BANDSTAND54 wrote:
> When you hit a taxable jackpot over 1200 dollars do you wait till tax
> time to extract the money from your bankroll if you had a winning
> year to satisfy Uncle Sam...or is there other alternatives ?
If you expect that a reported win will translate to added tax
liability when you file, then certainly any related tax shouldn't be
considered available for gambling (i.e., it's prudent to immediately
remove the anticipated tax from your "bankroll")
Of course, whether a reported jackpot needs to result in additional
taxes depends upon the players circumstances. The recently discussed
Jean Scott/Marissa Chien book, "Tax Help for Gamblers" is the best
available resource from which to gain a better understanding of this
topic.
FWIW, a win on which the casino files a W-2G is probably better
referred to as a "reported jackpot" rather than a "taxable jackpot".
ALL wins, even a 5 credit win, is potentially taxable.
- Harry
Earn your degree in as few as 2 years - Advance your career with an AS, BS, MS degree - College-Finder.net.
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