The APA pays out hundreds of thousands of dollars at their tournaments, I would hope they have their stuff figured out so we dont get screwed.
They had us fill out a government form about the money won before we even started.
U.S. Open payouts
- Thread starter jay helfert
- Start date
The APA pays out hundreds of thousands of dollars at their tournaments, I would hope they have their stuff figured out so we dont get screwed.
They had us fill out a government form about the money won before we even started.
I wasnt aware that you could claim your gambling losses. I know you used to be able to do so in the past but I thought they cancelled that.
Slot winnings are odd. I have seen 20k winners get paid without tax. I was told its due to it being a single payout in an ongoing game. In other words the casino is just choosing to not have anything above a certain amount paid out by the machine.
I have hit for 1500 and did not pay taxes on site.
Now poker tournaments are different I believe. Its an entry and you receive a payout after the fact. I wasnt aware that you can claim against it.
When in college I cashed a few tickets at the local dogtrack for some of the winners. I was in college and was tax exempt at the time. I would get a little that day from the person and then the rest at tax time.
Slot winnings are odd. I have seen 20k winners get paid without tax. I was told its due to it being a single payout in an ongoing game. In other words the casino is just choosing to not have anything above a certain amount paid out by the machine.
I have hit for 1500 and did not pay taxes on site.
Now poker tournaments are different I believe. Its an entry and you receive a payout after the fact. I wasnt aware that you can claim against it.
When in college I cashed a few tickets at the local dogtrack for some of the winners. I was in college and was tax exempt at the time. I would get a little that day from the person and then the rest at tax time.
We used to know this older guy out at the horse track who would pick up the racing tickets from the ground after people throw them away. He'd usually look for the BIG numbers, you know, the tickets that had $20 or more bet on a race.
One day, I asked him what he did with them. He said that come tax time, he sells them to folks who need them to counter their gambling winnings.
In other words, if you hit it big at the horses, it is helpful to have tickets like this to show how much you lost at the horses. That way, you won't owe as much in taxes for the gambling winnings, if you show how much you lost.
It never ceases to amaze me, the creative ways people can make money in this country. :grin-square: