Is there a way to avoid paying taxes on keno?
I won $900 ON KENO in MA. If I cash it in at the office they take 30% for taxes. Is there any ways around it, like maybe having a senior citizen cash it?
- 8 years agoFavorite Answer
I live in Indiana, here you have the option to take out Federal taxes but they always withhold the state amount. Either way you can definitely get your money back at tax time. All you have to do is prove gambling losses that are greater than your gains. Casinos can give you a win loss statement that shows your yearly totals, or if you didn't lose enough there to cover your loses go to a race track(at least 2 different times, once is suspicious) and pick up losing tickets or get losing lottery tickets from your friends. You have 5 months to do this so plan ahead and enjoy your money in March.
- pdqLv 78 years ago
Lottery winnings are treated as INCOME. If you can find someone who makes so little that they will owe ZERO in taxes at the end of the year, have them cash it in. They might take out 30% anyway, but then at the end of the year, the person might end up getting a refund from the government.
This of course if you and they are not found out for fraud and arrested. :\