Each year millions of people travel to gambling destinations, including Las Vegas and Reno in Nevada (US) or Monte Carlo and Venice (Europe). A vacation in such places is especially meaningful as far as you want to play some casino games, like roulette, slots or card games but what if you really win, I mean win big? Do you know how to handle the legal aspect? Do you know what taxes to expect? Being unprepared can ruin the fun and joy of winning so let's take a look at some of the issues.
Every casino gambler who steps in a casino hopes to win big prizes and, although most gamblers feel their wallet thinner on the way home, there are also lucky (or simply smarter) gamblers who can tell the world they won very big.
What Taxes Are Actually Due?
Probably, casino winnings are the most unexpected events in life (no matter how strongly you used to wish that!). As a consequence, a very large number of casino winners don’t know how to behave with their winnings as to the IRS (Internal Revenue Service). So, here are a few things to know about how to understand the tax law in relation to gambling winnings, so you’ll avoid a mess with the next IRS:
The gambling tax rate you have to pay on your gambling winning is of 25%
Keep in mind that the casino withholds the tax rate on the winning when you claim your prize (so, the slot machine jackpot you can take home is, actually, lower than shown on the slot machine screen)
The casino provides the winners with an IRS form, called a W2-G, that the winners use to report their gambling income
Consider also that casinos are not required to withhold taxes to gamblers who won at certain table games (roulette, craps and a few more)
Each type of gambling game corresponds to specific IRS rules when reporting the amount of winning. So, on a horse racing winning you must report any winning exceeding $600 or 300 times your wager, whereas on a slot machine winning you will report any winning over $1,200
That’s Why Gamblers Choose Online Slots
The taxations duties for US citizens are surely very complicated. A similar situation does, actually, lead so many gamblers to the way of online games.
Slots and pokies are undoubtedly the world’s most played and beloved types of casino games. the high number of slots and pokies games is clear evidence of this fact. If you want to play pokies for fun without going out, jump on Play Pokies and enjoy the latest game additions!
Yes, Everyone Can Play Pokies For Free!
Let's say you don't care so much about the winnings, you just like to play for fun. That's impossible in Vegas and one of the biggest advantages of playing online! One of the most comfortable aspects of choosing pokies from the casino games selection is that you can even play for fun, without to use your real money and without to download casino materials on your device.
That’s the best way to try new games, latest games and see if you like them in all freedom!
As you are reading this article, we do however believe that your main goal of gambling is to make some extra cash. So we have a surprise for you.
You can actually play, online, for free, without any deposit - and still, cash in your potential winnings. It's called a no-deposit bonus. You can only find them and use them online.
This great bonus is probably the only star who never made it to Vegas! Make sure you won’t miss the special gift for gamblers signing up for the Australia-Casino.org newsletter! Not only will you stay updated with all the legal aspects of gambling but you will also have easy access to the many recommended casinos that offer no-deposit bonuses for Australian-Casino readers - It can't get any better than that!
Written by Annie Sanders