Comments on: What are the federal income taxes for these gambling games, and make it simple because I’m fifteen? http://thefreekeno.com/general-keno/what-are-the-federal-income-taxes-for-these-gambling-games-and-make-it-simple-because-im-fifteen/ Online keno resources, get information and resources for online keno and keno online. Fri, 30 Jul 2010 22:33:28 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Tax Lady http://thefreekeno.com/general-keno/what-are-the-federal-income-taxes-for-these-gambling-games-and-make-it-simple-because-im-fifteen/comment-page-1/#comment-121 Tax Lady Thu, 16 Jul 2009 00:13:41 +0000 http://thefreekeno.com/united-states/what-are-the-federal-income-taxes-for-these-gambling-games-and-make-it-simple-because-im-fifteen/#comment-121 For you the tax rate is zero. You're too young to gamble. Is that simple enough for you? For you the tax rate is zero. You’re too young to gamble. Is that simple enough for you?

]]> By: rhsaunders http://thefreekeno.com/general-keno/what-are-the-federal-income-taxes-for-these-gambling-games-and-make-it-simple-because-im-fifteen/comment-page-1/#comment-120 rhsaunders Sun, 12 Jul 2009 18:30:58 +0000 http://thefreekeno.com/united-states/what-are-the-federal-income-taxes-for-these-gambling-games-and-make-it-simple-because-im-fifteen/#comment-120 First response is sound. All gambling is treated identically for tax purposes: net winnings are taxable income; net losses are not deductible. First response is sound. All gambling is treated identically for tax purposes: net winnings are taxable income; net losses are not deductible.

]]> By: Sharon T http://thefreekeno.com/general-keno/what-are-the-federal-income-taxes-for-these-gambling-games-and-make-it-simple-because-im-fifteen/comment-page-1/#comment-119 Sharon T Sat, 11 Jul 2009 03:45:00 +0000 http://thefreekeno.com/united-states/what-are-the-federal-income-taxes-for-these-gambling-games-and-make-it-simple-because-im-fifteen/#comment-119 Winnings from all of these sources have to be reported on ones income tax return. It depends on what tax bracket a person is in. Winnings from all of these sources have to be reported on ones income tax return. It depends on what tax bracket a person is in.

]]> By: wartz http://thefreekeno.com/general-keno/what-are-the-federal-income-taxes-for-these-gambling-games-and-make-it-simple-because-im-fifteen/comment-page-1/#comment-118 wartz Wed, 08 Jul 2009 11:14:43 +0000 http://thefreekeno.com/united-states/what-are-the-federal-income-taxes-for-these-gambling-games-and-make-it-simple-because-im-fifteen/#comment-118 This may be a bit complicated for you unless you know what an income tax return looks like and gambling is a strange animal for tax purposes. Winnings are subject to index at whatever the persons income tax rate is. Losses can be deducted from taxable income up to the amount of winnings if you itemize deductions but not if you take standard deduction. As a general rule you will not itemize deductions if you are not buying a house. This may be a bit complicated for you unless you know what an income tax return looks like and gambling is a strange animal for tax purposes.

Winnings are subject to index at whatever the persons income tax rate is.

Losses can be deducted from taxable income up to the amount of winnings if you itemize deductions but not if you take standard deduction. As a general rule you will not itemize deductions if you are not buying a house.

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