Posts Tagged ‘winnings’

Question by BIgdan6609: Do i have to pay Taxes on my online gambling winnings?
I just started gambling online and i was thought do i have to pay taxes on my winnings? I am currently playing American Roulette and every time i win do u have to pay that in my yearly taxes? is it every time i win or every time i with drawl? i live in Pennsylvania

Best answer:

Answer by not 2 B fooled
You are supposed to pay taxes on any form of income, and gambling winnings fall in that category….some people will try to not pay, but risk a chance of an audit

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Question by rhoula1: are there any good casino games online? That you actually get your winnings?
looking for a place to play online

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Answer by Simeon C
There are a lot of online casinos that offer great games for you to play. Make sure you do your research to finds ones that are reputable and trustworthy. You can try http://www.acehero.com/Casino_Sites/ . They got a huge list of online casinos with detailed and updated report on each of them. The games (with screenshots) offered are also listed there. You can start your venture there.

To win money, you have to have decent gambling knowledge. Know the gaming strategy. For example, if you play BlackJack, make sure you know the Basic Strategy inside out.

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Question by rooshika d: Will I have to pay taxes on my winnings from gambling online ?
I live in the usa , and the online casino I’m going to withdraw my winnings from is located, and licensed in St.Johns Antigua and Barbuda. if I request my winnings from a bank wire transfer, then will I be taxed?

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Answer by robert
Legally , yes, you have the obligation to pay taxes for the winnings.

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Question by beatzscientifik: How do taxes work for winnings from online poker/gambling sites based outside the US?
If you win $ 50,000+ from an online poker/gambling site based outside the US, is there any way to cash out the money without having to pay taxes? If not, can someone explain how taxes would work?

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Answer by snwbrder0721
You may want to contact a tax specialist or CPA, but my understanding is that since online gambling is illegal your only option for taxes is to report it under “other income earned” on a tax form. It’s like a catch 22 since it’s illegal earnings, but yet the government also wants to tax those illegal earnings. I’ve heard advice of getting an account with an offshore bank and taking out cash from an ATM so that it’s not as tracable if you were audited. You might lose a % with fees and such, but your best bet may be to keep it in cash so there aren’t as many paper trails to follow. If you do end up paying taxes on it you would pay in the high bracket like a lottery winner, upwards of 35% I believe.

My advice, if you’re really making that kind of money you’re either good or lucky. In either case look into a trip to Vegas and keep everything legal so you can enjoy your winnings to the fullest without worrying about the FBI knocking down your door.

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Question by rooshika d: Will I have to pay taxes on my winnings from gambling online ?
I live in the USA , and the online casino I’m going to withdraw my winnings from is located, and licensed in St.Johns Antigua and Barbuda(outside the USA). If I request my winnings from a bank wire transfer, then will I be taxed?

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Answer by Alex
Yes, you will. Any money made, whether domestically or in another country ends up being taxed if you live in the US. Hiding the money you earned would be a felony, though.

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Question by beijing: Do foreign gamblers pay taxes on their casino table games winnings?
When you cash out $ 10k or more and they ask for more informations about you to get you a 1099 and you give them your China passport for example. What can/will the irs and/or the casino do?

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Answer by pdq
You haven’t really given us enough information. In what country are these people gambling? You have to follow the laws of that country. In the US, there is a 10K limit you can cash in before you have to fill out forms, but that’s easy to get around. Just cash out for 10K, then go to another teller and cash out for another 10K. I don’t know what the rules are for the country you’re talking about.

***EDIT***

I added a “Thumbs Down” just for your lack of being able to make a comprehensive sentence. Yikes!

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Question by Jim C: I live in the United States, how do I get paid my winnings through online gambling?
How do the online gambling sites award winnings to USA players? Even if you do win and are a US citizen, how do you acknowledge your winnings?

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Answer by Felix
they can probably cut you a check..

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Question by JoeyT: Platinum Play Casino has a no-deposit bonus where you play with 0 & keep the winnings? How do they make $ $ ?
Is the “free play” rigged?

Best answer:

Answer by poolfool954
Its not rigged. They just know you won’t be able to stop playing after the $ 200.

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Question by Bilbo Baggins: How long does it take to get paid my winnings from an online casino?
I am going to win some money online today, and I’m looking for an online casino with quick payouts of winnings! I guess the games should be fair as well.

Best answer:

Answer by Harold T
would have no idea but maybe you got taken sorry

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Question by flipstylemm: Does anyone know if online casinos tax you on your winnings come tax time?
I was wondering if these guys tax you on your winnings if it comes tax time and if there are anything I can do to not get taxed so heavyly

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Answer by DJ
It is not the casinos who tax you – it is the government.

If you itemized your deductions and you have the documentation to support your losses, then you can deduct your gambling losses to the extent of your gambling winnings – but if you won ,000 and only have documentation to support ,000 in losses, then you will be taxed on ,000 income.

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