It really feels great to win at any casino. Often individuals tend to forget that various taxes are attached with these winning amounts. The Federal government has formulated casino winning tax, and you need to adhere those rules. Failing to abide by the rules might result in serious fines and penalties. Unlike the income tax, these taxes are not progressive in nature. Irrespective of your winning amount, you need to pay a uniform amount. As per the government rules, slabs or brackets of the winning amount have been demarcated, and while paying taxes, you need to report accordingly. For the said winning amount, you need to provide your social security number.
Provide details of winning
If you are thinking to avoid paying the requisite tax, then you need to know that the casinos will hold up some amount of your winning amount. You need to provide the details of the entire winning amount to the government, only a few table games are exempted from paying the casino winning tax. You need not mention the details of the game while filing the tax. Even if the winning amount is low, you need to report these accurately. But, fortunately you need not pay taxes for all that you have won in the casino.