Tax Tips for Gambling Winnings and Losses - Michigan.
Note: Winnings from Michigan lottery, casinos or race tracks by a nonresident taxpayer are subject to Michigan individual income tax.
Detroit Casino Tax Refund for Tourists Detroit Motor City Attracts Record Number of Tourists. With a population approaching 690,000, Detroit is the biggest. Detroit’s Three Gambling Casinos. The MGM Grand Detroit is located in downtown Detroit, near all major sporting and. Taxable Games Subject.
First off, in Michigan, winnings from gambling count as taxable income according to the Michigan gambling law. The gambling winnings retention rate is 4.25%. That comes in the form of a tax that needs to be paid to the IRS. However, 4.25% is the alleviated tax for small winnings.
An 8.75 percent tax would be collected on sports wagering receipts, minus winnings paid out — less than a 19 percent tax now paid by Detroit's three commercial casinos. The city of Detroit could also collect an additional 3.25 percent tax, said Rep. Brandt Iden, the sponsor of the main bills and chair of the House Ways and Means Committee, as reported by Crain’s Detroit Business.
Homeowners—for the Michigan Homestead Property Tax Credit The 2018 taxable value of your home A complete copy of your summer and winter property tax bills for 2018 Renters—for the Michigan Homestead Property Tax Credit Your lease or rental contract Rent receipts for 2018 Your landlord’s name and address Direct Deposit: Fastest and safest way to receive your refund Your bank or credit.
If you were an Illinois resident when the gambling winnings were earned, you must pay Illinois Income Tax on the gambling winnings. However, you may include the gambling winnings in the non-Illinois portion of Schedule CR, Credit for Tax Paid to Other States.
Since the laws of sports betting in Michigan are still being polished and renewed, it is difficult to say what potential legalization and resulting tax on winnings from sports betting could be. Currently, the income tax rate is set at 24% on all types of gambling profits.