Deductions and Write-Offs

Generally, Keno winnings are reported on Form W-2G to the IRS if they are $1,500 or more reduced by the wager amount.

Generally, slot machine winnings are reported on Form W-2G by the payer if the winnings are $1,200 or more.

Generally, bingo winnings are reported on Form W-2G from the payer to the IRS if the amount is $1,200 or more.

Generally, backup withholding applies to slot machine winnings and bingo for winnings of $1,200 or more. The amount of the winnings and withholding will be reported on Form W-2G.

If you do not provide your taxpayer identification number to the payer, the payer will not withhold tax. Winnings from slot machines, bingo or keno are not subject to the 28% income tax withholding rules. If you do not provide your taxpayer identification number to the payer, the payer will withhold tax at the 31% backup withholding rate.

In 2012 & 2011, For an estate or gift(s) with:
Taxable income of $1 but not over $10,000 the tax is $0 plus 18 % over $0
T.I. of $100,000 but not over $150,000 the tax is $23,820 plus 30 % over $100,000
T.I. of $150,000 but not over $250,000 the tax is $38,800 plus 32 % over $150,000
T.I. of $250,000 but not over $500,000 the tax is $70,800 plus 34 % over $250,000
T.I. of $500,000 but not over $750,000 the tax is $155,800 plus 37 % over $500,000
T.I. of $750,000 but not over $1,000,000 the tax is $248,300 plus 39 % over $750,000
T.I. of $1,000,000or over the tax is $345,800 plus 40 % over $1,000,000
Any gift tax that you would owe is eliminated or reduced by a tax credit. The credit against taxable gifts for 2012 is $1,730,800 effectively exempting $5 million of taxable gifts.

The gift tax is a tax that the IRS will levy if the gifts you give to people are above a certain base dollar value. Your spouse can also make a gift of $14,000 to the same person free of tax. Amounts in excess of the $14,000/ 28,000 base amounts will cause a gift tax return to be filed.
. As a general rule, a gift is only taxable if its value, when added to the value of your estate, exceeds $5,000,000 for current year and in 2012.

The first $14,000 ($13,000 in 2012) are tax free. The taxes start at 18% and increase to 35%.
The person who makes the gift known as the donor is responsible for paying taxes on the gift on excess of the current years allowance.
If the donor does not pay the tax, the recipient must. If the recipient cannot or does not pay the tax, the IRS can seize the property and sell it to pay the tax.
Gifts are taxed at the same rate as estates.

Under the law, Federal and State agencies transfer to the IRS the names and Social Security numbers of taxpayers who owe amounts due to child support, loans or taxes.
Your tax refund may be withheld if you are delinquent in child support payments or owe on a student loan.