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Win-Loss: Your Guide To Gaming Winnings Taxation On Slots

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olivia lewis
Win-Loss: Your Guide To Gaming Winnings Taxation On Slots

In some ways, though, you should have had your taxes in mind all through the year, but it’s not too late.

American Tax period Is Here

The US uses a flat 25% tax rate on all betting winnings.

Taxes are practical to all betting, including sweepstakes and other prizes.

When you hit a tax win in a bodily slots, you’ll get a W-2G form which reports how much you won, as well as how much tax was suspend.

Betting losses can only be applied against tax on betting wins, so your gambling losses won’t also help you write off other taxes when you file.

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