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re: So if you make a million dollars at the casino how much of is taxed?
Posted on 11/23/15 at 11:33 am to Poodlebrain
Posted on 11/23/15 at 11:33 am to Poodlebrain
quote:
. Any withholding is strictly voluntary by the player
Harrah's did not give me an option. They took $300 off the top when i hit a $5k hand.
2
Posted on 11/23/15 at 11:44 am to MorbidTheClown
I Used to work in a large casino. If it's tables, that's all on you for taxes. Slots and certain table jackpots get taxed.
Posted on 11/23/15 at 11:47 am to mailman
You can also claim you lost more than you won.
Posted on 11/23/15 at 11:51 am to Aristo
quote:
You can also claim you lost more than you won.
No, you can't.
Posted on 11/23/15 at 3:03 pm to MorbidTheClown
quote:$300 is 6% of $5K. The Louisiana income tax rate is 6%. Let me guess, you were not a Louisiana resident when you won the money, and they withheld Louisiana tax.
Harrah's did not give me an option. They took $300 off the top when i hit a $5k hand.
ETA: I used to be the tax director for Horseshoe Casinos. I dealt with these issues routinely. Casinos, and their senior employees, take this stuff very seriously. There is serious money at stake for them.
This post was edited on 11/23/15 at 3:06 pm
Posted on 11/23/15 at 3:07 pm to Poodlebrain
quote:
Let me guess, you were not a Louisiana resident when you won the money, and they withheld Louisiana tax.
wrong. I've never lived outside of Louisiana.
They paid me $4700 at the table and I had to claim the $5k on my taxes. I got reports from Laberge showing my losses in their casinos to offset some of that.
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