Overheard Conversation

Discussion in 'Community Discussion' started by pimentoLoaf, Mar 6, 2009.

  1. pimentoLoaf macrumors 68000


    Dec 30, 2001
    The SimCity Deli
    Two people (someplace in the US) are talking and saying this (approximately; I don't recall the exact figures they said):

    A- If the casino gives you a W2g, then you have to report the win to the IRS.

    B- But I didn't get a W2g because I had a bunch of little wins. Back and forth to the cashier and it totaled about $2000.

    A- Don't worry; if you don't report it, they won't find out.

    B- Only that I banked it: 20, $100 bills. Won't the bank find that suspicious?

    A- The bank's not going to worry about where you got your money. They only report in excess of $10,000 -- or if you appear to be a gang member. You're not a gang member.

    B- But ...

    A- Stop worrying about it. No one's going to find out. People do this all the time.
  2. dukebound85 macrumors P6


    Jul 17, 2005
    5045 feet above sea level
    i have a very hard time with the fact that i can gamble my post tax money but if i win, i have to pay taxes on it
  3. obeygiant macrumors 68040


    Jan 14, 2002
    totally cool
    capital gains.
  4. Abstract macrumors Penryn


    Dec 27, 2002
    Location Location Location
    You need to report your casino earnings in your tax form? Now that's just silly.
  5. sickmacdoc macrumors 68020


    Jun 14, 2008
    New Hampshire
    I used to attend horse races with a friend on occasion, and the only time the track would give you a W2 when you got your payoff is if the odds on your winning bet were greater than 300:1. He got hit with that on at least two occasions that I can remember but he really didn't care after a 300:1 win.;)
  6. iBlue macrumors Core


    Mar 17, 2005
    London, England
    Same here. It's still not as cruel as the inheritance tax. I think that is a disgusting load of crap. If the UK can find a way to tax it, they will… heavily. :rolleyes:
  7. Kernow macrumors 65816


    Sep 30, 2005
    This doesn't happen in the UK - gambling wins are tax free, unless it can be established that it is part of a trade, i.e. you are a professional gambler (and even then, simply having all your income come from gambling isn't enough). This is quite hard to establish, so for most people, gambling isn't taxable.
  8. Chundles macrumors G4


    Jul 4, 2005
    Gambling winnings aren't taxed here either so whether you win on the horses or even the lotteries you don't pay any tax on it.

    You do pay tax on any interest generated by those winnings though.
  9. rhsgolfer33 macrumors 6502a

    Jan 6, 2006
    I'm with you on that one. How many times have the people who are passing that money down payed taxes on it? Lets see, income tax, tax on interest earned, possibly capital gains tax, and probably a few others. If the inheritance in staying in the immediate family or being passed to a nonprofit, I don't think it should be taxed, regardless of the value of the estate.

    With the sheer number and percentages of different taxes being levied you'd figure there would be no problem keeping a balanced budget, most of the past world leaders have certainly proved that wrong.

    Yeah, many European nations tax rates/policies make the U.S. policies look tame.

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