Taxes and Casino Wins

Reply #6

eddessaknight — Fri, 05 Jun 2015 20:46:50 GMT

Players, casinos, allies blitz Revenuers on proposed tax grab reporting rule

The casino industry and its allies on Capitol Hill have mounted a late push to persuade the Internal Revenue Service to back away from a proposal that would require winners of $600 jackpots to be reported to the tax man.

It's not over, till it's over!

Fighting Back!

Eddessa_Knight

Reply #5

eddessaknight — Wed, 03 Jun 2015 22:21:13 GMT

The Revenuers creating a storm reaction on changing jackpots reporting threshold on W-2 G

Players, casinos 17 congressmen including majority leader oppose the lower tax grab amount from $1200 to $600 jackpots

The IRS keeps L@@KING for more 'Ways Means' to squeeze more $$$$ out of gaming with the burden falling on the players

So, Sad So Bad

Eddessa_Knight

Reply #4

eddessaknight — Wed, 27 May 2015 22:01:19 GMT

Lady CC, et al-

Revenuers proposing reducing reportable gaming winnings $$$

KENO, slot machines, bingo and video lottery players win $600 or more, under a proposed change to IRS ...tax information forms on winnings of $1,200 or more

Under current federal regulations, set in 1977, a casino must file tax information forms on winnings of $1,200 or more on a slot machine jackpot or bingo game, and winnings of $1,500 on a game of keno.

Lady casino crawler, your professional attention plea... [ More ]

Reply #3

RJOh — Wed, 27 May 2015 08:58:15 GMT

The same thing happens when ever someone wins a lottery prize worth $600 or more, only where I live the state and city get involved too.

Reply #2

casino crawler — Wed, 27 May 2015 08:18:39 GMT

Thanks Knight. Most folks would not mind paying a bit of taxes if they hit a big enough one.

Reply #1

eddessaknight — Sun, 24 May 2015 19:57:19 GMT

Good RealTime Informative expectation for gamers Lady CC

Your kind attention appreciated

Good Weekend Wishes as we all remember R.I.P. those who sacrificed their lives for us

Fortes Fortuna Juvat

Eddessa_Knight

Taxes and Casino Wins

casino crawler — Sat, 23 May 2015 19:57:44 GMT

If you have ever won a significant prize at a casino, you know you will be given a W-2 G form to report your wins. It is like a regular W-2 you get at work but the G stands for a gambling win, hence W-2 G. Since you can write off losses up to wins it is a good idea to hold on to evidence of loss. ATM receipts, or in the case of lottery or scratch offs, losing tickets. If you do not report a win, you cannot write off losses...thats why it is said losses UP TO wins.

You have heard of people sel... [ More ]