Question : does anyone know if you have to pay tax on money you win in las vegas...?

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whitney

you will receive a 1099 if the win was a large one, but even if you dont receive a 1099, you are legally supposed to report your gambling winnings on your 1040, therefore it will be taxed. but you can also report your gambling loses up to your winning amount.

mark

You have to pay tax on all your winnings but unless you win a lot, it's on the honor system.

There is no minimum

The casino will automatically take taxes over a certain threshold (not sure what that number is).

XENON BLACK

Gambling winning are taxable income
http://www.bankrate.com/brm/itax/news/20010122a.asp

Best Friends NCA

Yes if you win any jackpot over $1199.00. Keep your separate cash jackpots below that amount and the IRS will never be informed by the casino.

Many

http://www.bankrate.com/brm/itax/news/20010122a.asp

kittysmle

It all depends on the amount you win- I haven't had to worry about this in a long time, but usually the casino will give you a 1099 for your winnings- they make you sign for it and submit it to the IRS. I believe the first guy is right on the 3K but I'll be honest it has been so long since I had to remember that. It you received an IRS form from the casino, yes. Also if you accumulated enough for over the amount you won in gambing within the year.

Steve S

Any winnings from gambling is considered income and therefore, is reportable as taxable income.

ybrao

yes more than 3k USD

Doc Bell

Most of the time you must report any winnings over $1199.00. Usually a casino representative or slot rep. will bring a SS form for you to complete and claim your winnings which are subject to a 25% Federal tax only. Check around however as some of the limits may have changed.

banananose_89117

If you hit a big jackpot you will have to pay taxes on anything $1,500 or higher.

jmvillalta2

in the united states, you have to pay taxes on any kind of income you make. I know that when you win in Vegas, if you win in the thousands, they will ask if you want to pay for taxes upfront, or report it on your taxes. If you say up front, they will deduct it from your winnings. If you decide to report it on your taxes, then you get the full amount but have to pay for taxes later...

kja63

"What happens in Vegas, stays in Vegas" is NOT the rule for winnings! Uncle Sam wants (and gets) his share right off the top for any of the "big" winnings.

zippythejessi

Any slot or video poker winnings over $1199 generates a 1099 form. Table game or sportsbook winnings do not. This information was given from a pit boss at I think it was the Palms, either that, or Venetian.

Shelly

that i know of you do have to pay taxes but if i'm not mistaken they take it automatically unless its like a slot machine then I dont think you have to unless its a large sum

omnisource

Gambling winnings in excess of gambling losses are considered taxable income, to be declared on your Federal taxes. Any amount is required to be counted as income.

Fl. Guy

you are supposed to claim all gambling winnings vegas internet cruise ship ect. as earnings on your income tax. but it is very difficult to enforce.
unless the place you won from required you to supply a social security number to claim the winnings I would not worry about it.

William H

All gambling winnings are taxable.

Everybody is thinking of when the casino withholds money. The amount threshold is $1,200 for a slot machine, that is why you see jackpots of $1,199 for some slot machines.

You can offset winnings from losses but you must separately report them on your tax return. You can not just net them because on your deduction, it is a miscellaneous deducation which must be more than 2% of your adjusted gross income.

mariah_castano

yes my mom won and they took like $2000
off of her winnings for taxes =[

Ed S

Depends on the amount i beleive 3,000 but you can off set that with losses, although you should have proff of that.

Chad H

Your legally supposed to report it all. If you win big they will be waiting for you in the casino. If its jsut small amounts, anything less than five grand, your just supposed to claim it as income. But unless you expect to get audited, go spend the would be tax money on some strippers for the superbowl, or whatever else floats your boat.

Brian S

If you win over $1200 on a slot machine, it is know as taxable. You fill out a W form that you have to file with your income. If you managed to stay under that then all the money is yours.

Also, I hear you can file that amount of money you lost while playing. But that's hard to track unless you have a memship card. Casino's can actually track your wins and loses when you use your membership card on a slot.

JM300

Over $3k is the new rule

Beth F

Winning amounts matter
Requirements for reporting and withholding from a winning bet depend on the type of gambling, the amount won and the ratio of the winnings to the wager.

When you pocket $600 or more (and that amount is 300 times your bet) at a horse track, win $1,200 at a slot machine or bingo game, or take $1,500-plus in keno winnings, the payer must get your Social Security number and let the IRS know that you came into the extra income. And new this year, starting on March 4, the IRS will require all poker tournament sponsors to report tournament winnings of more than $5,000.

If you are lucky enough to rake in $5,000 or more on a gambling transaction, you're probably not going to walk away with all the cash you won.

In addition to telling Uncle Sam that you were a winner and how much, the payer in these situations generally will reduce your payout by withholding federal taxes at the 25-percent rate. If you try to shortchange the IRS by refusing to furnish your Social Security number, the payer could take as much as 28 percent of your winnings right off the top to send to the tax collector.

In either instance, you'll get a Form W-2G showing the amount you won and, if applicable, how much in taxes you paid on it upfront

you can find more by going to http://www.bankrate.com/brm/itax/tips/20010131a.asp

Damonica

it deepens on how much you win I think.....

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