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California Gambling Taxes Calfornia Keno History  


DID YOU KNOW????


The federal government taxes gambling winnings at the highest rates allowed - California will pay 50%. Out of every additional dollar you take in, through work or play, governments take 50 cents.


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A LITTLE CALI TAX INFO


Rules for Tax Reports for Keno - Payouts of $1,500 or more are reported to the IRS but there is no withholding of money.


 You must be 18 years or older to play the lottery


 Non-US citizens can win the state lottery in California although they will be taxed typically a flat rate of 30%


 For California residents there is no state tax on lottery prizes


When anyone wins the lottery they hold back typically 30% for taxes, however on table games such as blackjack, baccarat, roulette or craps, you are not taxed on this amount. (it is only good faith that you report your winnings).. really?? that's going to happen.


Watch out for the tournaments - if you win more than $600 in a tournament, be ready to pay taxes!


 Keep track of what you lose! If you win big you can deduct that from your wins when you claim.


Gambling has become such big business that the IRS receives nearly four million Forms W-2G and 5754 each year. This tells the tax-collectors that nearly four million big winners are out there, waiting to be taxed.


source: Big Brother is Watching. by Nelson Rose





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