![]() The winnings are at least 300 times the amount that was bet The winnings, after the wager is subtracted, is more than $5,000 for sweepstakes, wagering pools, poker tournaments, lotteries and wagering transactions for races The casino will take 24% before you leave the vicinity if: Lewis explained that the wager is subtracted from the total wins to determine whether taxes need to be deducted. Wager refers to how much you put down as a bet. ![]() ![]() It all depends on what type of gambling you did, how much you won and the ratio of earnings to the wager, Lisa Greene-Lewis, a CPA and tax expert at Turbo Tax, wrote to The Bee in an email statement. A certified public accountant broke down the regulations: Does the casino take out taxes before you leave? You have taxes to pay.Ĭalifornia has several rules on how gambling wins are taxed. You just won big at the casino and everything seems possible now - bills paid, vacations to plan and maybe a new house?īut don’t get too blinded by the bright neon lights from the game machines just yet. Giant numbers flash, as eyes across the casino stare in awe and envy at you.
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