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Old October 27th, 2003, 02:59 AM
DonD
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Default Re: Re: Re: Taxes on winnings

The IRS form W2-G is issued to players and is also sent to the IRS by the casino for certain gambling winnings: (1) winnings of $600 or more from state lotteries, horse racing, dog racing or jai alai and other wagering transactions, if the winnings are at least 300 times the wager; (2) winnings of $1,200 or more from bingo and slot machines; (3) winnings of $1,500 or more from keno, less the amount of the tickets bought on the winning game; (4) winnings of $600 or more from horse racing, dog racing or jai alai, if the winnings are at least 300 times the wager.

BUT, cruise ship casino's do not report these winnings to the IRS and it is up to you to Voluntarily report them. Also, gambling losses are deductable up to the extent of your winnings.
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