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](http://www.souper.ee/roscoewight10) 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>
+Casinos issue W-2G forms for large specific winsAutomatic withholding usually applies to massive jackpotsKeeping a detailed diary of wins and losses is vital
+Countries with No Gambling Tax
+<br>Fortunately for many international players, several major countries do not tax gambling winnings at all.<br>
+<br>This system shifts the massive tax burden away from the lucky player and onto the corporate entity.<br>
+Can You Write Off Casino Losses?
+<br>In jurisdictions where winnings are taxed, like the US, players can often deduct their gambling losses.<br>
+<br>Without concrete proof of your losses, tax agencies will disallow the deductions during an audit.<br>
+Scenario (USA)IRS Form RequiredThresholdSlot JackpotW-2G$1,200 or morePoker TournamentW-2G$5,000 or more
+<br>Because tax codes are incredibly complex, big winners should immediately consult a certified financial professional.<br>