Are winnings at Indian casinos subject to IRS taxes?

Question

Are winnings at Indian casinos subject to IRS taxes?

Answer 1

Any capital gains need to be reported. IRS will get documentation from the casino...

Good Luck...

Answer 2

Yes.  If I remember correctly, it's anything over $1200.00 in Michigan.

Answer 3

Ok, the answer to this is YES (IF) it is a Jackpot winning. If you go into a casino and just win like say a few hundred on several different machines then NO you do not have to claim this on your tax return. Not unless you want to Itimize on your return. Say that you have Lost more than you have won during the year then you can get SOME not all of your loses back. But there is a catch to this. Once you start claiming gambleing wins & losses on your tax return then you will need to do so every year. If you get a Jackpot win say you hit 1 machine for $1,200.00 then the casino will send a notice to the IRS that you won this amount of money. You can go on and have the casino take out the Taxes at the time of you winning. This way if you usally get all your tax money back when you file taxes each year then you should get this back too. The casino will also send you a Form W-2G  that you will need to send with your tax return when you file your taxes. It will also have on this form just what was if any taken out for Taxes. If you had them take out for taxes but it doesn't show this on the form then you will need to get in touch with the casino that you won at & let them know this as they will need to send you a Corrtected W-G2 Form. You MUST have this form when you go to file your Taxes!! I hope that I have Helped you in some small way!! Good Luck!!!!!

Answer 4

yes, you have to fill out a tax form for the end of the year taxes