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Roulette-Roulette-Roulette.com is intended for the purpose
of entertainment
only. We are a directory site, with listings of virtual
casino gambling
on the Internet; especially Roulette related gambling.
Such gambling, however, may not be legal in some
jurisdictions under
certain conditions, and in some jurisdictions may not be
legal under
any conditions. Please verify the laws in your jurisdiction
before
registering and read carefully listed sites' terms and
conditions.
US citizens: please note that the courts in the states of
Missouri
and Minnesota have interpreted on-line gambling to be
unlawful.
Quick Facts About Taxation of Gambling Winnings
If you are one of the lucky few who have gambling winnings
don't spend
it all just yet. Remember, Uncle Sam considers these winning
as taxable
income and expects you to claim all gambling winnings,
regardless
of their source, on your tax return.
If the amount is large enough the payer of your winning is
required
to compile your personal information and issue you a W-2G
which will
also be sent to the IRS. W-2G's are issued if you are paid
the following
amounts:
- $600 or more from state
lotteries, horse racing, dog racing
(or others if the winnings are at least 300 times the
original
bet)
- $1,200 or more from slot machines
- $1,500 or more from Keno games
- W-2G's are not required for table games regardless of
the amount,
however, the IRS requires all winnings to be reported.
Casino's are required to report
cash transactions to the IRS greater
than or equal to $10,000 on a given day. At their discretion
they
may issues these reports about you for amounts as low as
$2,000.
The good news is that gambling losses may be used to off-set
gambling
winnings up to but not greater than the amount of the
winnings. This
is true only if they both occur in the same year. In other
words,
you can not roll forward losses from a previous year to
cover winnings
from the current year.
The IRS considers comps received from a casino to be part of
your
gambling winnings. The losses used to off-set all winnings
must be
supported by or have the following characteristics:
- Losses and Winnings must
be reported at gross. In other words
you must include your losses and winning as two separate
amounts
- Losses should be supported by a gambling log that
includes the
dates and types of wagers, name and address of the
gambling establishment,
and the amount won or lost
- Records supporting the diary should include W-2G's
received,
tickets or receipts for gambling and other supporting
information
such as credit card or bank withdrawal statements
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