Gambling Winnings & Taxes in US 2021 » Do I have to pay Taxes?

The /wallstreetbets GME retail investors vs the 0.1% situation has lead me to a place of clarity. The game is rigged, and the owners of the system will react with haste and break any laws they must to protect their cartel. For those not following the event
- Retail investors, realised the shares of GME and some other companies were heavily shorted and in short supply, so they started buying in the hope of forcing a short squeeze (whereby the holder of the shorts will then have to buy more stock to cover their shorts, sending the price through the roof, an example is Volkswagen [VW] in the 2000's). This is perfectly legal.
- the plan worked, GME went from $2 to $470 in a short space of time.
- Melvin Capital, a Hedge fund took a massive (likely $6 billion) short position in GME and faced closure if the bet went against them, they were losing money at a fast rate and got a bail out last week by other wall street Hedge funds.
- Melvin Capital then went on CNBC and other networks to reveal they had closed their short positions, it's highly unlikely as the options volume did not back up their claim, they were simply spreading disinformation, again this is perfectly legal
- the retail investors at /wallstreetbets simply would not give up, they kept buying, the end goal could have seen the stock reach $5K based on the VW scenario.
- the 0.1% moved to then protect the 0.1% from losing money by using the stock brokerages they own or control(Robinhood, TD, IB and all the other big players) to firstly prevent the retail investors buying more stock, you could simply not buy these stocks, you could only sell, some companies even forcibly closed down open options positons even in the absense of margin calls, so your account is in good standing with enough liquidity and they decide which stock you can have and which you can not, in this time big institutions are allowed to buy as much of this stock as they desire, just the retail traders are locked out of the casino. This is highly illegal and known as market manipulation, it also flies in the face of the idea that we have a free market.
- people like AOC, Elon Musk, Chamath have all come out on the site of the retail traders at /wallstreetbets
- Interactive Brokers chairman and founder Thomas Peterffy goes on CNBC’s “Closing Bell” an is literally weeping, explaining he feels hurt that his large, moneyed 0.1% friends are losing money due to the retail investors, oh the horror, how can these small investors make my friends lose money? Don't they know the implications of their actions? The horror.
The guys at /wallstreetbets simply did not understand that in our world only old money gets to make real money, the little guy must be shut down and should never have a slice of the action, all he gets is inflation and a 9 to 5 job, plus side hustle if he/she's lucky. If the little guy ever finds a way to gain an advantage the loophole is quickly closed.
- the SEC Chair then threatens to investigate the redditors on /wallstreetbets by tracking down their IP numbers with the help of reddit
- The /wallstreetbets discord server is banned.
All the years I talked trash about bitcoin, I apologise, now I genuinely understand the value of having a system not controlled by the government, where they can not on a whim decide to inflate the money supply and bail out their friends, while you carry the load in the form of additional taxes and inflation.

can someone explain the volume of "casinos" i Sioux Falls

How do casinos make money even after taxes ?

ELI5: If my parents were millionaires could I avoid inheritance tax by going to a casino and winning their money off them in a poker game?

Jackpot! Now what?

MRW my brother in law tells me that, after spending half his tax return on baby things and giving half to his girlfriend for a car, his girlfriend spent her entire return AND his money on clothes, mani-pedis, and a trip to the casino.

r/WallStreetBets vs Hedge Funds megathread for Thursday Jan 27. Discuss this dramatic happening here

Since this is a dramawave of an event, we will be making daily megathreads for as long as needed. If you'd like to add something, drop a reply here.
We also apologize for the typo in the title. This thread is for Thursday, Jan 28th.

WSB USERS: PLS DON'T SPAM!

This is a subreddit for the general reddit audience to discuss drama, so please don't clog up the thread. If you want to participate, make sure to follow our rules to avoid having your comments removed.
Background
WallStreetBets is a subreddit that treats "retail investing" (ie, amateur investing and amateur stock trades) like a casino. It's been featured here a few times in the past. (Examples: 1, 2, 3)
WSB users will sometimes pick a stock for silly or shitposty reasons to place their bets on. Gamestop stock (ticker name: GME) has been one of them. (We would appreciate some links to older examples WSB hyping GME stock if anyone has them). EDIT: Christopher-Nolan has provided us this example from a month ago
Our layman's explanation of a short squeeze is if someone "shorts" a stock, they have essentially made a bet its value will drop. But if their bet goes wrong, they will be forced to buy the stock they shorted at painfully high prices. Newspaper's explanation here.
Another simple way of summarizing it is that some hedge funds got into a pissing contest with an internet forum, except millions of dollars are on the line, and the hedge funds shorting GME were in a very vulnerable position, and their competitors in this match pride themselves on alleged mental deficiency. As the short squeeze doomsday scenario for these hedge funds has seemed more likely, the drama and excitement have overwhelmed social media, and a few WSB users are in a position to become millionaires.
Another reason this is making the national news is that it's unprecedented. Although short squeezes have happened, it's never been seemingly spurred by retail investors on social media. Now that the drama has hit the main stream it's starting lots of arguments around the internet about the stock market in general and what it really means to "manipulate" it, and what the role of the SEC and other regulators should be.
WSB was featured on SRD this week first for drama about a mod-sponsored twitter account, and then for making international news for the upcoming GME short squeeze.
Wednesday night update
WallStreetBets went private briefly on Jan 27, and is now back open. The closure seems to have been triggered by Discord's ban of the WSB server.
Meanwhile on twitter, the mod-sponsored account is back online and trying to call out WSB mod impersonators
Thursday 11 am update courtesy of No_Fuel_ and Existential_Owl
On the morning of Thurs, Jan 28, the retail trading platform Robinhood no longer allowed its users to purchase GME and other stocks popular on WSB, causing a huge uproar against Robinhood on wallstreetbets (examples 1, 2, 3) and twitter (examples 1, 2, 3, 4)
1 pm EST
A class action lawsuit against Robinhood has been filed
2 pm EST
WSB begins posting about Robinhood selling users' shares without their consent. According to the commenters, if you buy stock with borrowed money ("on margin"), your brokerage can force you to sell when the share price drops.
DeepFuckingValue, a redditor who bought 50,000 shares for cheap last year, is still holding. If he'd sold a portion of his shares yesterday he could have been a multi millionaire. WSB users congratulate him for "holding the line" under the hopes that if they all wait to sell, they will make the short squeeze even more expensive for the shorters.
11 pm EST
Posts relating to the short squeeze currently crowd the front page of reddit. Reuters is estimating the short sellers have taken over 70 billion in losses so far. AOC hosted a twitch stream in which former reddit CEO Alexis Ohanian appeared as a guest

Timeline of Trump's Russia Connections from KGB Cultivation to United State President

The Russia Mafia is part and parcel of Russian intelligence. Russia is a mafia state. That is not a metaphor. Putin is head of the Mafia. So the fact that they have deep ties to Donald Trump is deeply disturbing. Trump conducted FIVE completely private meetings and conferences with Putin, and has gone to great lengths to prevent literally anyone, even people in his administration, from learning what was discussed.
According to an ex-KGB spy...Russia has been cultivating Trump as an asset for 40 years.
Trump was first compromised by the Russians in the 80s. In 1984, the Russian Mafia began to use Trump real estate to launder money.
In 1984, David Bogatin — a convicted Russian mobster and close ally of Semion Mogilevich, a major Russian mob boss — met with Trump in Trump Tower right after it opened. Bogatin bought five condos from Trump at that meeting. Those condos were later seized by the government, which claimed they were used to launder money for the Russian mob.
“During the ’80s and ’90s, we in the U.S. government repeatedly saw a pattern by which criminals would use condos and high-rises to launder money,” says Jonathan Winer, a deputy assistant secretary of state for international law enforcement in the Clinton administration. “It didn’t matter that you paid too much, because the real estate values would rise, and it was a way of turning dirty money into clean money. It was done very systematically, and it explained why there are so many high-rises where the units were sold but no one is living in them.”
When Trump Tower was built, as David Cay Johnston reports in The Making of Donald Trump, it was only the second high-rise in New York that accepted anonymous buyers.
In 1987, the Soviet ambassador to the United Nations, Yuri Dubinin, arranged for Trump and his then-wife, Ivana, to enjoy an all-expense-paid trip to Moscow to consider business prospects.
A short while later he made his first call for the dismantling of the NATO alliance. Which would benefit Russia.
At the beginning of 1990 Donald Trump owed a combined $4 billion to more than 70 banks, with $800 million personally guaranteed by his own assets, according to Alan Pomerantz, a lawyer whose team led negotiations between Trump and 72 banks to restructure Trump’s loans. Pomerantz was hired by Citibank.
Interview with Pomerantz
Trump agreed to pay the bond lenders 14% interest, roughly 50% more than he had projected, to raise $675 million. It was the biggest gamble of his career. Trump could not keep pace with his debts. Six months later, the Taj defaulted on interest payments to bondholders as his finances went into a tailspin.
In July 1991, Trump’s Taj Mahal filed for bankruptcy.
So he bankrupted a casino? What about Ru...
The Trump Taj Mahal casino broke anti-money laundering rules 106 times in its first year and a half of operation in the early 1990s, according to the IRS in a 1998 settlement agreement.
The casino repeatedly failed to properly report gamblers who cashed out $10,000 or more in a single day, the government said."The violations date back to a time when the Taj Mahal was the preferred gambling spot for Russian mobsters living in Brooklyn, according to federal investigators who tracked organized crime in New York City. They also occurred at a time when the Taj Mahal casino was short on cash and on the verge of bankruptcy."
....ssia
So by the mid 1990s Trump was then at a low point of his career. He defaulted on his debts to a number of large Wall Street banks and was overleveraged. Two of his businesses had declared bankruptcy, the Trump Taj Mahal Casino in Atlantic City and the Plaza Hotel in New York, and the money pit that was the Trump Shuttle went out of business in 1992. Trump companies would ultimately declare Chapter 11 bankruptcy two more times.
Trump was $4 billion in debt after his Atlantic City casinos went bankrupt. No U.S. bank would touch him. Then foreign money began flowing in through Deutsche Bank.
The extremely controversial Deutsche Bank. The Nazi financing, Auschwitz building, law violating, customer misleading, international currency markets manipulating, interest rate rigging, Iran & others sanctions violating, Russian money laundering, salvation of Donald J. Trump.
The agreeing to a $7.2 billion settlement with with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities and causing the 2008 financial crisis bank.
The appears to have facilitated more than half of the $2 trillion of suspicious transactions that were flagged to the U.S. government over nearly two decades bank.
The embroiled in a $20b money-laundering operation, dubbed the Global Laundromat. The launders money for Russian criminals with links to the Kremlin, the old KGB and its main successor, the FSB bank.
That bank.
Three minute video detailing Trump's debts and relationship with Deutsche Bank
In 1998, Russia defaulted on $40 billion in debt, causing the ruble to plummet and Russian banks to close. The ensuing financial panic sent the country’s oligarchs and mobsters scrambling to find a safe place to put their money. That October, just two months after the Russian economy went into a tailspin, Trump broke ground on his biggest project yet.
Directly across the street from the United Nations building.
Russian Linked-Deutsche Bank arranged to lend hundreds of millions of dollars to finance Trump’s construction of a skyscraper next to the United Nations.
Construction got underway in 1999.
Units on the tower’s priciest floors were quickly snatched up by individual buyers from the former Soviet Union, or by limited liability companies connected to Russia. “We had big buyers from Russia and Ukraine and Kazakhstan,” sales agent Debra Stotts told Bloomberg. After Trump World Tower opened, Sotheby’s International Realty teamed up with a Russian real estate company to make a big sales push for the property in Russia. The “tower full of oligarchs,” as Bloomberg called it, became a model for Trump’s projects going forward. All he needed to do, it seemed, was slap the Trump name on a big building, and high-dollar customers from Russia and the former Soviet republics were guaranteed to come rushing in.
New York City real estate broker Dolly Lenz told USA TODAY she sold about 65 condos in Trump World at 845 U.N. Plaza in Manhattan to Russian investors, many of whom sought personal meetings with Trump for his business expertise.
“I had contacts in Moscow looking to invest in the United States,” Lenz said. “They all wanted to meet Donald. They became very friendly.”Lots of Russian and Eastern European Friends. Investing lots of money. And not only in New York.
Miami is known as a hotspot of the ultra-wealthy looking to launder their money from overseas. Thousands of Russians have moved to Sunny Isles. Hundreds of ultra-wealthy former Soviet citizens bought Trump properties in South Florida. People with really disturbing histories investing millions and millions of dollars. Igor Zorin offers a story with all the weirdness modern Miami has to offer: Russian cash, a motorcycle club named after Russia’s powerful special forces and a condo tower branded by Donald Trump.
Thanks to its heavy Russian presence, Sunny Isles has acquired the nickname “Little Moscow.”
From an interview with a Miami based Siberian-born realtor... “Miami is a brand,” she told me as we sat on a sofa in the building’s huge foyer. “People from all over the world want property here.” Developers were only putting up luxury properties because they “know that the crisis has not affected people with money,”
Most of her clients are Russian—there are now three direct flights per week between Moscow and Miami—and increasing numbers are moving to Florida after spending a few years in London first. “It’s a money center, and it’s a lot easier to get your money there than directly to the US, because of laws and tax issues,” she said. “But after your money has been in London for a while, you can move it to other places more easily.”
In the 2000s, Trump turned to licensing deals and trademarks, collecting a fee from other companies using the Trump name. This has allowed Trump to distance himself from properties or projects that have failed or encountered legal trouble and provided a convenient workaround to help launch projects, especially in Russia and former Soviet states, which bear Trump’s name but otherwise little relation to his general business.
Enter Bayrock Group, a development company and key Trump real estate partner during the 2000s. Bayrock partnered with Trump in 2005 and invested an incredible amount of money into the Trump organization under the legal guise of licensing his name and property management. Bayrock was run by two investors:
Felix Sater, a Russian-born mobster who served a year in prison for stabbing a man in the face with a margarita glass during a bar fight, pleaded guilty to racketeering as part of a mafia-driven "pump-and-dump" stock fraud and then escaped jail time by becoming a highly valued government informant. He was an important figure at Bayrock, notably with the Trump SoHo hotel-condominium in New York City, and has said under oath that he represented Trump in Russia and subsequently billed himself as a senior Trump advisor, with an office in Trump Tower. He is a convict who became a govt cooperator for the FBI and other agencies. He grew up with Micahel Cohen --Trump's disbarred former "fixer" attorney. Cohen's family owned El Caribe, which was a mob hangout for the Russian Mafia in Brooklyn. Cohen had ties to Ukrainian oligarchs through his in-laws and his brother's in-laws. Felix Sater's father had ties to the Russian mob.
Tevfik Arif, a Kazakhstan-born former "Soviet official" who drew on bottomless sources of money from the former Soviet republic. Arif graduated from the Moscow Institute of Trade and Economics and worked as a Soviet trade and commerce official for 17 years before moving to New York and founding Bayrock. In 2002, after meeting Trump, he moved Bayrock’s offices to Trump Tower, where he and his staff of Russian émigrés set up shop on the twenty-fourth floor.
Arif was offering him a 20 to 25 percent cut on his overseas projects, he said, not to mention management fees. Trump said in the deposition that Bayrock’s Tevfik Arif “brought the people up from Moscow to meet with me,”and that he was teaming with Bayrock on other planned ventures in Moscow. The only Russians who are likely have the resources and political connections to sponsor such ambitious international deals are the corrupt oligarchs.
In 2005, Trump told The Miami Herald “The name has brought a cachet to certain areas that wouldn’t have had it,” Dezer said Trump’s name put Sunny Isles Beach on the map as a classy destination — and the Trump-branded condo units sold “10 to 20 percent higher than any of our competitors, and at a faster pace.”“We didn’t have any foreclosures or anything, despite the crisis.”
In a 2007 deposition that was part of his unsuccessful defamation lawsuit against reporter Timothy O’Brien Trump testified "that Bayrock was working their international contacts to complete Trump/Bayrock deals in Russia, Ukraine, and Poland. He testified that “Bayrock knew the investors” and that “this was going to be the Trump International Hotel and Tower in Moscow, Kiev, Istanbul, et cetera, and Warsaw, Poland.”
In 2008, Donald Trump Jr. gave the following statement to the “Bridging U.S. and Emerging Markets Real Estate” conference in Manhattan: “[I]n terms of high-end product influx into the United States, Russians make up a pretty disproportionate cross-section of a lot of our assets; say in Dubai, and certainly with our project in SoHo and anywhere in New York. We see a lot of money pouring in from Russia.”
In July 2008, Trump sold a mansion in Palm Beach for $95 million to Dmitry Rybolovlev, a Russian oligarch. Trump had purchased it four years earlier for $41.35 million. The sale price was nearly $54 million more than Trump had paid for the property. This was the height of the recession when all other property had plummeted in value. Must be nice to have so many Russian oligarchs interested in giving you money.
In 2013, Trump went to Russia for the Miss Universe pageant “financed in part by the development company of a Russian billionaire Aras Agalarov.… a Putin ally who is sometimes called the ‘Trump of Russia’ because of his tendency to put his own name on his buildings.” He met with many oligarchs. Timeline of events. Flight records show how long he was there.
Video interview in Moscow where Trump says "...China wanted it this year. And Russia wanted it very badly." I bet they did.
Also in 2013, Federal agents busted an “ultraexclusive, high-stakes, illegal poker ring” run by Russian gangsters out of Trump Tower. They operated card games, illegal gambling websites, and a global sports book and laundered more than $100 million. A condo directly below one owned by Trump reportedly served as HQ for a “sophisticated money-laundering scheme” connected to Semion Mogilevich.
In 2014, Eric Trump told golf reporter James Dodson that the Trump Organization was able to expand during the financial crisis because “We don’t rely on American banks. We have all the funding we need out of Russia. I said, 'Really?' And he said, 'Oh, yeah. We’ve got some guys that really, really love golf, and they’re really invested in our programmes. We just go there all the time.’”
A 2015 racketeering case against Bayrock, Sater, and Arif, and others, alleged that: “for most of its existence it [Bayrock] was substantially and covertly mob-owned and operated,” engaging “in a pattern of continuous, related crimes, including mail, wire, and bank fraud; tax evasion; money laundering; conspiracy; bribery; extortion; and embezzlement.” Although the lawsuit does not allege complicity by Trump, it claims that Bayrock exploited its joint ventures with Trump as a conduit for laundering money and evading taxes. The lawsuit cites as a “Concrete example of their crime, Trump SoHo, [which] stands 454 feet tall at Spring and Varick, where it also stands monument to spectacularly corrupt money-laundering and tax evasion.”
In 2016, the Trump Presidential Campaign was helped by Russia.
(I don't have the presidential term sourced yet. I'll post an update when I do. I'm sure you probably remember most of them...sigh. TY to the main posters here. Obviously I'm standing on your shoulders having taken a lot of the information or articles from here).

High-rolling Barangaroo casino could convert to 'prestige' luxury apartments

I won enough money at the Casino over the weekend that I have to pay taxes on it.

casino money taxed video

How Casino Winnings Are Taxed. As stated earlier, the federal government levy tax on both cash and non-cash winnings. Returns gotten from wagers placed on bingo, keno, lottery, raffles, sweepstakes and slots including non-cash winnings like trips and vehicles are taxable. It is the Fair Market Value (FMV) of non-cash winnings that are taxed. All casino winnings are subject to federal taxes. However, the IRS only requires the casinos to report wins over $1,200 on slots and video poker machines or other games such as keno, lottery or horse racing. When you have a win equal to or greater than $1200, you are issued a W-2G form. How much are gambling winnings taxed? Gambling winnings are not currently taxed in the United Kingdom. Instead, casinos and other betting sites pay taxes on their profits. Remote gaming operators currently pay a 15% duty. Unless you plan on operating a casino, this will be of little concern to you. Casino Winnings Are Not Tax-Free. Casino winnings count as gambling income and gambling income is always taxed at the federal level. That includes cash from slot machines, poker tournaments ... Currently, slot machine winnings are not taxed in the United Kingdom. The same goes for any other casino game. It doesn’t really matter if you win £5 or £5 million playing online slots, your winnings will be tax-free as long as you reside anywhere in the UK, be that in England, Wales, Northern Ireland or Scotland. Travel to Vegas and try to win big at the casino. ... a lucky few carry home a lot of money. ... Such income is generally taxed at a flat rate of 30%. Any money you win gambling or wagering is considered taxable income by the IRS as is the fair market value of any item you win. Gambling income isn't just card games and casinos; it also includes winnings from racetracks, game shows, lotteries, and possibly even bingo. When you won money at the casino they may have already taken taxes out up front. Also, you can only claim your loss if you are able to itemize your tax deductions so your itemized deductions have to be more than the standard deduction($12,000 single, $24,000 married filing jointly) otherwise you would just take the standard deduction.

casino money taxed top

MASSIVE 190X Win on my First Attempt!! 🍀 BEGINNERS LUCK ...

Follow my TWITTER @micmetv // Follow my INSTAGRAM @micme_tvMerch store: http://micmetv.cujographyx.comToday I go to the coin pusher. It is filled with $100 d... Craig Shacklett, CEO of URComped, spoke with Ray Kondler of Kondler and Associates on how casino players can minimize their tax liability from casino winning... Las Vegas vlog March Madness Day 2Starting the day with Bellagio fountain show. The room at MGM grand had a view of The Mansion (high rollers villas). Specia... Warren Buffett is the godfather of modern-day investing. For nearly 50 years, Buffett has run Berkshire Hathaway, which owns over 60 companies, like Geico an... MASSIVE 190X Win on my First Attempt!! 🍀 BEGINNERS LUCK 🍀 Brian Christopher SlotsAlthough you may have seen this game on my channel before, this video is t... Top 10 things you won't believe happens when you gamble at a casino. Subscribe to our channel: http://goo.gl/9CwQhgFor copyright matters please contact us at... Hit this at Cosmopolitan Las Vegas with VegasMonkey from vegasfanatics.com What are the steps you’re supposed to take once you win the lottery?! I mean, everyone knows about getting someone who knows about money, but who EXACTLY ar... I was playing a $5 dollar slot machine called Meltdown last night and hit the jackpot for $60,000 dollars. The funny thing is I don't even like Meltdown but ... Started recording only when I figured this one had a shot at getting all 15 Buffalo. We got them, but not the BIG result we were hoping for!

Gambling Winnings & Taxes in US 2021 » Do I have to pay Taxes?

casino money taxed

casino money taxed - win

TIL Monaco citizens cannot play in the Monte Carlo casino. In the 19th century, Princess Caroline forbade citizens to play in casinos, insisting that profits should be received only from foreigners. In exchange, citizens of Monaco don´t have to pay income taxes as Monaco uses casino money instead.

How are casinos taxed and how does the government / taxman stop money laundering through casinos?

how does my money goes to 1.5 million to -1.5 million in a country (monaco) that doesn’t have an inheritance tax? i didn’t go to the casino or anything, i just kept working and doing nothing besides that

Jagex should fund a universal basic income with the tax money from the sand casino.

Hundreds of millions believed laundered at Crown Casino Perth through $2 shell company

If you ever sell buy something tangible with the money.

If I blow all 10k dollars of my own money at the casino and then hit a jackpot for 10k, do I have to pay taxes on that 10k or do they offset themselves?

Use the tax money from the sand casino to fund Burg de Rott.

I am a Canadian who won some money at an American casino. The casino gave me some paperwork and said to file American taxes at tax time. Can anyone explain the process of how I do this because I'm so confused. Thank you!

2021 Polls show Texas majority wants marijuana legalization - Texas Cannabis Collective

RELEASE: Mayor Brandon M. Scott Joins Mayors for a Guaranteed Income

Trump benefited from ‘highly unusual’ $21m windfall from Vegas hotel in 2016, NYT claims

After GME I finally understand Bitcoin