April 16, 2008 at 12:00 pm
#765834
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!