If you have been thinking that you will go home happily with your gambling winnings, think again. Sorry to burst your bubble, but Uncle Sam requires that you have to report all your gambling winnings. Yes, they are all considered taxable income and unfortunately, there is no escaping this fact. However, in the case that you having gaming losses, there is a way through which you can convert them to your advantage in regards to your tax bill.For those who gamble in their spare time, the steps they have to take when reporting their winnings depend on what kind of gambling in which one partakes, the total amount that they have won, and the ratio of the winnings to the wager.Whatever type of gambling you participate in, if you hit a good jackpot, you will have to give the Internal Revenue Service your tax details. Also, do not expect to go home with each and every single penny of the cash you won. In addition to that, the payer will eventually cut down your winnings as your federal tax rate will be withheld at 25%.You will be provided with a Form W-2G to file, demonstrating the amount of money you won and how much tax you paid for it.It does not matter if you did not win enough money to require filling in the Form W-2G. Regardless if you have won a mere $25, either way, it is your responsibility to report all your gambling winnings to Uncle Sam.However, you are not necessarily required to pay tax for all of your winnings, no matter how you got them. You can also lessen the total amount of cash the Internal Revenue Service will tax you by letting them know of the losses you made as a part of your total itemized deductions. You will report all your gambling losses on line 28 of Schedule A and then you can then claim the amount of winnings you recorded on your Form 1040, hence getting rid of any taxable income. However, you must ensure that the itemized deduction you claim exceed the standard amount.You may be able to wipe out taxes on $2,000 you that you won by claiming $2,000 in gambling losses; this still much less than the standard deduction of $5,000. However, if your gambling losses are high enough to aid in pushing up your extensive itemized deductions, then you will be required to fill in your details in Schedule A.The moment you claim gambling losses on your tax return, be sure to keep all the records because the Internal Revenue Service will most likely want you to provide official and valid documentation verifying your claims. This includes a written log with information of your losses, the place, amount, type of gaming, and winnings as well. You may want to lightheartedly place some wagers as a hobby or you may be a “serious” gambler (as gaming becomes part of your official income), but you never want to “gamble” with the IRS when it comes to taxes.
Are you looking for free Internet gambling sites where you can play for fun or for money? Then your best bet will be to go to any of the online casinos that pepper the Internet. These online casinos are just like the real thing. All the games that you can see in an actual casino can be found in these virtual gambling venues.The popularity of these sites has increased in recent years, particularly because more and more people are recognizing their potential as a source of serious money online. Nowadays, many so-called “professional gamblers” already exist. These are people who actually make a living from gambling. And these people usually hang out in the many online casinos out there.Of course, being a professional gambler is not for everyone. It is a kind of lifestyle that is only meant for a select few. But if you want to make quick cash online, then one of the options available to you is to play in online casinos. There are many free Internet gambling sites out there, but nothing can match the potential that a casino online can bring.These sites are perfect for people who have never gambled before and who are feeling intimidated to play in a real casino. They can use these sites as a training ground before they go to the real thing. This is not to say though that there is less risk playing in these sites. These sites are actual gambling venues and presents the same risks that actual casinos present.