financial place I’ve ever been. I should feel on top of the world. I know not to go back. I need to hear from others though. I need advice to help me stay strong and to help me forgive myself. Please.
What's up, gamers? I got the first month in review video filmed and edited. It'll be out the door on the 31st of January. I tried to keep it pretty short, and it ended up being about 8 minutes. Find our sub’s nation here! Issue: A climbing jackpot in the lucrative RPlaysNSian national lottery has led to weeks of media frenzy, and at last, a ticket sold at a corner drugstore in RPlaysNS City has been drawn. However, the winner has refused to come forward to claim their prize. A letter sent without return address purports to be from the winner, who demands to remain anonymous. Option 1: “This is a matter of privacy and safety,” argues Ivan Grant, a spokesperson for the pro-anonymity group Citizens Railing Against Peeping. “Releasing the names of these winners puts them in considerable risk. Last month’s winner was harassed by former partners, stalked by tireless panhandlers, and nearly robbed by half a dozen chuggers! Lottery winners need to be left alone so they can go back to their normal jobs — or not, as the case may be.” Option 2: “We must continue to publicize these lucky winners,” interjects your head of gaming, Moana Mulder, while slipping on a pair of black leather gloves. “Our lotteries help fund important RPlaysNSian programs like education, parks, and hacki- I mean technical literacy, so the people need to know the winners’ identities to ensure it’s not just government insiders who win. Plus,” she continues while putting on a clown mask, “we’re still a nation of laws. I’ll concede that a few weirdos will stalk the winners, but the overwhelming majority of our citizens are courteous enough to leave them alone. Now where did I leave my lockpicking set?” Option 3: “Gambling is the Devil’s vice!” proclaims puritan zealot Tyrion Targaryen. “Lotteries are a legal avenue for the state to rob the destitute and mathematically illiterate! I’ve spent millions of Karmas on tickets and haven’t won a fraction of it back! You need to not just protect the winner, but all of RPlaysNS — outlaw all forms of gambling immediately!” Results: Ideological Radicality Paul-Nader Subjective Decentrality Index +0.37% Recreational Drug Use Pineapple Fondness Rating +0.26% Civil Rights Martin Luther King, Jr. Units +0.19% Taxation Effective Tax Rate +0.19% Nudity Cheeks Per Square Mile +0.17% Sector: Manufacturing Gooback-Jerbs Productivity Index +0.13% Intelligence Quips Per Hour +0.08% Economic Output Karmas -0.12% Average Income Karmas -0.13% Authoritarianism milliStalins -0.26% Pacifism Cheeks Turned Per Day -0.27% Average Disposable Income Karmas -0.32% Social Conservatism Bush-Santorum Dawning Terror Index -0.60% Industry: Gambling Kelly Criterion Productivity Index -43.4% View Poll
Bill/Notice from IRS about gambling wins from 2018. Should I fight or do I risk shaking the hornets nest?
Casinos reported my jackpots to the IRS and so did I in 2018. However when I was doing my taxes I accurately deducted my gambling losses (using the Casnio's statement of winnings/losses). Anyway I got a bill (only ~$3000) for the full amount. I could try to prove my gambling losses from 2018, but I have this question: Is it unrealistic to think that the act of me trying to prove this will cause them to look harder / deeper in other aspects of my tax returns over the years. For example, I no longer have any of my charitable donations information from when I moved. Could I be opening pandora's box by trying to fight it?
[California] Gambling Winnings and Certification reporting help!
I went gambling last Friday and won a jackpot in the slots (The casino also gave me a W-2G form.) I do not see any option for the certification that has to do with gambling or unearned income. Does anyone know how if/how I'm supposed to report it to the unemployment office using UI online. Thanks in advance
Gambled last year and both the IRS and Casino have no record of me winning.
I was trying to track down copies of my w2g to report my winnings as I file my taxes and both the IRS and the Casino have no record of my winnings on their systems. How do I proceed? It was 2 jackpots of 2000 each.
How to Pay Taxes on Gambling Winnings and Losses. Updated for Tax Year 2020. OVERVIEW. For many of us, gambling means buying the occasional lottery ticket on the way home from work, but the Internal Revenue Service says that casual gambling also includes raffles, casino games, poker, sports betting—and, yes, even fantasy football. Your gambling winnings are generally subject to a flat 24% tax. However, for the following sources listed below, gambling winnings over $5,000 will be subject to income tax withholding: Any sweepstakes, lottery, or wagering pool (this can include payments made to the winner (s) of poker tournaments). Reporting Gambling Profits and Loss on Your Taxes. Gambling Losses Can Be Deducted on Schedule A. If you itemize your deductions, you can deduct your gambling losses for the year on Schedule A. However, you can only deduct your loss up to the amount you report as gambling winnings. So, you should keep: Gambling winnings are taxed by both the IRS (Internal Revenue Service) and by many states in US; All winnings from all forms of gambling are taxable and must be declared as income on your tax return. All losses from all forms of gambling are deductible as an itemized deduction for recreational players, limited to the amount of winnings declared. It is accurate for your 2019 taxes (filed in 2020) and 2018 taxes, which should be filed by the April 15th, 2019 (or October 2019 with filed extension) deadline. Most people don’t think about taxes on their way to a racetrack or casino, but what might seem like nothing more than the chance to win some extra money actually has some tax implications. You can request a specific amount of withholding tax to be taken out of any jackpot you win. Some players like to do this to avoid a big tax payment in April when they file their income tax returns. The additional withholding may not be necessary if you keep a log book. The law allows you to deduct gambling losses up to the amount of your winnings. Gambling winnings are fully taxable and you must report the income on your tax return. Gambling income includes but isn't limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes, such as cars and trips. Gambling Winnings Reporting gambling losses. To report your gambling losses, you must itemize your income tax deductions on Schedule A.You would typically itemize deductions if your gambling losses plus all other itemized expenses are greater than the standard deduction for your filing status. Gambling Winnings & Taxes in the US (02/2021) » What is the legal status and tax rate? 🏫 Check out our Online Casino 101 (School) 🚀 Click NOW! I’ll cut right to the chase: yes, you do need to pay federal taxes on gambling winnings in the United States. This is especially true when you net a big win and receive a W-2G form. According to the IRS, a gambling establishment should issue a W-2G when you win an amount that’s subject to federal income tax withholding (24% of win).
MASSIVE $18,000 HAND PAY JACKPOT BIGGEST PAYOUT HIGH ...
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![[Local] - No layoffs or tax hikes in Preckwinkle’s $6.1B county budget — but also no pot revenue or gambling jackpot | Chicago Sun-Times](https://b.thumbs.redditmedia.com/bOZn9hO7F38GbRKQ9gR9GLVipBOCqzNwc5L3RxhDlXw.jpg "[Local] - No layoffs or tax hikes in Preckwinkle’s $6.1B county budget — but also no pot revenue or gambling jackpot | Chicago Sun-Times")
![[Local] - Is hope of casino jackpot a sucker bet? State’s gambling’s tax revenue booming, but it’s not from casinos | Chicago Sun-Times](https://b.thumbs.redditmedia.com/TKx3DJiPkwcVJiJud_Fm36jE7aF5oJ9OFmlv1p58apg.jpg "[Local] - Is hope of casino jackpot a sucker bet? State’s gambling’s tax revenue booming, but it’s not from casinos | Chicago Sun-Times")
