It is a well established fact that, you will lose more often than winning in a casino. Most of the cases, the casino comes out the winner and the players rarely make big bucks. One has to lose a lot before winning now and then. In some very rare cases, you can win a jackpot in the slots. You will be excited and celebrating when you hit a jackpot considering the amount of money you won. Eventually you will be shocked to know how much you will lose in the form of tax. Most of the countries taxes casino jackpots in United States of America.

One might think, there is nothing wrong in paying 30-40% in taxes considering you won by luck. What people don’t realize is how much money you have lost already in the past years in casino. If you are new to casino and hit a jackpot, then it’s a boon. If you have been playing for years losing a lot, then hitting a jackpot is still good, but not great. You can’t make back all your losses, but you can make them count. You can file your tax return stating your previous losses and reduce the tax for the jackpot.


One easy way to track all your casino wins and losses is by joining the casino membership. If you are a member or a card holder, the casino will keep track of all your games, the amount of money won, lost, etc. To achieve this, you need to use your card everytime you play. It doesn’t matter if you are betting with 100$ or 10000$, always use your membership card. They can’t track your games if you don’t buy chips with the card. You can demand the casino for your win-loss statement, they should be happy to give it, provided you have used your membership card.

The IRS will not accept win-loss statement from all the casinos, but they do accept from all legally certified casinos. Consider you have won a jackpot of 10000$ and tax amount is 4000$, you will end up with only 6000$. If you have the win-loss statement and the net loss is 2000$, then you make use of it. The net loss should be from that financial year, you cannot take the previous year’s statement.


Now you can submit your profit-loss statement and IRS will acknowledge that your profit is 10000$ from jackpot and a loss of 2000$ from the whole year. Now your new taxable amount is reduced by 2000$. To get more insightful information on gambling visit Gowild casino website.