Thanks. The casino that I use does not rate play on the poker tables. I know, that sounds very odd, but it is true.....Anyway, I usually am not worreid about it due to the fact that I do just cash the chips and walk away. However, I am considering entering their tournaments and they can get up to $10K in prizes. If I happen to get lucky enough, and play well enough to win those, I would hate to lose half of it to the tax man....
Do you know how tourny winnings are usually handled?
Not familiar with poker tournaments.
In horseracing, if you win a certain amount, they take out a certain percentage on the spot. Kind of an estimated tax as if you were going to make this amount every week.