Casino Winnings: That’S What Casinos Are For

By Vikram Kumar

Casino, it seems like a lot of fun is rooted to this word. Originally, the term casino came from Italy, which meant a small summer house or a small villa that was built for pleasure. It was usually located atop a larger Italian villa or a palazzo. However in modern day Italy, the term casino is now designated as a bordello, which means a closed house and casinò, spoken with an accent, refers to a gambling house. Today, casino refers to a facility that accommodates gambling activities. Most casinos are found within a hotel or a cruise ship, a restaurant, a shopping center or near any one of it. A casino is also known for hosting live entertainment shows such as concerts, stand up comedy shows, and other sporting events.

 Gambling in Casinos

 In most casinos worldwide, gambling has a minimum age requirement. In the United States, gambling in casinos is allowed to persons aged 18 to 21. In other countries though, it is between 16 to 21 years of age that people will be permitted to do gambling. The slot machine is the most often game that people get to gamble in a casino. Playing in slot machines like crap, baccarat and roulette, is purely a game of chance. Other casino games that require skill and allow gambling are poker and blackjack.

 Most casinos offer free items which are called comps. They are given to a player who is gambling. The more money that you gamble, the more comps are given to you. They are given based on a formula which is equal to the player's average bet multiplied by the percentage that the casino will win on that player multiplied by the number of hours he played. Judging from the formula, casino winnings or losses wouldn't matter in the distribution of the comps. And these free items could range from free drinks to more affluent items such as a free airfare or limo service; however they are entitled to gambling tax. This is what makes gambling in casinos addicting and exhilarating at the same time.

 Gambling and the IRS

If you have been glued to gambling through your casino winnings, better watch out and not pout because IRS do not play games. They are not happy with losers much more with winners. They are serious about their laws and provisions on gambling tax. So if luck is headed your way, you should win with caution. If you have collected an amount as much as $1,200 casino winnings the casino is required to inform the Internal Revenue Service or the IRS about your good fortune. Such will be reported in IRS Form W-2G. In the same manner that you, as the taxpayer, are obligated to report your casino winnings in your federal income tax return.

 We Help

 If you are a Canadian citizen and have been deducted gambling tax in your casino winnings, don't fret for we help. Through the US-Canada Income Tax Treaty, you are definitely entitled a casino tax refund. There are several people who will be able to get through it with the IRS. You do not have to worry if the IRS is serious about their job, because several professionals are intent on assisting you with the process of getting your casino tax refunds, too.

Source: http://www.articlesbase.com/online-gambling-articles/casino-winnings-thats-what-casinos-are-for-802636.html

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