are winnings taxed?

[sniper 0]

The absolute WORST tax on gambling is the tax on lottery winnings.They already take about 30 percent of the buck you spent for state programs, then have the nerve to tax you if you win more than $600.00.Don't get me wrong... real gamblers don't bother with the lottery, except a buck or two when Powerball is $200 Million... but I used to work there.

[Socrates 0]

Winnings are taxed, but you can also write off loses and expenses. As long as the majority of your income is coming from gambling / poker you can write off satellites, loses at cash games, taxi rides, dinners - all of it. You just have to make sure to keep all of your receipts and its advisable to get a CPA on retainer as well.

[freakrat 0]

This has probably been answered a 1,000 times in previous posts but for a lazy guy that doesn't want to dig for it. What about us canucks heading down to Vegas and actually coming home with a profit from the tables?I'm heading down this weekend with a couple of buddies and the goal is to play a ton of cards. If any one of us is lucky and wins a few bucks does Uncle Sam take his cut even though we are tax free up her??Just curious. Thanks

[The Bwaves 0]

This has probably been answered a 1,000 times in previous posts but for a lazy guy that doesn't want to dig for it. What about us canucks heading down to Vegas and actually coming home with a profit from the tables?I'm heading down this weekend with a couple of buddies and the goal is to play a ton of cards. If any one of us is lucky and wins a few bucks does Uncle Sam take his cut even though we are tax free up her??Just curious. Thanks

You should be fine, unless you're pulling in a big sum of money from your play in vegas you shouldn't get taxed. Unless you want to report your winning to the IRS...I posted earlier the information on taxing.

[mcpickl 0]

What was to stop him taking a lorry load of the cash to the airport, hiring a private jet and flying back to Oz that night without paying any tax?

Casino Security.

Tritz, how can we miss you, if you won't go away?

[KingAustin 0]

I've never understood why government taxes gambling winnings either. It makes zero sense because the money used to gamble has already been taxed. It seems like they are taxing the same money twice. Maybe I hate it because I'm an anti-tax zealot but still.........

Using this logic, why would anything be taxed because everything has been taxed before. When you get paid, it is taxed. Then when you go buy milk at the store, there is sales tax, and then the store is taxed on the money they made selling you the milk. They then buy more milk from distributors to replace the milk you bought with the taxed money you bought it with and the distributor pays taxes on the money they make.

Milk isnt taxed....

[Vman96 0]

Milk isnt taxed....

In a lot of states it is.Illinois it's 1% for all food.

[PMJackson21 0]

Yes, unfortunately you must pay taxes on all winnings if you are a US citizen. I've already started looking for a good CPA with experience in gambling taxes for my return this year. I've withdrawn far too much money to even think about not reporting it, and the money I won in Aruba is right out in the open for the IRS to see. I have some deductions that will help a bit, but I expect to be shelling out a fairly large amount of money to the government at year's end. It sucks, but so does being charged with tax evasion. Pocketfives.com has a good section devoted entirely to this subject.Patrick

[KingAustin 0]

Milk isnt taxed....

In a lot of states it is.Illinois it's 1% for all food.

Wow, that's lame.Lots of corn and non-taxed food. Iowa +1