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Casino food 101
Over the years, the various gambling games and the gambling joints or the casinos have undergone a change, making the experience riskier, adventurous and unique in itself. An often overlooked, but yet important component in the entire casino...
Texas Hold'em Betting Strategy
If you're just learning to play one of the most important things
you can spend time learning is basic Texas Hold'em betting
Strategy. Some of the most important things to learn are basic
to poker betting strategy in other poker games as well.
...
Untapped Benefits Of Gambling
The Untapped Benefits of Gambling
Some people cringe at the thought of being labeled as a gambler
since the stigma would forever hound them. People have different
reasons as to why they gamble. Some gamble to forget their
problems, others...
Gambling Income and Expenses - Taxes
Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.
Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately, gambling income also includes the fair market value of prizes such as cars, houses, trips or other non-cash prizes.
Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or more in gambling winnings and your winnings are at least 300 times the amount of the wager, the payer is required to issue you a Form W-2G. If you have won more than $5,000, the payer may be required to withhold 25 percent of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 28 percent.
The full amount of your
gambling winnings for the year must be reported on line 21, Form 1040. If you itemize deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You cannot deduct gambling losses that are more than your winnings.
It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.
Face it, the IRS gets you coming and going. Well, I’m off to play poker.
About the Author
Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.
Written By: Richard A. Chapo