Gambling and Taxes - 2021 Update - Video Slots
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Watch American Casino Guide Video: Gambling and Taxes - 2021 Update.
Steve and Matt Bourie, from the American Casino Guide book, interview Russell Fox, one of the nation's leading experts on gambling and taxes.
They discuss how all U.S. gamblers, including: lottery winners, casino players, sports bettors, and others could be responsible for paying three different types of taxes on their gambling wins: federal, state and city. They also delve into how players could very easily be taxed on money that they actually didn't win!
Fox explains how gambling wins are treated by the IRS, how gambling losses can be deducted, and what kind of information is needed to provide proof of losses. They also discuss the same issues for state and city taxes, plus how you might be able to get some of those taxes refunded if you are not a resident of the state or city where you won the money.
00:00 Introduction
03:00 How are gambling winnings treated for tax purposes?
4:30 How are table games players treated different than machine players?
07:43 How are winnings reported and can you deduct your losses?
10:15 If you make a deduction for losses, what do you need to do to prove those losses?
12:10 Should all gamblers be keeping a journalevery time they go to a casino?
15:40 There is talk of the threshold for issuing a W2G going from $1,200 to $5,000, which would simply account for inflation. Do you think this will happen
17:40 Does a foreign citizen have to pay taxes if they win a taxable jackpot playing at a U.S. casino?
20:45 What about state taxes on gambling winnings?
24:45 What about city taxes on gambling winnings?
26:20 Overall, what do you think of how gamblers are treated by the US tax system and do you think anything could be done to make it a better system?
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