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Usa Online Casinos Are The New Era For Gambling 2.0
Sure, cities like Las Vegas, Atlantic City, and even Biloxi have the bright lights with glowing neon signs to lure you into their establishments however, online gambling casinos have brought forth a new era in gaming which should be considered “Gambling 2.0”.
Convience
As the cost of airline travel increases to Las Vegas and Atlantic City it has become easier now more than ever to get your gambling fix. You don’t even have to leave your house. As the cost of computers has decreased and internet speeds have increased, USA online casinos are seeing a rise in participation.
Ease of Play
If you have an xbox, playstation, or even a wii you could easily learn to use the software needed to play online. There is no fee to get the software. You download it for free. It even simulates the sounds of the slot machines if you so desire. It has the look and feel of being inside a casino. Many of them have free online tutorials that show you how to play.
Gimmicks
Anybody that’s been to Vegas knows that each casino has a gimmick or theme. When you go inside they’ll ask you to join their frequent player program. You’ll earn points or credits towards hotel stays, free food, and/or gifts. They might even give you a memento or t-shirt just to sign up. Whereas any online casino will provide you with a bonus incentive to play. Depending on the amount you deposit would determine the bonus dollar offered. These bonuses could be as much as $1000! It pays to research to get the most bang for your buck. I don’t know about you, but I’d rather have a bonus incentive than a t-shirt.
Price of Alcohol
This is another tactic used when you don’t play online. Yes, you can get free liquor but the glasses are extremely small and you don’t get them as often as one would think. Like it or not this is simply another cheap trick or gimmick. Unless you are what is considered a “big baller,” the waitresses more than likely won’t make the rounds to you that often. Besides, who wants their senses dulled while they’re gambling anyway? And you and I both know the liquor isn’t top shelf.
Rules and Regulations
There might be some people that aren’t keen on the particular rules for the bonus incentives. But considering the amounts that they are offering there are bound to be some stipulations for the large dollar amounts you could win. They want to ensure that you are an actual player and not a scammer. USA online casinos want to build a relationship with you. After you’ve completed one bonus incentive (whether you’ve won or lost) they’ll usually offer another.
Gambling Winnings and the IRS
In the United States gambling winnings are considered by the IRS to be taxable income and must be reported on your federal tax return. Gambling income includes, casino winnings, winnings from lotteries, and horse races. Cash winnings as well as the fair market value of prizes such as cars and trips etc. are eligible for Gambling taxes. A payer is required to issue you a Form W-2G or Form 1042-s if you receive gambling winnings subject to Federal income tax withholding. All gambling winnings must be reported as income even if no casino tax is deducted. Foreign nationals such as residents of Canada and the United Kingdom may be exempt from paying tax and be subject to a full casino tax refund due to provisions within their tax treaties with the United States. It is advised for Foreign Nationals claiming tax treaty provisions to use the services of an IRS Certifying Acceptance Agent to effect a US tax recovery. You may deduct gambling losses only if you itemize deductions. Claim your gambling losses as a miscellaneous deduction on Schedule A . However, the amount of losses you deduct may not be more than the amount of gambling income you have reported on your return. It is important to keep an accurate diary or similar record of your gambling winnings and losses in order to claim your casino tax refunds. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to IRS Publication 529, Miscellaneous Deductions, for more information.
Diary of winnings and losses. You must keep an accurate diary or similar record of your losses and winnings. Your diary should contain at least the following information. – The date and type of your specific wager or wagering activity. – The name and address or location of the gambling establishment. – The names of other persons present with you at the gambling establishment. – The amount(s) you won or lost. Proof of winnings and losses. In addition to your diary, you should also have other documentation. You can generally prove your losses through , wagering tickets, canceled checks, substitute checks, credit records, bank withdrawals, and statements of actual winnings or payment slips provided to you by the gambling establishment.
For specific wagering transactions, you can use the following items to support your winnings and losses. These recordkeeping suggestions are intended as general guidelines to help you establish your gambling winnings and losses. They are not all-inclusive. Your tax liability depends on your particular facts and circumstances.
Keno. Copies of the keno tickets you purchased that were validated by the gambling establishment, copies of your casino credit records, and copies of your casino check cashing records.
Slot machines. A record of the machine number and all winnings by date and time the machine was played. Table games (twenty-one (blackjack), craps, poker, baccarat, roulette, wheel of fortune, etc.). The number of the table at which you were playing. Casino credit card data indicating whether the credit was issued in the pit or at the cashier’s cage.
Bingo. A record of the number of games played, cost of tickets purchased, and amounts collected on winning tickets. Supplemental records include any receipts from the casino, parlor, etc.
Racing (horse, harness, dog, etc.). A record of the races, amounts of wagers, amounts collected on winning tickets, and amounts lost on losing tickets. Supplemental records include unredeemed tickets and payment records from the racetrack.
Lotteries. A record of ticket purchases, dates, winnings, and losses. Supplemental records include unredeemed tickets, payment slips, and winnings statements.