Nov 25
I understand that there is a tax law that if you win $1199.00 on slots ,there is no tax. Is this a Federal Tax
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rogerglenn@verizon.net asked:
Some people argue that the $1199.00 is a state tax law and others say it is federal. I would like to know the real answer.
2 Responses to “I understand that there is a tax law that if you win $1199.00 on slots ,there is no tax. Is this a Federal Tax”
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November 27th, 2008 at 1:17 pm
There might be a state gambiling tax on the state level, but to the Federal Government it’s capital gains.
November 29th, 2008 at 6:03 am
The gross amount of the taxpayers gambling winnings is taxable for the federal return. You can also deduct you losses from your winnings but you can not deduct more than you won