If you have won some money at a casino and you’re wondering if you should report it to the IRS, you’re not alone. There are a number of different reasons why you might want to do so. In many cases, the only downside is that you have to give up a large chunk of your money to Uncle Sam. Even if you’ve already paid your taxes, he may still want his share of your winnings.
One reason is because casinos don’t automatically withhold taxes on smaller jackpots. In some cases, the casinos withhold money from your winnings to pay taxes. However, they don’t get paid for doing the paperwork. So, you have to ask them if they withhold your money and be sure to sign the IRS forms. However, if you don’t ask, they’ll likely refuse to withhold it. If you ask them later, you might get a call saying that it’s too late.
