Do you pay taxes on winnings at casinos on Indian reservations?

Do you pay taxes on winnings at casinos on Indian reservations?

Postby haniel18 » Tue Apr 12, 2011 9:39 am

Yes, you do.
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Do you pay taxes on winnings at casinos on Indian reservations?

Postby royse83 » Tue Apr 12, 2011 9:40 am

yes BUT!!! The gaming commission doesn't regulate Indian Casinos like they do other Casinos. so the machines are wound up tighter than Tom Thumbs ***, so a payout above the tax limit is a rarity...

Indian casinos are clip joints
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Do you pay taxes on winnings at casinos on Indian reservations?

Postby burneig » Tue Apr 12, 2011 9:43 am

I beg to differ with others who have commented. Lottery winnings and winnings from "games of luck" are NOT TAXABLE in Canada.

You win a million, or ten million dollars and you pay - ZERO - taxes on your winnings. Then, one year later you have to declare your wealth and then - you pay taxes on your income from your investments, assuming you did invest some money.

You can always put the money under your mattress, then you pay no taxes, ever. But - your money there cannot be insured. You lose your money and - you lost it all.

Why no taxes on winnings? Because the operators of casinos and other "games of chance" pay taxes on their income. There is no free lunch, the government gets its cut from you gambling, but BEFORE the winnings are paid out.

The average pay-out on 6/47 is about 36 % of the gambled money. The rest goes to the operator and - to the government as taxes.
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Do you pay taxes on winnings at casinos on Indian reservations?

Postby breac1 » Tue Apr 12, 2011 9:44 am

In canada, winnings at a casino are not subject to tax.
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