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But the IRS does not always wait. The government wants to make sure it gets paid. What good does a W-2G do if the winner is a foreigner who is going to be in his own foreign country when April 15th rolls around? So, the IRS not only wants reports filed, but often requires that a part of the winnings be withheld. Why do you need to declare Casino winnings? - Ask a Cruise ... Why do you need to declare Casino winnings? If the ship is foreign flagged and the casino cannot open until international waters are reached,whats the deal? How do you deduct your losses? What is the magic amount of winnings under the current standard you can take? Do they actually report it? If you win money at a casino on a cruise ship are you ... The Casino has to fill out a Federal form BEFORE they issue you any winnings. The IRS usually keeps 25% to 45% depending on the amount won. If your casino allows it, it is best to LEAVE the winnings "on account" and draw on them. Some casinos allow that and some do not. Check it out before you start playing.
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How Are Gambling Winnings Taxed? | The TurboTax Blog In most cases, the casino will take 25 percent off your winnings for the IRS before even paying you. Not all gambling winnings in the amounts above are subject to IRS Form W2-G. W2-G forms are not required for winnings from table games such as blackjack, craps, baccarat, and roulette, regardless of the amount. Do I Have to Pay Taxes on Money Won on a Cruise Ship ...
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One of the little know facts about the cruise industry is that it pays virtually no U.S. taxes. The cruise lines take advantage of an obscure provision in the U.S. tax code which permits shipping companies to evade taxes by incorporating overseas and flying the flags of foreign countries. That’s ...
All gambling winnings are taxable income—that is, income that is subject to both ... as Mexico or Aruba, on a cruise ship, Mississippi river boat, or at a gambling website hosted outside the U.S. As far as the IRS is ... You're supposed to report every penny you win, even if your losses exceeded your winnings for the year.
Deducting Gambling Losses | Nolo It also makes no difference where you win: whether at a casino or other gambling establishment in the United States (including those on Indian reservations), in a foreign country such as Mexico or Aruba, on a cruise ship, Mississippi river boat, or at a gambling website hosted outside the U.S. As far as the IRS is concerned, a win is a win and ...