There seems to be a misconception when it comes to Tax talk on the new Gambling laws
When they're talking about 8.25% Tax, or in PA, 34% or whatever it is, they are talking about the State, not the Player.
Like the Computer Group posted, it's basically the same as if you were making a wager in Las Vegas... There's no Tax within the wager, No tax in the Juice of the spread
and if you Cash a Normal straight wager for let's say $550 to Win $500 or $1100 to win $1000, etc.. They are Not going to stand there while you are cashing your ticket and say, Oh by the way, we are taking Tax out of your Winnings
Now if you take a $100 wager and turn it into a $20,000 Win, that's a different story.
the only question will be , will you have the Option to pay the Tax on cashing or can you Claim it with your taxes.
Because you need to remember, You Can Claim Losses. Losses can be deducted from your Winnings at Tax time.
When they're talking about 8.25% Tax, or in PA, 34% or whatever it is, they are talking about the State, not the Player.
Like the Computer Group posted, it's basically the same as if you were making a wager in Las Vegas... There's no Tax within the wager, No tax in the Juice of the spread
and if you Cash a Normal straight wager for let's say $550 to Win $500 or $1100 to win $1000, etc.. They are Not going to stand there while you are cashing your ticket and say, Oh by the way, we are taking Tax out of your Winnings
Now if you take a $100 wager and turn it into a $20,000 Win, that's a different story.
the only question will be , will you have the Option to pay the Tax on cashing or can you Claim it with your taxes.
Because you need to remember, You Can Claim Losses. Losses can be deducted from your Winnings at Tax time.