Are you going to pay tax on slot winning?

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Sike_lottery

Guest
Is it possible for you to pay tax on slot winning? because there are so many people who win the slot on a daily basis and I'm looking at the amount the government will be making from each winning ticket because certain level of taxes that will be deducted from the tickets but I don't think it is general with all countries. There are some countries who will not deduct taxes from winning tickets.
 
Whether it's $5 or $5,000, from the track, an office pool, a casino or a gambling website, all gambling winnings must be reported on your tax return as "other income" on Schedule 1 (Form 1040) (opens in new tab). If you win a non-cash prize, such as a car or a trip, report its fair market value as income.
 
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