Add 'Taxes on Casino Winnings'

Taxes-on-Casino-Winnings.md

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+<br>Hitting a massive jackpot at the casino is an exhilarating, life-changing experience for any player.<br>
+<br>Tax laws regarding gambling winnings vary wildly depending on your country of residence and citizenship.<br>
+How the IRS Handles Gambling Wins
+<br>If you are an American citizen, every single dollar you win at a casino must legally be reported.<br>
+<br>You must then declare these winnings on your annual tax return, which may affect your overall tax bracket.<br>
+All winnings are subject to federal income taxState taxes may also apply depending on locationLosses can be deducted, but only up to the amount won
+Countries with No Gambling Tax
+<br>These governments view gambling as a game of chance, not a reliable source of taxable income.<br>
+<br>In these jurisdictions, the government taxes the casino operators directly based on their gross profits.<br>
+Can You Write Off Casino Losses?
+<br>However, you can only deduct losses up to the total amount of the gambling winnings you reported.<br>
+<br>Keeping all your losing betting slips, casino receipts, and win/loss statements from player's clubs is mandatory.<br>
+CountryTax on Winnings?Who Pays?USAYes (Federal & State)The PlayerUKNoThe [Casino](https://dev-members.writeappreviews.com/employer/mrpunterellada-1/)
+<br>Because tax codes are incredibly complex, big winners should immediately consult a certified financial professional.<br>