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Steve and Matt Bourie, from the American Casino Guide book, interview Russell Fox, one of the nation’s leading experts on gambling and taxes. Fox is the co-author of “Tax Help For Gamblers”, along with Jean Scott and Marissa Chen. Look for it on Amazon.
They discuss how all U.S. gamblers, including: slot machine players, table game players, sports bettors, and online casino players, are treated differently for the issuance of W2-G forms.
Fox explains how gambling wins are treated by the IRS, how gambling losses can be deducted, and what kind of information is needed to provide proof of losses.
They also talk about how, in some situations, gamblers could be responsible for paying state and city taxes in addition to federal taxes. Plus, they delve into how gamblers could very easily be taxed on money that they actually didn’t win!
Fox also takes time to answer a few questions from viewers about special tax situations.
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I can confirm that I have had slot attendants at an Atlantic City casino tell me they do not take taxes out because you may not owe any tax after you account for all losses. I will not accept that answer in the future. My last hand pay was in a PA casino and they took taxes out with no questions asked.
Another topic not discussed is if a win/loss statement is sufficient to prove gambling losses. I have heard it is not and you need track every bet placed to prove losses. I've also heard that any comps you receive are also taxable.
They really need to modernize some of these gambling tax laws. In 1977 $1200 was about the equivalent of $5500 today. If they lowered it at all I would probably stop playing slots. I often have wins in the $400 – $800 range. If I had to pay taxes on many of those wins too it just wouldn't be worth it. Gambling is a hobby, not a business for most of us. I don't want to keep detailed records and/or hire an accountant just so I don't get ripped off by the tax man.
I had taxes withheld on all my hand pays last year. Do I get that money back from the IRS if I lost all my winnings. That would be awesome! 😄 I desperately need it for sure.
I’m in Massachusetts, and the threshold for a W2G is only $600, to be on par with the lottery…
What happens if you win a jackpot on a cruise ship? The cruise ship is not flagged in the US.
If you are like me, my deductions are not high enough so I take the standard deduction. So I cannot use losses to offset the winnings, because my other deductions are not high enough. So If I get a jackpot over $1200, I get stuck paying taxes on that even though for the year I lost more than I won. The tax system should be changed to treat gambling on one form where you put your winnings and losses together to determine if taxes need to be taken. Putting them in the deduction section isn't right for people like me. I get screwed. If I was rich and gambled more, won jackpots totally $50,000 in one year, plus pays large home owners interest, etc so they don't use the standard deduction. They get to declare their losses and will pay less tax than I will on their winnings. So once again, the IRS helps the rich get richer.
Great video again. I live in Illinois where you cannot deduct gambling losses. I had a little over $300,000 in W2-G’s last year. My win-loss statements showed that I lost more than $10,000, so I was able to itemize my losses for federal tax, but not state. I owe Illinois over $15,000 now. My tax CPA said that if I claim to be a professional video poker player that I could deduct my losses in Illinois and get that money back. He also said to expect an audit if I did that. I typically just use my win-loss statement from the casino to show my losses for federal. I don’t think that I keep good enough records to go through an audit, so I’m just paying it. My question is, how do I keep good enough documentation to be able to claim that I’m a professional video poker player? May be a good video to show other people how to become a professional video poker player and avoid paying taxes on losses in the states that tax all W2-G’s. Thanks and keep it up!
It snowed in vegas about 15 years ago so nothing is impossible 🥶
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Thank you for the info, My question is is someone wins for example 3,500 and pay taxes there befor they collect and they dont file becouse their income is not taxable, do they still need to file? by the way casino collected 24%.
Hi, so if your on a slot machine and you hit a jackpot less than the 1200, I take it, you should cash out and then keep playing to avoid going over the 1200 limit. Is that correct, because when you use a cash out machine, who knows who you are?? THIS IS iI THEORY ONLY, SINCE THAT WOULD BE ILLEGAL I play in Pennsylvania. Thanks