Casino is the most favorite place where everybody likes to visit once in their life. Although people use casino for excitement, to win or lose the game is not an enough story. When someone wins the game he has to pay taxes for his/her winnings. But it depends on where the casino player lives. Most of the countries have their own laws about casino winning taxes.
When you win some money at casino, then you have to maintain a record for it. Legally you have to report to “IRS”, then you will receive a W-2G form from them. It is necessary for a player to write down an accurate report of his winnings because “IRS” will already be aware of your winning list. It is illegal enough to hide something like the information about your winning. And you may face some hurdles or problems in future. Following are the simple steps that may make casino tax paying an easy task for you.
1. It is your duty to inform IRS about even your smallest amounts. If you don’t do that then they may create some problems for you in the future.
2. Casino will report to IRS about your earning records, as it is mentioned in (rules of IRS). This depends on your winning amount.
3. Besides winnings, you also have to mention gambling losses in your report.
4. It is necessary for you to attach all forms of gambling, including W-2G forms to avoid any kind of tension.
DIFFERENT TYPES OF CASINO GAMES
Different types of casino games are given below. Each of them has different methods to keep track.
Lotteries: In lottery related games, you have to keep record of winning statements, W-2G forms, payment slips, etc.
Racing: In this type of game, you have to keep payment records, unredeemed tickets and should maintain the total amount collected from the races.
Slot machines: In that case, you have to maintain the record of machine numbers, receipts of the cashiers, dates and timings of all winnings.
Bingo: In this type of game, you should maintain the total amount collected from purchasing the tickets.
Table games: In the case of table games, credit card and total number of the tables should be maintained.
Sports bar: You should here maintain the amount collected after the winning tickets
If maintain these track records, then it will become easier for you to provide all the details of your casino game to IRS