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?

Liked this question? Tell your friends about it

2 Answers

Order by
Oldest to Newest
Newest to Oldest
Votes

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.

Related Questions

Other people asked questions on similar topics, check out the answers they received:

Asked: Games.com

am not able to play spades from games.com

Asked: Card game

what are the rules for the card game sevens in the corners?

Asked: Hey fatso game

hey fatso game

Be The First To Answer

Other people asked questions on various topics, and are still waiting for answer. Would be great if you can take a sec and answer them

Ask a Question... We'll forward it to people who know

More Questions

How find you this Site?

google search

How can i pay for parking

The same way you pay for anything else.

Casino jackpot payout withheld to pay criminal restitution

The money should be paid to the state for back child support, or criminal offenses. The person wining (losing) the funds, should consider it a blessing the cash didn't have to come directly out of their pocket. Better their pocket than mine!

I can't log in on my pocker game account

Not merely will the left part of Honduras, Alvaro Romero, play in the identical place as the Brazil wizard, but also holds the same # 3 appeared again Roberto Carlos within the assortment as well as Actual This town. http://www.utfifa.com