Factoid: Twenty-five years ago 2 states had legalized gambling and 48 did not. Now 48 do and only 2 do not (Hawaii and Utah.)
Factoid: Nevada gambling revenue was $1 billion in 1975 ..$10 billion in 2004 and is projected to be $15 billion in 2009.

'Las Vegas was built for people who are really bad at math..' ..Penn Jillette (Penn & Teller, now at the Rio!)

'There are two times in a man's life when he should not speculate: when he can't afford it and when he can.' ..Samuel Clemens, also known as 'Mark Twain' (1835-1910)

In the last decade, entertainment, shopping and fine dining have replaced gambling as the top attraction for visitors to Las Vegas. Many hotels get more than half of their revenue from non-gambling sources.

Although tourists no longer list gambling as the primary reason for their visit, almost all are willing to risk an average of $500 each trying to hit that elusive jackpot.

Nov 21, 2019 Even if you are gambling online from your own home, if you play on a US online poker site, any winnings or prize money will be considered to be American income and taxed accordingly. With more than 20 years’ experience helping Canadians file their taxes confidently and get all the money they deserve, TurboTax products, including TurboTax Free. Here are five important tips about gambling and taxes: Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races. If you receive a certain amount of gambling winnings or if you have any winnings. Generally, you report all gambling winnings on the 'Other.

Nationwide, casino gambling is a $50 billion business. And 20 percent of that amount comes from just one state ..Nevada. One third of all Nevada general tax revenue comes from state gambling taxes.

The state of Nevada and casinos like to call it “gaming” since ”gambling” has such an negative ring to it. We agree. “Gaming” is a better word for the games of chance legally offered in Las Vegas. Games are played for entertainment. And this is how you should treat the money you risk in Las Vegas in hopes of hitting “The Big One.” Play for fun and the “possibility” that you might win. NEVER take Las Vegas gambling seriously.

You may be required to withhold 24% of gambling winnings for federal income tax. This is referred to as regular gambling withholding. Withhold at the 24% rate if the winnings minus the wager are more than $5,000 and are from. Their stance is that IL does not tax nonresidents for gambling winnings they win in IL and IF other state followed this same rule, they would not tax IL residence. BUT we all know, OTHER states do not follow the same ruling as IL and THEY DO tax IL residents on winnings in their state.

Gambling laws in Nevada

Las Vegas gambling was legalized in 1931. The Nevada Gaming Commission and Control Board develops and administers all gaming regulations. Their website can make interesting reading. Casinos with more than 15 slot machines pay an annual tax of $250 on each one. There is also an additional monthly tax of up to 6.75% on gross gaming revenue ..a percentage that is the lowest in the U.S.

Anyone working as a gaming employee must be registered with the state and have a valid gaming work permit. This includes all casino workers except bartenders and cocktail waitresses.

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You must be 21 to enter a casino, gamble ..or purchase or consume alcoholic beverages. If you look young carry a state-issued ID with photograph such as a driver’s license. Children are permitted in the casino public walkways but are not allowed to be near slot machines or gaming tables. You are allowed to carry open alcoholic beverage containers on the street, but not in a vehicle.

Taxes on gambling winnings

There are some things you should know if you are lucky enough to win. The Internal Revenue Service (IRS) requires all casinos in certain instances to withhold federal taxes if you win over a certain amount. The percentage withheld ranges between 25 and 30 percent depending on how you won. Here is how it works.

If you had gambling winnings, the casino is required by the IRS Information Reporting rules to withhold 28% as income tax if you do not provide a documented TIN (Taxpayer Identification Number, that is, your Social Security Number.) We have heard of cases where it is withheld no matter what. The withholding tax is 30% if a foreign gambler. The tax rate is 25 percent if the amount is over $5,000 (except for non-resident aliens.)

When your winnings exceed a specified threshold and/or tax is withheld, the casino will give you an IRS Form W-2G showing the amount you won and the amount of tax withheld. Report (and take credit for the tax you paid) on your IRS Form 1040 tax return at the end of the year. (Only use Form 1040 if you had gambling winnings; you cannot use any other form.)

Generally, gambling winnings are reportable to the IRS if the amount paid is (a) $600 or more and (b) at least 300 times the amount of the wager. This requirement primarily applies to lotteries, sweepstakes and other big winnings from small bets. It does not apply to winnings from bingo, keno, and slot machines.

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. They keep the original and give you two copies of the form. (If state income tax withholding is required on gambling winnings in your state, additional taxes may be withheld.)

The rules are different for table games (such as blackjack, baccarat, craps, roulette or other spinning wheel games.) Since Nevada casinos do not know the amount you started with, they are not able to determine how much you won (..your taxable gain.) As a result, federal law provides that there is no withholding or even reporting of table game wins to the IRS. It therefore follows that table game winners probably do not report their gambling profits to the IRS.

You not only pay taxes on gambling profits, but you can also claim gambling losses as an itemized deduction as well. But you must keep some kind of documentation (such as a diary or tickets) to substantiate the amount and nature of the losses. In any event, you cannot claim gambling losses that exceed your winnings.

Managing your money

Greed is the downfall of most players. The odds that you will win if you play long enough is statistically wrong ..as is; having doubled your money, you next try to quadruple the winnings (and end up losing it all.) Both concepts have built a lot of nice hotel-casinos in Las Vegas.

My system for managing gambling money is simple. I budget $100 a day which, according to statistics, is about average for Las Vegas visitors. If I am on a five day vacation, I put $100 in each of five dated envelopes ..a total of $500. I ration the money throughout the day and stop when I lose my hundred and do other things. I might stop when I double my allotment. In any event at the end of the day, I either am ahead or behind. If I am ahead, I put whatever portion of the $100 I have left (hopefully it is more than $100) back in the same dated envelope and place it in the room safe that hotels provide. Tomorrow I play with the money in following day’s envelope. The most you can lose is $100 on any given day ..or $500 for your trip. I am happy if I break even ..and you should be too. Once in a while I go home with “their” money. In recent years I have done better. I will tell you how later.

How Much Do Casino Winnings Get Taxed

The bad news: There are no casino games or bets where the house does not have a clear advantage. The odds either favor the house ..or they get a commission. And if you are not familiar with basic information about the games you pl