Casino and gambling guide and advice
According to IRS section 61, “Except as otherwise provided in this subtitle, gross income means all income from whatever source derived…” This includes gambling sources of income. There are many assumptions about when to claim the winnings received from casinos. While most understand that the winnings are taxable, many assume that they are reportable only [...]
A win in the lotteries, casinos, gaming tournaments, horse and dog racing, game shows, keno and other wins in the USA can make you ecstatic but usually this feeling is dampened by the IRS. Whatever you win is subject to casino tax and the IRS withholds 30% of it. This at times could prove to [...]
Winning Big: Gambling is addictive. If you took a trip and won some cash, you might think you’re on easy street. But you’ll be in from a rude awakening if your earnings were not reported to the IRS. Yes, believe it or not, Uncle Sam wants a cut of those gambling winnings. They want it [...]
Jackpot! If you’ve got a gambling spirit, chances are you’ve probably invested a good amount of time into casinos. But if you win big in Vegas, don’t let the thrill of victory cloud your head. If you’ve won money from gambling and you didn’t report your winnings to the IRS, you could be in for [...]
Do you enjoy gambling? Many people find it enjoyable and relaxing to go to a casino and spend time at the slots or tables. A big problem we see as accountants is that most people don’t understand how the winnings affect their tax return. Here are a couple of examples. About 25 years ago a [...]
