2. Gambling winnings
What happens in Vegas, stays in the IRS’s drawer. All payers must issue you a Form W2-G when you win $1,200 (or more) from bingo or slot machines, $1,500 (or more) from keno, more than $5,000 from a poker tournament, or $600 (or more) from other wagers if your winning is more than 300 times the amount of your bet.
If you’re an experienced gambler, there’s some good news: Your gambling losses are deductible if you itemize on Schedule A, but here’s the trick… they are deductible only to the extent of the winnings you report as your income. Sometimes your state government will tax your gambling winnings too.
Do you want to get rid of gambling taxes? Move to Australia, Canada, UK, Germany, or Italy—these countries don’t tax your gambling winnings.
Discover how you can end up losing twice next…..
