Taxes for Slot Machine Winnings
Nov 2nd, 2015, 09:03 AM
#1
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Taxes for Slot Machine Winnings
If I win over the min requirement from a casino that I do not normally play, but do play often at another casino within the same state, does the amount of money I lost at both casino's factor into my winnings? Or, do I have to lose a certain amount at the casino where I won?
Nov 2nd, 2015, 09:16 AM
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Not sure I understand your question. As I understand you can net your loses against your winnings. However, I don't think you can take loses in excess of your winnings. If it up to you to keep track and to document your activity. Winnings over a certain level are reported to the IRS. Loses are not.
Nov 2nd, 2015, 09:17 AM
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I can't specifically answer, but you might want to read all this, then see if you have your answer:
https://www.cpa2biz.com/Content/medi...e-winnings.jsp
https://www.cpa2biz.com/Content/medi...e-winnings.jsp
Nov 2nd, 2015, 11:51 AM
#5
Slot machine wins $1200 and more are reported to the IRS. Both fmpden and janisj are correct. You can offset your wins with your losses. That's one reason why you should always play with a players card. It keeps track of your wins and losses and you can get a win-lose statement from the casino at the end of the year. It does not matter which state you won in and which state you lose in.
Nov 2nd, 2015, 01:16 PM
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...... It does not matter which state you won in and which state you lose in.......
That is true at the federal level. Have no idea how it applies to the state level. In some states anything "earned" (after a limit) in the state requires a state return.
What is the purpose of your questions? You bumped a very old thread to get this discussion start and asking the same question here. Did you get lucky and are now trying to figure out how not to pay taxes?
That is true at the federal level. Have no idea how it applies to the state level. In some states anything "earned" (after a limit) in the state requires a state return.
What is the purpose of your questions? You bumped a very old thread to get this discussion start and asking the same question here. Did you get lucky and are now trying to figure out how not to pay taxes?
Nov 2nd, 2015, 04:05 PM
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All losses that you can prove in the single year can be deducted from winnings in that year for tax purposes. How you would prove losses I'm not sure (with lotto or horse racing you have tickets to prove your losses) but don't think the IRS will just accept your word if you have no documents.
Also not sure of the level of reporting to the IRS - think it's about $2500. But I wold consult your tax person as to the needed documentation.
Also not sure of the level of reporting to the IRS - think it's about $2500. But I wold consult your tax person as to the needed documentation.
Nov 3rd, 2015, 05:02 AM
#8
>
As I already described - all casinos have player cards that track your play. If you place the card in the slot machine each time you play, it will track all of your wins and losses. At the end of the year, you can request (or get online) your win loss statement.
>
As I already stated, it's $1200.
As I already described - all casinos have player cards that track your play. If you place the card in the slot machine each time you play, it will track all of your wins and losses. At the end of the year, you can request (or get online) your win loss statement.
>
As I already stated, it's $1200.
Nov 3rd, 2015, 05:06 AM
#9
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Some states require that whatever state tax is required to be paid be taken out of the amount by the casino. For instance, in Louisiana, let's say you win $2000 on a slot machine, the attendant will only pay you $1600 (or whatever the amount is when the state tax is accounted for). Other states, it will be claimed on your tax returns.
Some states require that whatever state tax is required to be paid be taken out of the amount by the casino. For instance, in Louisiana, let's say you win $2000 on a slot machine, the attendant will only pay you $1600 (or whatever the amount is when the state tax is accounted for). Other states, it will be claimed on your tax returns.
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