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Each state will handle gambling winnings differently. If you receive a Form W-2G, you need to make sure you report it on your income tax return.Also, as addressed previously, whether or not you receive any kind of form verifying your gambling winnings, they are still reportable and taxable. Not all winnings warrant receiving this form;just because you didn’t receive any official tax form reporting your winnings doesn’t mean they’re not taxable.More in-depth, including help determining if you should expect to receive one, can be found byreading through these instructions.
If you live in a state that assesses individual income tax, be sure to check ahead of time to know what effect your gambling winnings andlosses will have on your state return.There is too much varying information to get into any specific details here, but it’s vital to be aware that your state may assess an additional tax on gambling winnings or may have favorablerules for handling gambling losses.
When your core market isn't spending as much, you have to expand the market. That's the plan in Vegas, where casinos are facing an unprecedented downturn in business:
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Should The Gambling Age Be Lowered To 18
Lower Drinking Age to 18 Essay. The drinking age should be lowered from 21 years old to 18 years old because at that age one legally becomes an adult, it would reduce the amount of unsafe drinking activity, and there are fewer drunk driving car accidents in many other countries with a drinking age of 18. The New Jersey Senate gave final passage today to a bill that raises the legal age for gambling in Atlantic City's casinos from 18 to 21. The bill was passed 23 to 5 and sent to Governor Kean, who has endorsed the change. The bill's passage came only two months after the Legislature voted to raise the drinking age from 18 to 21.
MSNBC: The Nevada Gaming Control Board reported last week that revenue at the state’s casinos fell by 22 percent in October, compared with the same month last year. It was the 10th straight monthly decline — and the biggest ever. The story was even worse on the Las Vegas Strip, where the October take was down by 26 percent. The steep downturn has sparked a movement to lower the legal gambling age to 18.
Why Should The Gambling Age Be Lowered To 18 2
If it happens, expect to lose more money at the poker tables as internet poker wiz-kids eat your lunch.