What The Federal Tax Reform Means for Gamblers – The Monday Link

EVERY MONDAY, NETG BRINGS YOU A GAMBLING POST FROM SOMEONE ELSE FOR YOUR INTEREST, ENTERTAINMENT, AND KNOWLEDGE. WE CALL THIS: "THE MONDAY LINK" According to Motley Fool's Matthew Frankel, "The Tax Cuts and Jobs Act was the biggest overhaul to the U.S. tax code in decades, and it made some significant changes to the tax deductions that … Continue reading What The Federal Tax Reform Means for Gamblers – The Monday Link

Taxes – A Quick Gambler’s Guide – Part 2

In part 1, I suggested to not have the taxes taken out immediately after hitting a jackpot over $1200. Instead keep a log and get win/loss statements from the casinos you play at the most. Let's see what the IRS thinks: Your gambling winnings are fully taxable and must be reported on your income tax … Continue reading Taxes – A Quick Gambler’s Guide – Part 2

Taxes – A Quick Gambler’s Guide – Part 1

Wow! a Jackpot! Now What... How many times have you finally hit that rare jackpot over $1200, your machine has locked up and here comes casino staff - much quicker than that 15-minute ago drink order. "Congratulations!", as they make the usual check for any machine malfunction or possible shenanigans on your part - to … Continue reading Taxes – A Quick Gambler’s Guide – Part 1