Concern by Jasper: Do you have to pay taxes if you perform tables (blackjack, texas hold em’ etc…)?
I can’t get a straight answers from the IRS site. So much I guess I received Nevada does not track table gaming earnings (http://rose.casinocitytimes.com/content articles/977.html), but what about the other states?
Best solution:
Answer by kuhnem
NY does. They say you can depend your losses if you have receipts to prove it. Also you have to rely your winnings and they tax you on them.
What do you believe? Answer under!
BlackJack, forth..., Hold, Play, spend, Tables, taxes, Texas
You only have to pay taxes if you win from gambling, not just for gambling or losing money. It doesn’t matter which state you live in, you owe Federal taxes to the IRS if you win, and Nevada reports any payouts over $ 10,000. Hope that answers your question. Good luck.
All gambling wins are taxable, you can deduct from it all gambling losses from that year as a “recreational gambler”
As a “professional gambler”, i beleive you have some otehr deductables and i also beleiev you cna deduct previous years losses as well. And yes, prefessional gambler is recegnised as an occupation by the irs.
About table games though, the irs will only tax you on what they know about and what you tell them about.
If you play at a tbale without a players card, the amount of money you won or lost there, is between you and your wallet, they are the only ones that know, the irs will tax you on any winnings they know about, but they know about them anymore will they?