Blackjack Tips Information & Video Source:
Steve and Matt Bourie, from the American Casino Guide book, interview Russell Fox, one of the nation’s leading experts on gambling and taxes.
Fox is the co-author of “Tax Help For Gamblers”, along with Jean Scott and Marissa Chen. Look for it on Amazon.
They discuss how all U.S. gamblers, including: lottery winners, casino players, sports bettors, and others could be responsible for paying three different types of taxes on their gambling wins: federal, state and city. They also delve into how players could very easily be taxed on money that they actually didn’t win!
Fox explains how gambling wins are treated by the IRS, how gambling losses can be deducted, and what kind of information is needed to provide proof of losses. They also discuss the same issues for state and city taxes, plus how you might be able to get some of those taxes refunded if you are not a resident of the state or city where you won the money.
00:00 Introduction
03:00 How are gambling winnings treated for tax purposes?
4:30 How are table games players treated different than machine players?
07:43 How are winnings reported and can you deduct your losses?
10:15 If you make a deduction for losses, what do you need to do to prove those losses?
12:10 Should all gamblers be keeping a journal every time they go to a casino?
15:40 There is talk of the threshold for issuing a W2G going from $1,200 to $5,000, which would simply account for inflation. Do you think this will happen
17:40 Does a foreign citizen have to pay taxes if they win a taxable jackpot playing at a U.S. casino?
20:45 What about state taxes on gambling winnings?
24:45 What about city taxes on gambling winnings?
26:20 Overall, what do you think of how gamblers are treated by the US tax system and do you think anything could be done to make it a better system?
Like our Facebook page! – https://www.facebook.com/americancasinoguidebook/
SUBSCRIBE for more videos: http://bit.ly/1G4l0xv
Tips on Blackjack: http://y2u.be/5ki_92QrqfI
Tips on Slot Machines: http://y2u.be/7Wkubf1PrWg
Tips on Craps: http://y2u.be/7daSiVupvmY
Tips on Video Poker: http://y2u.be/gLYQ3ZIowPA
Source: YouTube
En español por favor
Gambling in America is retarded lol u pay taxes on everything suckers
Australia 🇦🇺 gambling rulez 😛
Start a non profit organization send donation of the amount you would pay in taxes problem solved.
This old cpa is ridiculous 😂
North Carolina state tax does not allow losses against wins. Left off the list.
If I withhold and take out federal tax when I win let's say $2000 dollars at a casino, and my losses are equal to that jackpot of $2000. Would I get back the $480 dollars on my tax refund or so I withheld since I deducted my losses up to my winnings?
So far, Ive won over $51,000 in slot winnings spread out over about 14 Handpay/Jackpots. On some of the larger ones I elected to take the optional federal tax out (state is automatic in Louisiana). On those jackpots Ive paid a total of a little over $10,000 in federal taxes, and about $2000 in state tax. If I claimed a $51,000 loss would I get that federal tax money back?
Can you recommend an excel and/or form to track winnings and losses for slots?
Quick question I owe $120k taxes in slot jackpot but I also deducted the taxes on my jackpots for the total of $120k, so, I owe 0 in slot taxes to IRS. And I was able to write off all my winnings to 0 using my win-loss statement and I am in the 22% tax bracket. So, my question am I getting most of my $120k back?
George Carlin was right, the table is tilted and the game is rigged. There's a big club and we're not in it😂