If your gambling winnings exceed certain thresholds based on the type of gambling you did and the amount you won, the casino, poker palace or racetrack is required to send you and the IRS a Form W-2G that shows the winnings, so you can be sure the IRS will be aware of your gambling income
includes, but isn't limited to, winnings from lotteries, raffles, horse races, and casinos-both cash and the fair market value of prizes such as automobiles and trips.
In the bill, gross revenues are defined as all gambling income
minus winnings paid to customers.
It is useful, therefore, for taxpayers to understand how gambling income
and losses are taxed under the Income Tax Act of Canada.
When you review the 2007 return, the income items do not include gambling income
This loss in gambling income
could be exacerbated if neighboring states decide to legalize gambling to resolve their own revenue problems.
The Tax Court has accepted this position when the taxpayer failed to report gambling income
in excess of W-2G winnings.
A year on from announcing a review of the taxes on gambling income
, the Chancellor said he was happy to maintain the status quo, suggesting that current arrangements were "generally working well".
This separate event produces gambling income
, which is not excluded under the U.
There is little debate that this is the right result: Maginnis's attempt to convert gambling income
into capital gain was a fairly transparent ploy.
Although these decisions seem substantial, they will provide little protection for Maori and other New Zealanders as there are no overarching principles proposed to direct and guide gambling decisions, especially in relation to new gambling products, which are constantly being developed by different gambling operators to maintain and, where possible, increase market share from gambling income