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Started By
Message
So if you make a million dollars at the casino how much of is taxed?
Posted on 11/22/15 at 6:24 pm
Posted on 11/22/15 at 6:24 pm
Let's say you are on a streak at a table and you make a million, how much of that goes toward taxes?Since there are taxes on winnings, whats the incentive for sharks at a casino if they get a percentage taken out?
17
Posted on 11/22/15 at 6:25 pm to mailman
All of it.
Posted on 11/22/15 at 6:26 pm to mailman
It really depends on how you won it.
Posted on 11/22/15 at 6:27 pm to mailman
you get to take about half
and you still have to file, they give you a 1099
and you still have to file, they give you a 1099
Posted on 11/22/15 at 6:27 pm to mailman
From what I understand, with that amount the casino will take out the highest tax bracket available in both state and federal taxes. They will print you off a form to file with your taxes.
Not that I would know anything about any of this.
Not that I would know anything about any of this.
This post was edited on 11/22/15 at 6:30 pm
Posted on 11/22/15 at 6:30 pm to mailman
Posted on 11/22/15 at 6:30 pm to mailman
They withhold a certain amount, but at the end of the year it's adjusted based on what tax bracket you end up in.
Posted on 11/22/15 at 6:37 pm to mailman
I've wondered this also. How do they know you didn't lose 1.5 million before and are still down overall?
Posted on 11/22/15 at 6:44 pm to Jcorye1
quote:
Not that I would know anything about any of this.
Why do you type that on every single response to a tax thread?
Posted on 11/22/15 at 6:45 pm to retired trucker
quote:
d you still have to file, they give you a 1099
You mean W-2G?
Posted on 11/22/15 at 6:47 pm to mailman
40%
Posted on 11/22/15 at 6:51 pm to mailman
If you win it at a table game and cash out in small enough increments you don't owe shite.
Posted on 11/22/15 at 6:56 pm to mailman
If you are up that much, the pit boss has been paying attention. They will give you tax forms. It would be difficult to try to "cash it out in small increments".
All depends on tax brackets in the state, but income is taxed as income no matter how you get the income (assuming it's legal). I'd assume you are in the highest tax bracket anywhere you are for state taxes and definitely for federal.
All depends on tax brackets in the state, but income is taxed as income no matter how you get the income (assuming it's legal). I'd assume you are in the highest tax bracket anywhere you are for state taxes and definitely for federal.
This post was edited on 11/22/15 at 6:58 pm
Posted on 11/22/15 at 6:57 pm to TheIndulger
quote:
I've wondered this also. How do they know you didn't lose 1.5 million before and are still down overall?
Document your losses. Easier with some methods of gambling than others. Horse racing it's very simple, especially if you bet online. Your service keeps records and you can download your statment, just like a bank. If you're playing blackjack or something, you can keep a betting diary, and the IRS may or may not accept it.
You can offset your losses against gambling winnings, but if you lose more than you win, you can't offset the difference against other income.
Posted on 11/22/15 at 6:57 pm to SonofDye
quote:
If you win it at a table game and cash out in small enough increments you don't owe shite.
A million dollars?
Posted on 11/22/15 at 6:59 pm to KG6
and I say all this because I've been to vegas where guys on the floor causally have 15k on the table and I've seen guys in Shreveport go up 50k. There's no telling how much the high rollers are banking and if they really worry about tax forms.
Posted on 11/22/15 at 7:14 pm to mailman
Especially with today's technology, they monitor the tables. You see the pit boss come to the tables to document how much is coming in, out and sitting on each table like every 20 minutes. Hard to hide a million bucks.
Posted on 11/22/15 at 7:22 pm to KG6
I think a certain percentage of your income has to come from gambling for you to be able to claim losses.
Posted on 11/22/15 at 7:35 pm to LSUSUPERSTAR
Nope if you file a W2-G you can claim losses.
Posted on 11/22/15 at 7:40 pm to yellowfin
Don't know about a million but I do know a guy that did it for a little over 200k a few years ago at the IP in Biloxi.
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