When you win money in a gambling casino, how is it taxed?

Question

Is the money won in a casino taxed before you receive the money, or do you have to declare it later on your tax forms?

Answer 1

$10,000.00 or more will be taxed at the casino

Answer 2

Winning at a casino is taxable income.  It is reported on you tax return or quarterly if you file quarterly.

Some types of winnings have a with holding requirement such as if you win $600 at Keno, then there is a with holding requirement.

Transactions of $10,000 or more or any suspicious transaction in any 24 hour period must be reported to the government by the casino.

Answer 3

Yes. The IRS gets their cut "on the spot". The Casino has to fill out a Federal form BEFORE they issue you any winnings. The IRS usually keeps 25% to 45% depending on the amount won.

If your casino allows it, it is best to LEAVE the winnings "on account" and draw on them. Some casinos allow that and some do not. Check it out before you start playing. Know the rules and restrictions and you will enjoy it best.

Answer 4

You have to declare it like any other income.

Answer 5

depends on the state.

In California - $10,000 or more is declared (ie jackpots) Anything under, nope!

Besides, it'd be a hassle for everyone to claim gambling winnings...now if only we could claim the losses...!