Winnings from a casino, Tax?

Question

What is the limit amount I can reach/win before they ask for my identification card? If I enter a table with cash, can I accept them, that they will pay me back in cash? Like I came with $100 and left with $6,700.

Also if I lose and I break even back do I have to indicate that on my taxes?

And if I ask them to pay me in cash, do they tax/deduct me right there? Therefore again do I have to indicate that on my taxes?

Just turned 21. I'm not mexican or anything(Sorry, didn't mean anything by that) but I misplaced by card, I'm in Nevada but I live in Washington.

Answer 1

Hi

tax depends upon the state

Which state you want to focus

suppose if you play casino games online , no need such things

Even you can play with online Live cute dealers

http://www.a2bcasino.com

http://www.fr.a2bcasino.com

yahoo group : a2bcasino

Answer 2

In general, if you play any cash games, the casino won't withhold taxes.

They don't know what you brought to the table, so they don't know how much you won. They don't even know whether you won or lost!

I think the one exception is a slot machine jackpot of at least $1200.

You are legally required to report your gambling winnings as income.

In most states, you don't have to pay tax on income received in another state. So, you shouldn't have to report the winnings on your state form.

If you itemize, you can deduct gambling losses, so keep a careful record of every time you play. But I think there is a limit to how much of your losses you can deduct.

Answer 3

yeap the online poker is a great option to check out, tax free, you can play from the comfort of your house, like Kenny Chesney would say " No shoes, No Shirt, No problem"

Check out http://www.bonusaces.com/poker.html there you can find a few places to play... I personally recommends Absolute Poker and Bodog! check it out

Regarding the tax question... o matter how a land based casino pay you by law you will have to declare that winnings to the IRS ;)