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Biggest Mistake while playing Texas Holdem POKER
The BIGGEST MISTAKE you can make while playing no-limit Texas Holdem is to focus too much on your cards... If you're playing draw, stud, limit, or any other form of poker, then it's important to concentrate on MATHEMATICAL ODDS and...
Carnival Cruise - a perfect holiday, Rock and Rolling with Carnival Cruise
If you want to have fun for one low price, all you need is a Carnival cruise. A Carnival cruise is a perfect way to pamper yourself. You don*t have to worry about paying extra for meals, entertainment and a range of activities. You just unpack...
Costa Rica has been called the Hawaii of Central America
Considering a romantic or family Costa Rica vacation? You're choosing one of the best tourist destinations in the world. Costa Rica has been called the Hawaii of Central America. A Costa Rica vacation is full of beauty, lush foliage, many wildlife...
Craps Online
Want to learn how to play Craps Online ? You've seen it being played before, you have heard about it and now you want to get in on the excitement of online craps. If you looking for a game of craps online start by trying to find the rowdiest...
Las Vegas - A City Guide
Las Vegas - A City Guide
Introduction
Las Vegas is the most populated city in Nevada, United States.
The city was founded in the first decade of the 20th century,
and is a major vacation, shopping, and gambling destination. The
center...
Nightlife In The Bahamas
Travelers to destinations in the Bahamas, in addition to enjoying the many fascinating activities offered by the islands, ranging from the traditional attractions of sun, sand and surf to the culture attractions of museums and historical sight to...
Playing live casino poker for the first time
The type of game and the stakes you are going to play for are the two first decisions you have to make before entering a live casino poker game. The minimum buy-ins in most live poker rooms are ten times the minimum bet, but a general rule of...
Sports betting truths
The first ever recorded sports bets, took place on 10 September 1858, by two spectators watching a game between the Brooklyn Eckfords and the New York Mutuals, placed a 100$ bet as to whether or not John Holden would hit a home run. Holden himself...
Top Holiday Travel Destinations
Despite the high cost of fuel and other travel expenses, an
estimated 63.5 million Americans are planning to travel at least
50 miles or more from home this Christmas and New Year. Hotel
rates are up nearly 15% at some popular destinations,...
Virtual Casino Onlne
What is a “ virtual casino online ”? This is a term used to describe a website using software that enables you to gamble with real money online, in real-time. The virtual casino online enables you to purchase tokens or credits via credit card,...
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Gambling Income and Expenses - Taxes
Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return.
Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately, gambling income also includes the fair market value of prizes such as cars, houses, trips or other non-cash prizes.
Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or more in gambling winnings and your winnings are at least 300 times the amount of the wager, the payer is required to issue you a Form W-2G. If you have won more than $5,000, the payer may be required to withhold 25 percent of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 28 percent.
The full amount of your
gambling winnings for the year must be reported on line 21, Form 1040. If you itemize deductions, you can deduct your gambling losses for the year on line 27, Schedule A (Form 1040). You cannot deduct gambling losses that are more than your winnings.
It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses.
Face it, the IRS gets you coming and going. Well, I’m off to play poker.
About the Author
Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.
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