What are the federal income taxes for these gambling games, and make it simple because I’m fifteen?
October 5th, 2009 | by admin |
Lestavis H asked:
1. Casino Games
2. Lottery Games
3. Horse/Dog Races and other wagering transactions
4. Bingo
5. Slot Machines
6. Keno
7. Poker Tournaments
Doris
1. Casino Games
2. Lottery Games
3. Horse/Dog Races and other wagering transactions
4. Bingo
5. Slot Machines
6. Keno
7. Poker Tournaments
Doris
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- Does any body know how to play the slot machines or video poker machines that have the bingo card?
- Online Bingo Games: Experience the Excitement and Have Fun
- What is the big fuss about gambling in Ohio?
4 Responses to “What are the federal income taxes for these gambling games, and make it simple because I’m fifteen?”
By wartz on Oct 7, 2009 | Reply
Charlene
This may be a bit complicated for you unless you know what an income tax return looks like and gambling is a strange animal for tax purposes.
Winnings are subject to index at whatever the persons income tax rate is.
Losses can be deducted from taxable income up to the amount of winnings if you itemize deductions but not if you take standard deduction. As a general rule you will not itemize deductions if you are not buying a house.
By Sharon T on Oct 9, 2009 | Reply
Joann
Winnings from all of these sources have to be reported on ones income tax return. It depends on what tax bracket a person is in.
By rhsaunders on Oct 12, 2009 | Reply
Melissa
First response is sound. All gambling is treated identically for tax purposes: net winnings are taxable income; net losses are not deductible.
By Tax Lady on Oct 14, 2009 | Reply
Holly
For you the tax rate is zero. You’re too young to gamble. Is that simple enough for you?