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How do taxes work on vegas tourney winnings?

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  1. ijstshatonu ijstshatonu is offline

    Posts: 172
    Joined: Jun 09

    Sep 8th, 2010 (9/8/2010 2:23pm)

    My friend is going to Vegas this weekend and he is curious on how taxes work on tourney winnings? He wants to play small Venetian and Wynn tourneys with less than 200$ buy ins. Anyone know how it works? Will they deduct taxes right away ? Will they give you W2 to fill out immediately? ect.

    Thanks
  2. muzzleflash muzzleflash is offline

    Cortland, NY
    United States

    Posts: 153
    Joined: Dec 07

    Sep 8th, 2010 (9/8/2010 2:52pm) in reply to ijstshatonu

    [SIZE=3]Anything under 5k no paper trail, over 5K Your choice, pay taxes on the spot or when you file.[/SIZE]
    Edited By: muzzleflash Sep 8th, 2010 at 02:53 PM
  3. ijstshatonu ijstshatonu is offline

    Posts: 172
    Joined: Jun 09

    Sep 8th, 2010 (9/8/2010 4:50pm) in reply to muzzleflash

    so anything under 5k, and you don't even need to give a social?
    what do you mean by no paper trail?

    and I thought you had to pay taxes on anything over 600?

    thanks
    Thread Starter
  4. 2BlackNines 2BlackNines is offline

    Saint John's
    Canada

    Posts: 545
    Joined: Nov 05

    Sep 8th, 2010 (9/8/2010 5:06pm) in reply to ijstshatonu

    how about if your from another country but win money in vegas?
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