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Phyllis P | I won a $10,000 prize and the $1900 on a slot machine. Do I have to pay PA Income tax on both? |
Can I take off my gambling losses on both since they were both won at a casino? |
 |
 
tammykej
 |
Yes you can deduct gambling losses up to the amount youve won.
and yes you will have to pay state tax and fed tax on it. They shoudl send you a W-2G for your winnings from the casino when you won, you will need those slips when you file your taxes. |
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Judy1
|
Yes, you need to pay PA tax on both of those, and no you can't deduct your gambling losses on your PA return. |
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greedy_star
 |
Yes...also you have to give me the name of the casino you were at and which SPECIFIC machines you were on. |
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PepsiLime
|
Adriana is the only answerer who is basically correct. Yes, you will have to pay PA income tax on both winnings. Also, for your Federal tax return you can deduct gambling losses, but only to the extent of your winnings, and you have to itemize to be able to deduct the losses, since Schedule A is where you would report your gambling losses. |
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Squeakers
|
If $2,000 or more is won at the casinos,taxes are taken out. In Indiana,we are given a tax deduction slip,in which we fill out,before the money is given to us. We get the entire amount after that,but our state will deduct 1/4 of that amount when we file taxes at the end of the year. I assume all states that have Casinos deduct a certain amount,concidering it was unearned income. |
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audiosnail
 |
not exactly what your looking for but this might help:
http://www.efile.com/news/articles/poker-winnings-reported.asp
Thanks, |
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Gordon
 |
You can deduct your losses from gambling as long as they are well documented. The loss can cover the 1900 you won at the slots.
If you do not properly document it all, prepare for an audit. |
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gargoyle
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Can I take off my gambling losses on both = no. But, that would be great!!!! and you gotta pay the man, no matter what. |
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gaelicspawn
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Yeah, you have to pay takes on it. Anything over $10K.
As for your gambling losses, you don't get credit for those. |
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fatamorrighan
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nope, you you cannot declare a gambling loss ever! It is a recreation. Yes, you do have to declare what you win. |
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