Americans May be Paying Taxes on Land Based Casino Wins of $600 or More

4,244
views
7
replies
Last post made 9 years ago by stringertom
Feelin froggy
  • Started by
  • Feelin froggy
  • United States Superstar Member 6049
  • last active 1 year ago

Back to list

Readers of this topic also read:

  • Hi LCB'ers, Testing Lucky Hippo Casino- an unlicensed and US-friendly online platform! Find out both the smooth aspects and challenges of the process. Highlights: Tester of the day: Juggaloroscoe...

    Read

    Reviewing Deposit/Cash-Out process at Lu...

    2 513
    2 months ago

  • CrownSlots Casino - Royal Monthly Tournament Promo valid: 01.09.2024. (00:01 UTC) - 30.09.2024. (23:59 UTC) Prize pool: €1,000 Please sign up HERE if you don't have an account. - Each 1 EUR real...

    Read

    CrownSlots Casino Tournaments

    1 368
    2 months ago

  • Spades Queen Casino - Exclusive Deposit Bonus All players - No US! 100 Free Spins on any game from the 'Bonuses' Page. How to claim the bonus: Players need to sign up from our link and activate the...

    Read

    Spades Queen Casino Exclusive Deposit Bo...

    1 776
    2 months ago

Please or register to post or comment.

  • Feelin froggy
    • Started by
    • Feelin froggy
    • at Mar 09, 15, 11:32:11 AM
    • United States Superstar Member 6049
    • last active 1 year ago

    Thanks for this post from:

    The IRS has proposed that the tax threshold be lowered on all land based casino wins. The proposal would see single wins of $600 or more be taxed rather than the current limit of $1,200. This will result in your machine locking when you hit a single win of $600 or more and you'd have to claim it as income each year. Nothing is final yet and the issue will be discussed over the next 3 months.

    The casinos are being backed by the American Gaming Association, who views the proposal as unreasonable and unnecessary.

  • zuga
    • Replied by
    • zuga
    • at Mar 09, 15, 11:48:08 AM
    • Yugoslavia Admin 8368
    • last active 1 hour ago

    Thanks for this post from:

    that is BS if you ask me... Hope it does not get passed....

  • blueday
    • Replied by
    • blueday
    • at Mar 10, 15, 02:02:19 AM
    • United Kingdom Almighty Member 37999
    • last active 2 years ago

    Thanks for this post from:

    It's outrageous that you pay taxes on your winnings as it is and  $600 is even more ridiculous.  I hope it fails.

  • Markotik
    • Replied by
    • Markotik
    • at Mar 10, 15, 06:29:04 AM
    • Lithuania Admin 7456
    • last active 2 hours ago

    Thanks for this post from:

    I hope that the discussion will result in keeping the $1,200 limit, and I think that's already too low anyway.

  • Lipstick
    • Replied by
    • Lipstick
    • at Mar 27, 15, 09:18:48 AM
    • United States Admin 13900
    • last active 21 hours ago

    Like we are not already taxed enough between the Federal and State level. The only good thing about that is it can end up being a wash at tax time by showing a loss statement  that can be obtained by each Casino.

  • medtrans
    • Replied by
    • medtrans
    • at Mar 27, 15, 02:25:18 PM
    • United States Super Hero 1359
    • last active 3 years ago

    Like we are not already taxed enough between the Federal and State level. The only good thing about that is it can end up being a wash at tax time by showing a loss statement  that can be obtained by each Casino.


    Seriously?  It's bad enough now at $1,200, but $600?  That is ridiculous.  At table games you can win up to $10,000 without being taxed.  And yes, we can write off losses up to winnings, but only for the IRS.  In Wisconsin you cannot take off your losses and I believe Illinois is the same.  Last year I had 16 signers at the casino and ended up paying $308.00 in state taxes even though I had taxes taken out of almost all the wins.

    What a joke!

    medtrans
  • stringertom
    • Replied by
    • stringertom
    • at Mar 27, 15, 02:30:24 PM
    • United States Jr. Member 69
    • last active 3 years ago

    Thats Bull! We can only hope it makes the machines hit more often since its a lower payout.If land based casinos want to send people online its working! frown

Quick Reply

Please enter your comment.

lcb activities in the last 24 hours

Most viewed forum topics

Anchi
Anchi Serbia 1 month ago
213

See all casino bonuses available for your country on our Halloweenbonus themed page. We will also post updates in this thread for your convenience. If you find any Halloween themed offers feel free...
Best Halloween Casino Bonuses For 2024

213 View
Anchi
Anchi Serbia 2 months ago
11

RitzSlots Casino No Deposit Bonus New Players Only! Amount: $100 Bonus Code: WELCHIP100 Sign Up HERE! WR: 30xBonus Allowed games: Slots Max cash out: $100 Restricted countries for the bonus: Belarus,...
Ritz Slots Casino No Deposit

11 View
tough_nut
tough_nut 2 months ago
3

Grande Vegas - Exclusive Free Spins New players only - USA OK! 100 Free Spins on ' Mega Monster ' How to claim the bonus: New players need to sign up from our LINK and use the bonus code upon...
Grande Vegas Exclusive No Deposit Bonus

3 View