Posted on 05/14/2017 4:51:36 PM PDT by ak267
I got a quick question for those who visit casinos.
A while back I had the pleasure of watching an experienced gambler play craps at the Orleans Casino. He rolled the dice for nearly 60 minutes strait before "sevening out". After the dust had settled, he made off with 35k in chips.
FYI: At that time the table was packed, I wasn't into craps because my favorite game is BlackJack...so no, I didn't get into the action..darn it.
QUESTION: How does one do taxes in this situation? Do you have to fill out a tax form at the casino when you cash out or when you get back home? Can they give you a check instead of money? Would the TSA even allow you fly with that much money?
Anything over $1,200 or so is taxed right there before you’re paid off IIRC.
Yup. And you get forms.
The only time that happened to me was during a slot tournament where you don’t have any money at risk, you just play against others in succeeding rounds. You must win every round to come out on top. I think I won $1,600 or so, which is free money since I never dropped a dime into a machine.
Hope that isn't your answer when your audited.
I had to pay the tax right then and there. And that was over 10 years ago.
Keep your winnings at $1,199. Cash them in often.
can you sell chips to another player?
I wouldn’t do that. You’re under constant surveillance everywhere in a casino.
WRONG. I walked out of the Orleans with $13400 in Vegas in 2011. I had to file that as earnings. I got to deduct my losses. I never got bothered by the IRS for winnings under 10K each. 10K slips and over get the IRS’ attention.
“You’re under constant surveillance everywhere in a casino.”
Except in the rest rooms.
Put the money in the cage and then take out $1000 markers against it.
Correct.
Correct.
Then you can do it outside of the casino.
It’s for any one transaction of a $1,200 win that they have you sign tax forms. One roll of the dice etc. They dont have you sign forms if you win multiple times but each single win was less than $1,200.
It is 1099 income — yes the casino fills one out immediately.
BUT! You get to deduct your losses. If you win $15K but bet $10K to get it you only pay taxes on the $5k Net.
And that is for ALL your gambling for the year, no matter where. The stakes are the same as an investment.
If large enough, you can deduct gambling net losses as well.
There is a form, W2G that you get with extraordinary wins. It largely depends upon the floor manager because in some games $1200 is nothing win. They’re playing for $5000 a hand.
You’re simply not going to get taxed on a simple $1200 win. You will if it’s a quarter slot machine and you hit ta jackpot of $1200 or over.
There’s different wins for poker, which I’ve won over $1200 many times and never had to pay or have taxes withheld. The exceptions are for tournaments where prize pools become huge. I won $60k in a poker tournament. I got the 60k, and the W2G to fill out and they asked me to pay now or later, at which point I said “Parlay”.
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