Add 'Taxes on Casino Winnings'

Taxes-on-Casino-Winnings.md

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+<br>Hitting a massive jackpot at the casino is an exhilarating, life-changing experience for any player.<br>
+<br>Many gamblers are entirely unaware that their lucky streak might be heavily scrutinized by the government.<br>
+The United States Tax System
+<br>If you are an American citizen, every single dollar you win at a casino must legally be reported.<br>
+<br>When you hit a reportable jackpot, the casino will freeze the machine and demand your identification.<br>
+Table games have different reporting thresholds than slotsProfessional gamblers face different tax structuresFailure to report can trigger an IRS audit
+Countries with No Gambling Tax
+<br>Fortunately for many international players, several major countries do not tax gambling winnings at all.<br>
+<br>This system shifts the massive tax burden away from the lucky player and onto the corporate entity.<br>
+Can You Write Off Casino Losses?
+<br>However, you can only deduct losses up to the total amount of the gambling winnings you reported.<br>
+<br>Keeping all your losing betting slips, [casino](https://mygit.iexercice.com/morgancockle17) receipts, and win/loss statements from player's clubs is mandatory.<br>
+Scenario (USA)IRS Form RequiredThresholdSlot JackpotW-2G$1,200 or morePoker TournamentW-2G$5,000 or more
+<br>Proper tax planning ensures you enjoy your newfound wealth without fearing an audit down the road.<br>