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- How To File Gambling Winnings From Another State
- Gambling Winnings In Illinois
- Gambling Winnings From Another State
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Oct 10, 2000 Because the Department of Revenue Services does not consider gambling winnings to be derived from sources in any particular state, Connecticut residents cannot take a tax credit for income taxes they may pay in other states on out-of-state gambling winnings.
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Have you recently won some cash at the casino or racetrack? Congratulations! While it is very exciting, keep in mind there are tax implications and you should be prepared to pay federal, state and local income taxes on the winnings. Costa rica online casino sites.
How To File Gambling Winnings From Another State
You can anticipate that the casino or other party that provides the payout to give or send you a Form W-2G. The information reported on this federal form includes the date you won, the reportable winnings, type of wager, federal and state taxes withheld and other details about the transaction.
You will file a W-2G if you won money from any of the following sources (please note, the list is not exhaustive):
Gambling Winnings In Illinois
- Horse/dog track or off track betting
- Jai-alai
- State-conducted lottery
- Keno • Bingo
- Slot machines
- Poker winnings
- Any other type of gambling winnings
Keep in mind, even if you win money at a charity event that is hosted by a church or other type of non-profit organization, those winnings are taxable. If you paid money to participate in the event, such as purchased cards for a game of bingo at your church, you cannot claim the funds you spent as a donation to a non-profit organization when you file your income taxes.
If you find yourself on the losing end of a game of chance, you may wonder if you can report a gambling loss on your tax return. Generally, it is not allowable, but there are exceptions. It is advisable that you consult with a tax professional if you find yourself in such a situation or have questions.
Gambling Winnings From Another State
For rules, laws and other information pertaining to gaming in Indiana, visit the Indiana Gaming Commission website at http://www.in.gov/igc/.