Winnings Archives - Vermont Republic https://vermontrepublic.org/tag/winnings/ Second Vermont Republic Tue, 09 Feb 2021 11:05:30 +0000 en-US hourly 1 https://wordpress.org/?v=6.1.1 https://vermontrepublic.org/wp-content/uploads/2019/01/cropped-LogoSample_ByTailorBrands-1-32x32.jpg Winnings Archives - Vermont Republic https://vermontrepublic.org/tag/winnings/ 32 32 What Happens if You Don’t Report Your Gambling Winning – 2023 Tips https://vermontrepublic.org/report-your-gambling-winning/ Tue, 09 Feb 2021 06:23:27 +0000 https://vermontrepublic.org/?p=4449 Let’s call this a quite adventuristic sport. Can you guess what it is?  You’ve seen it basically everywhere – movies, games… it appears in so many ways, forms and shapes. Decks, coins, lemons, cherries, cards –  the list goes on. And let’s not forget its cradle, Las Vegas. Yes, you’ve guessed it. Today, we’re talking …

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Let’s call this a quite adventuristic sport. Can you guess what it is?  You’ve seen it basically everywhere – movies, games… it appears in so many ways, forms and shapes. Decks, coins, lemons, cherries, cards –  the list goes on. And let’s not forget its cradle, Las Vegas. Yes, you’ve guessed it. Today, we’re talking about gambling.

As a kid, you’ve probably played Monopoly, and oh my, did it feel good. Winning everything, building houses, must’ve filled you up with that competitive energy and winner spirit. But it’s all fun and games until it becomes an addiction. All that aside, after all, money makes the world go round, and nowadays people seem to be excessively obsessed with it, whether they’d like to admit it or not.

So, if you’re on a roll and are constantly winning, blood is rushing through your veins, the feeling is amazing, then you probably ask yourself – ‘’What could possibly go wrong? I get to keep all the money I got and splurge on whatever I please.’’ Well, that is not the case.

Many people actually don’t know about income gambling taxes. Of course, it isn’t the same for everyone, as you have professional gamblers and recreational gamblers as well. But let’s get to the basics, shall we?

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The money you actually win from these adrenaline-rush games is taxable by the IRS.  To keep you off wondering what’s taxable – we’d say probably everything. Here are a few examples we’ve got for you: casino games, slot machines, lotteries, poker tournaments, raffles, betting pools, horse/dog races, even Bingo. The list is quite long and it goes on – and everyone who opts for betting ventures should know this. You know… just in case so that it doesn’t come as a surprise later.

The precise and easy way to check your winnings and losses is to visit some of the websites that offer free tax return forms. You’ll be posed a few questions and these apps will generate all the necessary forms to report your gambling or betting hits and misses on the tax return.

So, by law, all the winners would have to report winnings on the federal income tax returns. For example, you may receive a form W-2G, that shows the amount of the winning, and the amount of tax withheld. This form has to be prepared, and even if not received, all winnings have to be reported on your return.

Img source: pexels.com

How much do you need to pay? Honestly – it depends on the situation. The federal gambling tax is fixed at 24%. If, by any chance you didn’t provide an ID, it could rise to 28%.  On the bright side, if you play at licensed casinos, such as UFA – which isn’t only completely legal and licensed, but it also has a specific cheater-free system – you can rest assured that everything is proper with tax-related activities.

Now, as we all like to keep the money to ourselves – because, you know, the more the merrier – there’s a question any gambler would ask themselves – what if I don’t report this? How can I possibly keep it hidden?

If you haven’t won a huge amount, or precisely, if it’s below $1200, then you’ll probably do just fine and nothing will happen, as these amounts aren’t reported on a regular basis. But if you win money from a certain party –  let’s say from the casino – they have to file a report we’ve mentioned above to the IRS, and they usually do. If this doesn’t happen, the IRS would adjust the return and would reduce the refund, and you’d probably get billed appropriately for the additional tax.

Can you use your gambling losses for tax deduction though?

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Indeed, you can. The deductions might not exceed the amount won originally, but everything counts. You should keep in mind that you should report all losses and winnings separately. This is why it would be good to keep track of those. Some of the options IRS is suggesting are to keep the slips, tickets, receipts and all the paperwork.

So, this can be a diary of some sort, where you should put the type of gambling activity, the date, location, establishment and how much was won or lost. For example, if you opted for Bingo the day before, you’d need to put this in your diary: how many games have been played, how much the tickets cost, if there were any additional receipts, and what amount has been obtained on the tickets that won.

When it comes to dogs or horse races, what you need to keep in your diary is an actual record of all the races you betted on, the amount collected on the tickets that won, but also the losing ones, amount of wagers… You’d need to keep unredeemed tickets and payment records from the race tracks. In case you decided to test your luck with lotteries – again, keep a record of tickets you’ve purchased, write down the dates, amounts won and losses. Keep the payment slips as well.

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This is certainly something that applies to recreational gamblers. But what does this mean for professional gamblers? They’re simply obliged to keep everything on record and write down any single thing related to their bets or gambling, as this is their job. If this is your profession, then this type of income is considered as a regular one and it’s taxed as normal income tax rate – just like any other incomes from various other sources. Since you count as a self-employed person, you need to report the income on Schedule C, and everything will be automatically generated.

What matters is that, in case you’re winning less than $1,200, you can remain peaceful, as you won’t face any legal issues if you decide not to report them. However, in case your incomes are bigger, there are big chances that it will be noticed. You’ll probably get a letter which notifies you that the irregularity has been noticed and in which you’ll be asked to fulfill your legal duties. If this goes too far, the possibility that the IRS might take you to court isn’t excluded – as a matter of fact, this is quite likely to happen.

Even though you won’t face jail and there is no legal risk if gambling is only an occasional fun for you, we would always suggest that, if you win a bigger amount of money, you should always respect laws and procedures and to report all income you have, to avoid any possible complications. Sometimes it’s rather difficult to get some bigger sums of cash – so make sure you do your best not to lose them. Best of luck, and we hope you get those three cherries!

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The Incredible Stories Behind Big Casino Wins – 2023 Review https://vermontrepublic.org/stories-behind-big-casino-wins/ Tue, 09 Feb 2021 05:44:27 +0000 https://vermontrepublic.org/?p=4516 Although it is certainly true that not everyone walks away from the casino a winner, some people are just luckier than others. That is who these stories are about. Common folk that walked into a brick-and-mortar casino or signed into an online one, played the real money games they love, and left millionaires! Beginner’s Luck? …

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Although it is certainly true that not everyone walks away from the casino a winner, some people are just luckier than others. That is who these stories are about. Common folk that walked into a brick-and-mortar casino or signed into an online one, played the real money games they love, and left millionaires!

Beginner’s Luck?

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Craps is one of the more challenging casino games, a pretty complicated one for new players to get the hang of. But this story is bound to motivate several people to start practicing! You can do same at onlineblackjack.co.nz.

Grandmother Patricia Dameuro was a newcomer to the dice game when she got involved in one at Atlantic City’s Borgata. She then entered the record books for winning 154 successive throws!

While her total take was never revealed, it is known that her first bet was US$10 and, even if she implemented the most conservative Craps betting strategy, she would have walked away with at least 50 times that.

The King of Payback

Img source: pressofatlanticcity.com

The Don Johnson who is the star of this story is not the famous actor we all know and love, but the latter would no doubt loved to have played him. He did not count cards. Instead, he negotiated to get special treatment from the casinos he patronised to get the edge every gambler’s looking for.

Firstly, he sought out casinos with the most favourable house rules. And the payback precept sees you getting a certain percentage of your wager back when you lose. Certain casinos will give their high-rollers 10%, for example. So Johnson’s next step was to arrange to get a staggering 20% instead.

To put this into real money language, if Johnson bet US$500 000, he would get to keep all the money. But, if he lost, he would still get US$100 000 back. He also reached an agreement with the casinos he played at to wager as much as US$25 000 per hand.

His savvy bargaining skills saw Johnson putting US$15 million into his pocket from just 3 casinos in a mere 6 months.

The Largest Megabucks Jackpot Ever

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Cynthia Jay worked as a cocktail waitress at the Monte Carlo Resort and Casino in Las Vegas, which is now the Park MGM. In 2000, Jay was celebrating her mother-in-law’s birthday and decided to try her luck on the Megabucks slot machine.

The jackpot for this game is a state-wide lottery pool that had been rolling over for some time. On her 9th spin, Jay broke records the world over. Her US$34 959 458 became the largest prize in the game’s history.

Lightning Really Does Strike Twice

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As difficult as it is to get hold of a million-dollar win off a Vegas slot once, one man found himself the doing so twice!

Elmer Sherwin was a 76-year old veteran from World War II when he took home a US$4.6 million-dollar Megabucks prize. He was playing at The Mirage in Vegas and got lucky when the venue was just 10 hours old. Sherwin used his money to accomplish his dream of travelling the world.

Continuing to play just because he loved the games, Sherwin kept spinning the reels a couple of times a week. Then the unthinkable happened, when he became the recipient of another US$21 million in the very same jackpot 16 years after his first win. This time he gave a lot of his winnings to charity, donating much of it to the victims of Hurricane Katrina.

Needless to say, many of us the world over are trying to steal his style by regularly enjoying the

https://onlinepokiesnz.co.nz/ so easily available online.

The Luckiest Man on Earth?

Img source: casino.org

Archie Karas gave people all over the world a reason to hold onto the dream of rolling into Vegas with just a few pennies in the bank and leaving with a fortune. Karas hit arguably the greatest hotstreak in the history of gambling.

Karas arrived in Vegas in 1992 with a mere US$50 in his pocket. He was fresh off an enormous loss, nearly US$2 million dollars poorer after a high stakes LA Poker game that went awry. Then he ran into a pal at Binion’s Horseshoe Casino who was able to lend him the US$10 000 he needed to get into a high-stakes game of Razz. This Poker variant sees the lowest hand winning and Kara thought this would go in his favour considering his recent run of bad luck.

And boy was he right.

Just 3 hours later, Kara was able to repay his initial debt along with 50% interest and still have enough money to keep playing. And his run kept going for 3 years, allowing him to amass a total of US$40 million dollars.

Set for Life

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At the luxury Las Vegas Excalibur Casino, an unknown 25-year old Los Angelan man was looking for a way to kill some time while he waited for a Basketball game to begin. He left the hotel with one of the largest payouts Vegas has ever seen, over US$39 million! The young man opted to receive his winnings as annual US$1.5 million payouts for the next 25 years.

A Soldier Gets What He Deserves

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Jon Heywood was a 26-year old soldier from the United Kingdom who managed to win US$20 062 600 while playing the Mega Moolah Progressive Jackpot online slot by Microgaming. He took the prize home in 2015 and it entered the Guinness Book of World Records as the biggest online casino win ever.

Stick to What You Know

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71-year old Hawaiian Amy Nishimura won her US$8.9 million jackpot while on vacation in Vegas. Nishimura always played the same slot, her machine, at the Freemont Hotel, and she is said to have chatted to it every time she played, asking it to give her some good luck.

It worked!

Nishimura played for roughly 3 hours with less than US$100 before she received her massive payout. It just goes to show that niceness never hurt anyone, even when you’re dealing with a machine, and tenacity pays off in the end.

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