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Taxable Winnings

Discussion in 'Casino Gaming' started by SimpleLasVegas, Mar 22, 2016.

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  1. SimpleLasVegas

    SimpleLasVegas Low-Roller

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  2. BayouBengal

    BayouBengal VIP Whale

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    On slots and video poker any jackpot of $1200 or more triggers a w-2g. The denomination of your bet does not matter. Meaning if you're on a $100/credit slot, you get a w2g for a 12 unit win even though your profit is $1100.
     
  3. PPtraderal

    PPtraderal Low-Roller

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    I can attest to the denomination. I saw a gentleman at Caesar's playing $ 100.00 Wheel of fortune slot. Essentially everytime he hit the spin bonus he generated a W-2 G. They actually had a casino rep with a portable computer of sorts sitting next to him to expedite the process. Must be nice.
     
    Last edited: Mar 23, 2016
  4. SimpleLasVegas

    SimpleLasVegas Low-Roller

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    Cool, thanks for the info guys.
     
  5. Its Only Money

    Its Only Money Low-Roller

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    This is just a friendly reminder that all winnings are taxable whether you get a W2-G or not.
     
    I need one more trip to up my frequent flier level
  6. Joe

    Joe VIP Whale

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    A very good reminder because all of us report winnings, whether a W2G is generated, or not, right? :wink2::wink2:
     
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  7. mickefc

    mickefc Tourist

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    Won $3000 on a slot last november at mgm all tax free One of the few things thats good about being a UK citizen :beer:
     
  8. SimpleLasVegas

    SimpleLasVegas Low-Roller

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    So no minimum on this? If I won a dollar I would "technically" have to report it? I was thinking at some point I heard you needed to report it if it was at least 300 or 600.
     
  9. NickPapageorgio

    NickPapageorgio OG of the Sal Sagev Hotel

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    It's earned income. You heard a rumor. Will the IRS come a knocking if you play 1 spin on a 2 reel dollar slot and win $10, then fail to report? No, but the $8 is net earned income.

    Nick:beer:
     
    Last edited: Mar 22, 2016
  10. SimpleLasVegas

    SimpleLasVegas Low-Roller

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    Ok, thanks for this. I assume you also have the option to withhold too. If so what percentage is withheld?
     
  11. thecarve

    thecarve Misanthrope

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    As mentioned, every dollar you finish AHEAD is taxable income according to Uncle Sam.

    As far as the W-2G (or even table or smaller slot wins that you feel you need to report:evillaugh), you can offset your wins with your loses. So just because you hit a jackpot doesn't mean you owe taxes on all of it. If you finish the year down or even, you don't owe anything to the IRS (your state might be different though).

    So remember to keep that gambling log (or be prepared to fake it should the auditors come calling).
     
  12. BayouBengal

    BayouBengal VIP Whale

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    And pay sales tax on online purchases.......
     
  13. Sapphire

    Sapphire Tourist

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    I believe the standard is 30%, but I'm pretty sure you can direct them to withhold whatever percentage you want them to. So long as you provide all the applicable documentation, they aren't required to withhold, so you can just ask them to.
     
  14. Snidely

    Snidely VIP Whale

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    You can only offset your wins with losses if you itemize your deductions.
     
  15. nostresshere

    nostresshere Mr. Anti Debit Card

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    Normally, they do not withhold anything, or even ask.

    I don't have them do it as I deal with withholding elsewhere and do not want the casino to worry about.
     
  16. SH0CK

    SH0CK Stylin' and Profilin' Quasi Tech Admin

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    Take a look at this thread. It explains gambling and taxes very well.
     
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