Post Your Wins

[QuarterMillionMan]

Thought I needed to buy a new blender due to it not spinning. See that Phillips screw in the middle it was loose. Tightened it and viola, spins nicely again.

[QuarterMillionMan]

$1200 is the amount the casino will issue a W2-G.

[disneysteve]

Aren't gambling winnings taxable on an annual basis? Or does the sizeable hand just mean that above the given amount the casino will withhold & report your winnings?

As with many things, below a certain amount it is your responsibility to report the winnings. If you cross the threshold and the casino reports them, you do get to deduct any losses to offset the wins. Since regular gamblers are rarely ahead over time, taxes are usually minimal unless someone got lucky and hit a big jackpot.

Personally, I’ve only had to report gambling winnings one year but I had losses to largely offset the winnings.

[kork13]

If only the kicker appeared it would have paid $2000, which would have been a taxable hand pay but I would have gladly paid the $500 tax and profited $1500.

Aren't gambling winnings taxable on an annual basis? Or does the sizeable hand just mean that above the given amount the casino will withhold & report your winnings?

[QuarterMillionMan]

Got this $400 win yesterday, which I'll use for 1/2 of a new iPhone 14 plus for $899. If only the kicker appeared it would have paid $2000, which would have been a taxable hand pay but I would have gladly paid the $500 tax and profited $1500. Also, note this game has three possible 4000 credit pay outs.