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IF A COLORADO RESIEDENT WON A LARGE SUM OF MONEY IN LAS VEGAS WOULD THE WINNER HAVE TO PAY NEVADA STATE TAX OR COLORADO STATE TAX ON THE WINNINGS
IF A COLORADO RESEIDENT WON A LARGE SUM OF MONEY IN LAS VEGAS WOULD HE HAVE TO PAY NEVADA STATE TAX OR COLORADO STATE TAX ON WINNINGS
1 Answer
Bob/PKB
You pay your state tax. Keep track of your gambling losses. You can deduct them up to the amount that you win. Your winnings, if over a certain amount at "jackpot" time, will be accompanied by a 1099 (miscellaneous income) form, which will be reported to the IRS.
If you WORK and EARN wages in NEVADA, you would file state income tax return for Nevada; anything you earn in another state would not be included in the Nevada return; a different return for each state where you have earned income. Federal government gets all sources.
| 14 years ago. Rating: 0 | |
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