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Server Time: 1/8/2009 9:38:27 AM PACIFIC |
 bad beat tax???, robdawg, 22. Nov 2003 17:34 | ||
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| IM new here any info will help. Won a bad beat jackpot last night, about $4,438 how and when do I pay the tax on it? How much? Thanks again in advance. | ||
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| Re: bad beat tax???, MozMan, 22. Nov 2003 17:36 | ||
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| You should receive a 1099 from the casino in January. Then simply report it with any other 1099s you might have when you do your taxes. Don't leave it off, because the 1099 mean the government already knows about it. -Moz "Looks like we caught us another customer, Eddie." | ||
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| Re: bad beat tax???, robdawg, 22. Nov 2003 17:41 | ||
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| Thanks | ||
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| Re: bad beat tax???, Carlk73, 23. Nov 2003 15:40 | ||
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| I can't believe you have to pay tax on gambling winnings! Here in the UK it's all tax free. | ||
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| Re: bad beat tax???, excession, 30. Dec 2003 18:36 | ||
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| on 23. Nov 2003 15:40 Carlk73 wrote: > I can't believe you have to pay tax on gambling winnings! Here in the UK it's all tax free. > is that right ? even if you were pro? I know that horse racing winnings in UK are tax free etc,,, didn't realise that this applied to poker though... | ||
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| Re: bad beat tax???, zman, 25. Nov 2003 11:18 | ||
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| on 22. Nov 2003 17:34 robdawg wrote: > IM new here any info will help. Won a bad beat jackpot last night, > about $4,438 how and when do I pay the tax on it? How much? Thanks again in > advance. Depending on where you won it, they may or may not report it to the government. If they don't, you don't have to pay the tax unless you really want to. Otherwise, some gaming facilities will let you pay the tax on the spot or you can wait until you file your income tax and pay it then. Just be sure to remember the exact amount you won. | ||
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| Re: bad beat tax???, kennycatkiller, 27. Nov 2003 09:51 | ||
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| You alone are responsible for paying your income taxes. Virtually all the on-line sites are "off-shore," so you will not get a 1099-G or W-2G. Nonetheless, it is your responsibility to pay your taxes. In a state-side B & M casino, they are obligated to give you a copy of any form which they are required to furnish to the IRS. If you qualify as a "professional gambler," you can offset your wins with your losses, as well as write off you legitimate expenses (file Schedule C) However, if you are not a pro, you can offset your wins with your losses only if you itemize your deductions (Schedule A). Good luck kennycatkiller | ||
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