Someone is trying to tell me that if you win $50,000 in Las Vegas that in some games it is taxable but in some other games it is not taxable. That can't be true can it? Isn't all gambling income taxable?
Taxes
Apr 09, 2006
7 Replies
"Dr. Woodard" wrote
It's all taxable less your bet price. So unless you bet $50,000 and then won $50,000........
A was flipping through the channels yesterday and tripped over a show on gambling in Las Vegas. Their claim was that some games in Las Vegas are not taxable if you win, but others are.
(The Travel Channel, a show on Las Vegas casinos.) (The Travel Channel, a discovery network)
"Dr. Woodard" wrote
Some winnings are not ~~withheld~~ on, and others are. Is that maybe what you heard, or what the show meant to say but didn't.
I can't imagine what gambling winnings are not considered income for federal tax purposes.
winnings are taxable, unless off set by losses... the irs always gets a % of any income...right? (except the low yield, tax exempt investments)....
The show was saying the casinos apparently have tax experts on their staff who advise on taxes.
But the clear implication is that in some games you can win $50,000 and pay zero in taxes, Apparently it depends on the game being played.
"Dr. Woodard" wrote
Isn't that always the case when avoiding taxes on $50k?
Aren't gambling losses NOT rollover-able? So to not be taxable means you had a net loss in the year?
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