Gambling Winnings And Taxes

Filed in archive Gambling and the Law on November 9, 2007

Source:www.southplainfieldnj.com

Personally I think having to pay taxes on gambling winnings sucks, but it's the law and it has to be obeyed.

Don't think for a minute that there's a way out of it either, at least not as far as any winnings accumulated in a legitimate casino.

If you win a jackpot over a certain amount here in a Las Vegas casino, you must sign an acknowledgement and agreement to pay Federal taxes on the winnings.

There are changes coming in the way a gambler's Federal tax liability is handled, and you can read this article about the proposals, and what the government and casinos will be doing when you hit a casino jackpot.