In Vegas Do They Hold Any Taxes On Winnings? If You Win A 20k Sports Bet Do They Tax It?

well i wont say i’m 100% sure if the charge taxes on anything you win in vegas. but last time i check Vegas was part of US and they charged taxes pretty much on everything. in other word.. i’ll bet money they do!
maybe after certain amount they start charging taxes… double digits maybe…

3 Comments

  1. J. DELEON wrote
    at 14:24 - 12th Wrzesień 2009 Permalink

    Legally gambling is income and you should report it. If you kept records you can deduct the money you spent to win the bets. If the casino does not issue a w2g then the irs probably doesnt even know about the money. It also depends on which state you live in. Ca does not tax CA lottery winnings but federal does.

  2. travelgu wrote
    at 14:37 - 12th Wrzesień 2009 Permalink

    Go read the instructions for W-2G

  3. v b wrote
    at 20:22 - 12th Wrzesień 2009 Permalink

    yes

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