From State Taxes On Indiana Gambling Wins

From State Taxes On Indiana Gambling Wins

Lots of information – but nothing else to back up this. Take-away: ALL earnings is taxed — that includes hints, gambling bonuses, income from prohibited actions, etc. (Note: several folks take this principle and believe presents from individuals can also be taxed. This isn’t so. Take-away: The Casino/Company should record any winnings which are on the threshold determined by the IRS. 5000 dependent on what you’re doing if you won the cash. If they give you some W-2G and examine it, then you definitely have to report it. You’re supposed to report it as income if its below the threshold, however, you do not have to. I wouldn’t bother if that is a one time . If you’ve got a gambling hobby, maintain records of wins and losses – . State Taxes item as Federal Taxes. With the note it matters not in which you live, where you’re when you make the income.

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From State Taxes On Indiana Gambling Wins

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