Poll of the Day > If gambling winnings are taxable, then the return rate is really low.....

(+) Yeah! (+)

I used to go to Red Wing Casino for their all you can eat crab legs (yum!!!), when I lived in Lacey.

When I would go, I would see soooooo many retired people playing the slots hour after hour, the amount of money they burn through doing that is pretty insane all by itself.

But for some reason I was thinking about that this morning.....and I realized that if they ever did win anything, they would have to pay taxes on it!!!

That goes for pretty much all types of gambling as well, horse races etc, so even if your odds were pretty even (and they are usually not even close now adays, especially at indian casinos), you still end up winning much less than you bet, because you pay taxes on the winnings.

That is crazy, why do people throw their money away? Seriously I was watching (sometimes there are long lines for the buffet) and paying attention and many of those slots eat about $100 an hour!!!

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You just don't report the winnings.


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Gambling addiction. :(

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I read somewhere they auto report it if you win over a certain amount. I guess that could work if you only won small amounts, but basically it takes all jackpots etc out of play. Even the cheapest slots at this point generally take at least 50 cents to play all the lines, so even non-jackpots would probably be too much.

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KJ StErOiDs posted...

Gambling addiction. :(

It really made me sad to see it. I guess it makes them happy but for $100 an hour, I'm willing to bet there are WAY better things they could be doing lol.

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people have died in fires because they kept playing their slot machines
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I think you can claim your losings or maybe that's the lottery.

dedbus posted...

I think you can claim your losings or maybe that's the lottery.

https://youtu.be/LF17xlDoPo8

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There's no if, they are taxable.

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It's only taxable after a certain amount. And you can't "not report it". They take care of that for you.

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If you only ever win small amounts you can get away with never reporting it.
But large amounts, to cash out you need to go through a bunch of paperwork at a cash desk in the casino.

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Ogurisama posted...

If you only ever win small amounts you can get away with never reporting it.
But large amounts, to cash out you need to go through a bunch of paperwork at a cash desk in the casino.

Yeah, so any kind of jackpot etc, and boom your taxed, probably 30%+ and maybe state taxes as well in some states (no clue).

I only ever played nickle slots back in the day in vegas etc, and the jackpots were usually $200 or so (some where like $400), so you never had to declare them.

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