Going to Vegas......???

Question

I am going to Vegas and I wanted to know if I win money would I have to pay taxes on it???

Answer 1

You do if you win $3000 or more; unless it's a jackpot type win (i.e. from a slot machine or a side bet on a table game - in that case it would be anything over 1200.00, which is why you see quite a few slot machines around town with jackpots of $1119.99).

Answer 2

If you win a significant amount of money on say a slot machine, they will take out the tax and give you the difference.

I really wouldn't worry about it.

Answer 3

I don't know where in the heck these people got their $3000 number from but it's WRONG!  I am an accountant in Las Vegas, Nevada and I can tell you that gambling winnings on slot machines over $1199.99 are taxable and you will be issued a

W-2G.   You will be required to give them your name and Social Security Number and it will be reported to the IRS.

Answer 4

the chances of you winning money in vegas is slim

thats why people go to atlantic city

dont get your hopes up !

Answer 5

Yes, All your net winnings (ie wins minus losses) are subject to income taxes.  Most people either lose or win a small amount and never report it on their taxes.  If you win a large payout of over $3000 the casino will report it to IRS and withhold a portion for taxes.  Most people who go to Vegas do not win money.  Enjoy your tirp.