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Server Time: 9/5/2008 5:00:46 PM PACIFIC |
 taxes, tron, 25. Sep 2003 22:34 | ||
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| if you win a big event, can someone tell me how much taxe is taken out? tks | ||
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| Re: taxes, JDHokie, 25. Sep 2003 23:38 | ||
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| Depends on how big you mean. It all depends on what tax bracket you are in, or your win bumps you up to. If you win the WSOP for example, that would bump you into the 40% bracket. If you just won a couple thousand, you'd probably stay in your bracket, and have the same percentage taxed as on your paycheck. | ||
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| Re: taxes, KJo, 26. Sep 2003 14:01 | ||
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| Keep in mind that for many events no taxes will be taken out, but you will be responsible for reporting the income (and they're going to submit a 1099 as well). Eli on 25. Sep 2003 23:38 JDHokie wrote: > Depends on how big you mean. It all depends on what tax bracket you are in, or your > win bumps you up to. If you win the WSOP for example, that would bump you into the > 40% bracket. If you just won a couple thousand, you'd probably stay in your bracket, > and have the same percentage taxed as on your paycheck. | ||
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| Re: taxes, tron, 26. Sep 2003 18:11 | ||
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| thanks all for the info. now it seems like my backer is the IRS. lol and they don't put up a dime. | ||
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| Re: taxes, rdale, 27. Sep 2003 20:34 | ||
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| I've determined they are the real rake, at least for things done in the US. | ||
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| Re: taxes, kimmi690, 27. Sep 2003 20:41 | ||
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| I have won a tourney...(don't get all excited..wasn't on TV.)..and was given a form to fill out, I gave it to my accountant, being that my math skills bite and would give myself free reign on the tax laws LOL...actually the IRS is the scariest part of my life(being the gamblin girl that I am) and every time I win big, I report it through my accountant....it helps if you have one!!! But if you are at at a rep casino, don't worry..they will tell you what to do!!! Kimmi :) | ||
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| Re: taxes, KJo, 29. Sep 2003 13:20 | ||
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| Kimmi, Keep in mind that you can deduct your gambling losses up to the point of your winnings, with very little hard work on your part (not to offset it directly though- it has to be an itemized deduction). Your accountant can help you out with this. Eli on 27. Sep 2003 20:41 kimmi690 wrote: > I have won a tourney...(don't get all excited..wasn't on TV.)..and was given a form > to fill out, I gave it to my accountant, being that my math skills bite and would > give myself free reign on the tax laws LOL...actually the IRS is the scariest part > of my life(being the gamblin girl that I am) and every time I win big, I report it > through my accountant....it helps if you have one!!! But if you are at at a rep > casino, don't worry..they will tell you what to do!!! > > Kimmi :) | ||
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| Re: taxes, Dr_Monkey, 2. Oct 2003 09:44 | ||
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| How do you report your losses? It seems difficult to show. Let's say you win $10k in a tournament. The casino will have forms to report that. Now 2 hours after you won the tournament, you sit do at a 60/120 table and lose $10k. You don't get a receipt for your losses. I guess you could always ask the winning players for one. :) | ||
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| Re: taxes, KJo, 2. Oct 2003 13:41 | ||
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| I was told by the IRS directly that they'll pretty much take your word for it the first time. Sketchy as that is, I've heard elsewhere that keeping a log/diary that contains date, time, game played, location, plus/minus, etc. is enough for them in the face of an audit. Things like ATM or CC receipts help too. Eli on 2. Oct 2003 09:44 Dr_Monkey wrote: > How do you report your losses? It seems difficult to show. > > Let's say you win $10k in a tournament. The casino will have forms to report that. Now 2 > hours after you won the tournament, you sit do at a 60/120 table and lose $10k. You don't get > a receipt for your losses. I guess you could always ask the winning players for one. :) > > | ||
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| Re: taxes, MozMan, 2. Oct 2003 20:34 | ||
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| My understanding is, if you do NOT file as a professional gambler, then you can't claim losses in numbers any higher than your winnings. The pros have a whole way of having to file that the rest of us don't... I'm sure one of them can enlighten... -Moz "The Queen is dead, boys, and it's so lonely on a limb." | ||
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| Re: taxes, KJo, 2. Oct 2003 23:17 | ||
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| You are correct...losses can only be deducted up to the point of your winnings, at least for non-pros. Eli on 2. Oct 2003 20:34 MozMan wrote: > My understanding is, if you do NOT file as a professional gambler, then you can't claim losses in numbers > any higher than your winnings. The pros have a whole way of having to file that the rest of us don't... > I'm sure one of them can enlighten... > > -Moz > > "The Queen is dead, boys, and it's so lonely on a limb." | ||
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