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Sports gambling at Indiana Casinos. What is the max bet you can win without having taxes
Posted on 12/30/19 at 5:38 pm
Posted on 12/30/19 at 5:38 pm
automatically taken out? If I bet 1k and win will they take taxes out? If so, what percent?
10
Posted on 12/30/19 at 5:40 pm to Stingy
Whatever the taxes would be just bet that much extra and have the casino pay the taxes for you. That’s how I do it. But I never win.
Posted on 12/30/19 at 5:43 pm to Stingy
You’re going to lose
Posted on 12/30/19 at 5:45 pm to Stingy
Someone at work went and said they took the taxes out at the cage, but then gave them back to you before you left.
Posted on 12/30/19 at 5:45 pm to Stingy
Can you take losses off your taxes?
Posted on 12/30/19 at 5:46 pm to Traffic Circle
Yes, to the extent of your winnings..
Posted on 12/30/19 at 5:49 pm to FulshearTiger
quote:
Yes, to the extent of your winnings..
There’s my first problem ...
Posted on 12/30/19 at 6:32 pm to Stingy
quote:
Sports gambling at Indiana Casinos. What is the max bet you can win without having taxes
quote:
by Stingy
No kidding.
Posted on 12/30/19 at 7:40 pm to Stingy
I thought it always that you could win up to $10k without them worrying about it but that may be wrong or may have changed. Sadly I have no experience with it
Posted on 12/30/19 at 7:48 pm to Stingy
quote:
The payer must provide you with a Form W-2G if you win:
$600 or more if the amount is at least 300 times the wager
$1,200 or more in winnings from bingo or slot machines
$1,500 or more in winnings from keno
More than $5,000 in winnings from a poker tournament
Any winnings subject to a federal income-tax withholding requirement
If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 25%. If you didn’t give the payer your tax ID number, the withholding rate is 28%. Withholding is required when the winnings, minus the bet, are:
More than $5,000
At least 300 times the amount of the bet
You should receive a copy of your Form W-2G showing the amount you won and the amount of tax withheld. Even if you don’t receive a Form W-2G, include your winnings on your return.
Posted on 12/30/19 at 9:16 pm to Jim Rockford
quote:
If your winnings are reported on a Form W-2G, federal taxes are withheld at a flat rate of 25%.
When did this change? I can recall the only taxes income tax that was required to be withheld was state taxes for slot machine winnings. In Mississippi this is called essentially a jackpot tax of 3 percent and you cannot get it back by filing an Mississippi return for in state and out of state winners.
Free tax tip: you can get a credit if you live in another state for taxes paid in another state on your state income tax form.
Now you can voluntarily get federal withheld, but most people wouldn’t get federal taxes withheld because they could itemize the losses and get the tax essentially to zero on the federal side.
This may have changed since it is now so much harder to itemize.
Posted on 12/30/19 at 9:23 pm to Stingy
quote:
If I bet 1k and win will they take taxes out?
Make four $250 bets
This post was edited on 12/30/19 at 9:24 pm
Posted on 12/30/19 at 9:35 pm to Stingy
quote:
What is the max bet you can win without having taxes automatically taken out?
You didn’t build that. Someone else helped you build that.
Posted on 12/30/19 at 9:43 pm to tiger114
I think you have to claim the losses as itemized deduction which is BS.
Posted on 12/30/19 at 9:47 pm to LSU1018
You are techically supposed to report all winnings, even a scratchoff ticket or friendly poker game, but of course no one does. I get a profit/loss statement from my online horse racing provider but they dont report it to the IRS unless it hits the above parameters.
Posted on 12/30/19 at 9:50 pm to Jim Rockford
Thanks. That help me find more specific helpful info.
Posted on 12/30/19 at 9:55 pm to Stingy
lol @ this thread
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