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Do you know when this change was implemented? My last visit was March 2017.
You always had to report if it was $600 or over anyway. I heard that Aqueduct can take the tax out for you so that you don't have to bother filing it but I don't know how accurate that is.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
You always had to report if it was $600 or over anyway. I heard that Aqueduct can take the tax out for you so that you don't have to bother filing it but I don't know how accurate that is.
it is only an estimated payment . we do that with social security and our pension income. we just guess and check a box as to how much in percentage to withhold and it goes in to the pot for use when you actually file
it can be way off from actual when you do your taxes .
I got lucky last night put in 10 dollars in a slot, and got a $900 hit, I went to collect my winnings and was giving a W2-G form for taxes.
Does anyone know how much taxes will be taken out? I heard it's 33% flat tax between state and federal.
How do I offset my future losses against the winnings, through out the year?
I know for a fact that a $900 voucher at resorts will not generate a tax form (because I recently took home $900 myself from that exact place). The threshold is higher
But since it's a New York State racino, for that amount they run you through their database of deadbeats to see if you owe child support or State taxes and if you do they will withhold your payout
Catch 22:
Winnings count as ordinary income. Losses count as itemized deductions up to the amount of your winnings, you must keep a gambling diary, and are only available IF YOU DO NOT TAKE the generous Standard Deduction.
Catch 22:
Winnings count as ordinary income. Losses count as itemized deductions up to the amount of your winnings, you must keep a gambling diary, and are only available IF YOU DO NOT TAKE the generous Standard Deduction.
Which is such a raw deal for gamblers. I'm surprised the IRS hasn't been sued over this, people figure free money and just take what they get. The best place to gamble or win the lotto is in Canada. Zero tax, you get 100% take home on all gambling/lottery winnings. Here in the US you pay taxes on every penny, never mind that the government already took double the jackpot in ticket sales for their general fund. Its double & triple dipping
I know for a fact that a $900 voucher at resorts will not generate a tax form (because I recently took home $900 myself from that exact place). The threshold is higher
But since it's a New York State racino, for that amount they run you through their database of deadbeats to see if you owe child support or State taxes and if you do they will withhold your payout
looking at the irs ruling the casino has to report anything over 600.00 based on 300x wager .so it has to be 300x the bet and over 600 it seems to actually get reported
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