Video Poker 24/7 - Video Poker Players and Their Taxes

Video Poker 247 - Video Poker Players and Their Taxes

Some people don’t realize that when you play video poker you have to claim any winnings that you get from the game. Even if you only win $10 you still have to claim the money that the video poker machine paid out as income. However, there is a new book out there that might make the tax process a little easier to understand.

It is Marissa Chien’s book, “Tax Help for Gamblers,” and it will tell you pretty much all you need to know in regards to filing your taxes and reporting that money you won at the video poker machine. Chien is a tax advisor in Las Vegas so she is used to hearing all kinds of stories – but this one is clear and concise and should be read by anyone confused about reporting gambling winnings.

Some know that they have to pay taxes on their winnings by feign ignorance – this will nto help you with the IRS. They will still expect to be paid on your winnings whether you knew it or not. They will also assess late fees and penalties for making them come after you for it.

However, one bright light is that while paying your taxes for your video poker wins, you are also able to deduct for your video poker losses. You cannot deduct more than you have won, but you can deduct for losses up to the amount that you have won.

Whenever you have a big win the casino takes your social security number so that they can show the loss on their taxes. The casinos will not tell you what to do in regards to your taxes but they do report big wins to the IRS – so know that even if you don’t tell them that you have won, the casino already has.

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