badbeat jackpot question

[DankSmoker]

i recently hit the badbeat jackpot at the casino by my house AA vs JJ.. flop was 8 A 10 turn J river J.. thats not really my question..

My question is, am i going to have to pay taxes on these winnings??? Ive heard different stories from different people from u dont have to pay anything to, you have to pay half.. as well as.. u do get taxed but you "get around it" by deposting the money into a casino account and withdrawl it slowly, and count it as loses???

can any one help me out with this??

and i won 9,700... ive aleayd heard if its under 10K u dont have to disclose it

 

[ProPokerPlayer]

If it was an Indian casino then maybe not....I guess that it was since the last BBJ i saw hit a few weeks ago the players had to fill out a IRS form before they got their money. If you didnt fill 1 out then maybe your in the clear....either way legally you have to report ANY added income be it .50 or $50.00

 

[DankSmoker]

If it was an Indian casino then maybe not....I guess that it was since the last BBJ i saw hit a few weeks ago the players had to fill out a IRS form before they got their money. If you didnt fill 1 out then maybe your in the clear....either way legally you have to report ANY added income be it .50 or $50.00

It was at a indian casino. and i didnt fill out any IRS form at all... and i know legally i have 2 tell the.. but what if i dont?? ive heard different stories from different people.. just tryin to figure out the real deal.

 

[OnWisconsin]

i won 1500 at an indian casion in OK a couple years ago. i had to fill out a tax form before they gave me my money.

 

[DankSmoker]

i didnt have to fill out anything.. just show ID, and that was it

 

[ConansHammer]

your ok ..... if the feds come a knocking have ready a binder showing approximately 9k worth of gambling losses to off set your winnings.

congratualations on your nice luck

 

[sparticus]

Find a 10 percenter to claim the money, lots of them out there,gl.

 

[festeringZit]

your ok ..... if the feds come a knocking have ready a binder showing approximately 9k worth of gambling losses to off set your winnings.

congratualations on your nice luck

And, the losses have to be in the same year as the wins in
order to off-set.

 

[DankSmoker]

thank guys!!!! off to spend 10K...

 

[Defying]

Congrats Dank, Guess that can get you some good product

How does a bad beat jackpot work?

 

[DankSmoker]

Congrats Dank, Guess that can get you some good product

How does a bad beat jackpot work?

Aces Ful lose to 4 of a kind or better


i had AA he had JJ

FLOP 8 A 10 Turn J River J

 

[PO69]

Well since you are asking the question, yes you DO have to report this win.


Actually to be honest, you have to report ALL WINS! If you dont report this win, then you are not being honest with your taxes

 

[DankSmoker]

Well since you are asking the question, yes you DO have to report this win.


Actually to be honest, you have to report ALL WINS! If you dont report this win, then you are not being honest with your taxes

hahahahahahahah Taxes honest??? L O F L.. Taxes are as honest as car salesmen...



I just want 2 know, what happend if i DONT report it... jail time??? a fine??

 

[PO69]

NO jail time, but a fine and past due taxes around $3000 most likely.


I am assuming that you are already in a tax bracket over 75,000 per year. If that is the case, then with taxes and interest, you are looking at around $3000. BUTTTTTTTTTTTT if you report it now and offset your losses, then you would probably only pay around $800

 

[DankSmoker]

NO jail time, but a fine and past due taxes around $3000 most likely.


I am assuming that you are already in a tax bracket over 75,000 per year. If that is the case, then with taxes and interest, you are looking at around $3000. BUTTTTTTTTTTTT if you report it now and offset your losses, then you would probably only pay around $800

75k a year....... to be honest I dont even have a job... well not one that I can talk about nor the government knows aobut... and there are no taxes in this job..

 

[LostBankroll]

Dank, keep smoking da LOUD! You good cuz!