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Author Topic: I recently won $30,000 at an online casino. I am wondering what my...  (Read 124 times)
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only1mu
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« on: December 10, 2007, 08:00:14 PM »

...tax will be.? Hello, I am a MA resident and am wondering what my tax will be on $30,000 in winnings from an online casino.also, my taxable income for the past year is less than $10,000
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merebear83
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« Reply #1 on: December 10, 2007, 08:10:14 PM »

Geez, which online casino did you use?  Please tell me lol.
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Jerry
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« Reply #2 on: December 10, 2007, 08:30:14 PM »

You should be getting a 1099 which will state the income.  Did they hold any money back for taxes when they paid out?  If not then you should have $30,000 additional dollars in taxes for the year and the entire amount will falll under taxable income.
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bostonianinmo
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« Reply #3 on: December 10, 2007, 08:40:11 PM »

Quite possibly 100% of your winnings.  On-line gambling is illegal in the US and any winnings are potentially subject to seizure when you attempt to repatriate the funds.  You may find it difficult or impossible to get the money transferred to your US bank.  Most of the foreign on-line casino owners are running scared as several have been arrested when arriving on US soil since they transferred gambling winnings to US citizens or residents in the US.  As a result, most of them will not transfer funds to a US financial institution.But let's assume that you somehow dodge the bullet on that.  Those winnings are taxed as ordinary income.  MA will snag 5.3% and your Federal bite will depend upon your marginal rate.
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