Posted by john 1 year ago In:

john
john Asked:

I won a $5000 bonus jackpot for getting a royal flush at a casino table game in LV. Will I have to pay taxes on it and how much?

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PGroot
PGroot Answered:

Yes, you will have to pay taxes on your winnings, but you can deduct your losses from the winnings.  Depending on your income, you might have to pay as much as 35%, but you are more likely in a 25% or 28% tax bracket.

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Benjamin Holman
Benjamin Holman Answered:

Of course you need to pay some taxes on your winnings. I just don't know how much will it cost you though.

http://www.alljackpotscasino.com/ca/

http://www.newswire.ca/en/story/1144979/proposed-casino-will-negatively-impact-toronto-s-most-vulnerable-people

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