(NOTE: I’m not an accountant, so definitely speak to someone who’s well versed on this if you plan on going this route, and/or gamble regularly and deal with handpays regularly.) Those who can itemize can choose to write off their gambling winnings with their gambling losses, but that requires a certain level of recordkeeping. You can choose to have taxes withheld upfront, or choose to hold off and deal with it at the end of the year. When it’s under $5,000, federal taxes do not have to be withheld by default. When it comes to federal taxes, there’s basically two tiers to a handpay: Under $5,000 and over. So I was wondering how much taxes are taken out of say like a $1200 win? Is it a percentage? And can you opt to pay taxes later? Here’s a pretty straightforward question from someone on a slot forum:
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