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Reply To: Taxes

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#765834
Anonymous
Inactive

Quick side note on gambling vs tax I did NOT know.

You only need to pay taxes on games that offer high odds, I think but not sure it was anything that has over 100-1 odds. So you hit big on a slot that’s taxable, you make 2 million on blackjack that is NOT taxable.. saw that on a Vegas show where they interviewed the casino management. He said its a giant unknown and people assume they need to pay taxes. Hence they only require you to fill out a tax form on winnings that fall in those guidelines.

sorry this was off topic!