If You Win the Big Jackpot Expect the IRS to Coming Knocking

Many people from all over the country enjoy gambling. Whether it’s big time poker, playing the slots or betting on sporting events, there are a lot of people who enjoy games of chance and the idea of winning something for nothing. Of course, most of the time, the house wins and the player walks away empty handed. When a player does win, it’s usually cause for a celebration. However, the big victory can be short-lived when the winner discovers that the taxman wants his piece of the pie as well.
In fact, the IRS is looking to really crack down on gambling earnings. As it stands rights now, when a person plays the slots he or she has to report any earnings of $1,200 or more to the IRS. The machine even stops working as soon as someone wins. It won’t start again until after a casino worker has presented the lucky winner with the necessary tax papers. However, recently the IRS threw out the idea of lowering that threshold down to just $600.
To no one’s surprise, many gamblers hate the idea. Realistically, they have a good point, too, because most people who play the slots never win enough to make up for their losses, so why should they have to pay taxes if they get lucky once or twice? Time will tell if the IRS end up getting the threshold lowered or not, but gamblers and casinos alike oppose the idea. For small time gamblers the idea seems unfair, and casinos say it would only take the fun out of the game for players.
Top 10 States With the Highest Taxes
Top 10 States With the Highest Taxes No one enjoys paying taxes and just about everyone feels like they pay too much. However, there are definitely some people that pay more than others, like the nation’s top 1 percent of earners for example. However, when it comes to high tax rates, how much you earn…
The Inspiration for LinkedIn
The Inspiration for LinkedIn with Konstantin Guericke, co-founder of LinkedIn “When you need an investor, or business partner, its usually not someone who you know, but it’s often someone who you know knows” –Konstantin Guericke, Co-Founder of LinkedIn “I am a social architect with a passion for exploring the intersection of psychology, sociology and computing.…
Baseball Analytics- Business & Game Day
Baseball Analytics- Business & Game Day “What’s been Cool to Watch over the Years is how the Role of analytics has increased. More and more people are focused on it and we’re capturing data that now before has ever had access to” -Bill Schlough, CIO of the San Francisco Giants Transcript of : Baseball Analytics-…
How Hal Kellman Averages a 20% Return on the Market
Interview Transcript, How Hal Kellman Averages a 20% Return on the Market Introduction to How Hal Averages a 20% Return on the Market Alan Welcome back. I’m here today with how Kelman the Cameron family office and how welcome to today’s show. Thank you. So hopefully the listeners, can you get the background of how…