Add Taxes on Casino Winnings

Taxes-on-Casino-Winnings.md

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+<br>Hitting a massive jackpot at the casino is an exhilarating, life-changing experience for any player.<br>
+<br>Many gamblers are entirely unaware that their lucky streak might be heavily scrutinized by the government.<br>
+How the IRS Handles Gambling Wins
+<br>If you are an American citizen, every single dollar you win at a [casino](http://207.180.227.11:3001/natishabender) must legally be reported.<br>
+<br>When you hit a reportable jackpot, the casino will freeze the machine and demand your identification.<br>
+Casinos issue W-2G forms for large specific winsAutomatic withholding usually applies to massive jackpotsKeeping a detailed diary of wins and losses is vital
+Countries with No Gambling Tax
+<br>Fortunately for many international players, several major countries do not tax gambling winnings at all.<br>
+<br>In these jurisdictions, the government taxes the casino operators directly based on their gross profits.<br>
+Deducting Your Gambling Losses
+<br>You cannot use a terrible year at the casino to reduce the tax you owe on your regular salary.<br>if (window.ytcsi) window.ytcsi.tick('pdr', null, '');(function serverContract() window['ytPageType'] = "search";window['ytCommand'] = {"clickTrackingParams":"IhMI5rSDs7uKlgMVe2Z6BR3vrCQOMghleHRlcm5hbMoBBBVtkL8=","commandMetadata":{"webCommandMetadata":{"url":"/results?search_query=casino","webPageType":"WEB_PAGE_TYPE_SEARCH","rootVe":4724}},"searchEndpoint":{"query":"casino"}};window['ytUrl'] = '\/results?filters\x3dvideo\x26search_query\x3dcasino\x26lclk\x3dvideo';var a=window;(function(e)var c=window;c.getInitialCommand=function()return e;c.loadInitialCommand&&c.loadInitialCommand(c.getInitialCommand()))(a.ytCommand);
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+<br>Keeping all your losing betting slips, casino receipts, and win/loss statements from player's clubs is mandatory.<br>
+CountryTax on Winnings?Who Pays?USAYes (Federal & State)The PlayerUKNoThe Casino
+<br>Proper tax planning ensures you enjoy your newfound wealth without fearing an audit down the road.<br>