US Tax Time Tips for Gamblers

US Tax Time Tips for Gamblers

US Tax Time Tips for Gamblers

We are now talking to a specific subset of our readers: US residents who are wondering if you declare gambling winnings last year on their tax

Chances are, if you had a place . luck in a casino, you already paid taxes and fill the W-2G form. All the major casinos offer them routinely to anyone who win $ 1,200 or more slots or bingo, or $ 1500+ keno, or $ 600 + from other games as “the payout is at least 300 times the amount of the bet.” This is a flat 25% tax rate, but they add if you do not give your social security number an additional 3% premium.

On the other hand, if you gain less, or scattered throughout the fiscal year, you may wish to declare as “other income” on your 1040. This will set the tax rate at the normal level for the income (ie, the same rate you would pay anyway – unless your gambling income is enough to get you into the next highest tax bracket).

To the route of the tax relief provided to a list, you can also lose factor in your tax return. Gambling losses are accounted for under “miscellaneous itemized deductions” the 1040 Schedule A, and of course you need receipts or other relevant documents (not the IRS do not trust you, but …).

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