How much can you win gambling without paying taxes

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How much can you make without paying taxes... :: GoFTP…

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Five Important Tips on Gambling Income and Losses - IRS ... Five Important Tips on Gambling Income and Losses August 29, 2012 – IRS Summertime Tax Tip 2012-24 Whether you roll the dice, bet on the ponies, play cards or enjoy slot machines, you should know that as a casual gambler, your gambling winnings are fully taxable and must be reported on your income tax return.

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Legal Environment: Indian courts and legislations have always considered gambling to be a pernicious and immoral activity. The Courts have on various occasions held that gambling and lotteries of any form causes grave economic harm to the …

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The law does allow players to take gambling losses off their taxes, but only up to the amounts of their winnings. Of course, if you win, say $135,000, you can take off all gambling losses, up to that amount. If you gambled away, say $65,000, you would only have to pay taxes on the remaining, let’s see: $135,000 minus $65,000 equals $70,000. Learn about gambling and the lottery in Massachusetts | Mass.gov

How Are Gambling Winnings Taxed? | The TurboTax Blog

Answers. You're probably talking about the casino. In a casino, you can win up to $1,199 at a slot machine and you won't need any paperwork. $1,200 or higher and you'll have to fill stuff out for the feds. When cashing out casino chips at a cashier's cage, you can cash out $10,000 with no questions asked. Gambling Laws in Las Vegas. What You Need to Know Casinos report gambling winnings for these games to the IRS when a player wins $1,200 or more from a bingo game or slot machine or if the proceeds are $1,500 or more from a keno game. When you exceed these amounts, the casino may withhold taxes and will provide you with IRS Form W-2G.