Posted on 05/14/2017 4:51:36 PM PDT by ak267
from the article in post 11 FWIW...what I don’t know if if this is only for Nevada or it’s an IRS rule.
“The one good news is Nevada casinos were also able to convince the IRS that they could not keep track of players at table games. They said that when a player cashes out for $7,000, they do not know whether he started with $25 or $25,000. So it is actually written into the law that there is no withholding or even reporting of big winnings to the IRS for blackjack, baccarat, craps, roulette or the big-6 wheel.”
TSA has no say on this.
Check this official TSA blog that admitted hassling someone for carrying a lot of cash. http://blog.tsa.gov/2009/06/st-louis-incident-update.html
Domestic travel they try top throw their weight around:” a guy returning from a political event in St Louis was harassed by TSA when they wanted to know why he was traveling with a cash box full of coins and bills. He kept asking if he was required to answer the question and they because belligerent to the traveler (”you must respect mah-authoritah!!).
TSA called the airport police who then called the Feds from downtown St Louis and then when the feds arrived, they were bewildered by TSA’s action.
Domestic, carry all you want. Internationally you have to declare if you carry more than $10,000 cash.
Don’t mention it to TSA when you travel domestically. None of their gawd-darned business.
Side note: Traveling through Chicago, had to go through security.
TSA barking orders to people like they were felons. . .and yelled at me to get a pat-down. Okay, I’m a business traveler and stepped to the proper location and some punk TSA kid, maybe 25 was rude in his directions to me so as he was bending over to touch my legs, I asked the guy:
Me: Say. . .when you are in a bar chatting up some cute girl, when she asks what you do for a living, are you honest and tell her you grope old men and molest children or do you say something more responsible, like tell her you hand out towels at a San Francisco gay bath-house?”
He was finished patting me down and was using his hands to direct me to pick up my carry-on when I finished saying that so all he could so was turn VERY red and anger flashed in his eyes when other people around me getting groped started to laugh out-loud.
can you take chips on/out?
“Put the money in the cage and then take out $1000 markers against it.”
If you’re under a $10,000 profit. If you show up with say, $12,000 on a $2000 buy in, they will throw IRS forms at you. You are not required to pay the taxes immediately if you choose not to, but the tax forms notifying the feds have to be filled out.
I believe so.
BS, no it is not on table games, that is only if you win a jackpot on the slots!
If he won 35k, then he was taxed immediately at the casino.
Although I think they tax you on the spot if it’s over 5k? Perhaps it is 1k I can’t recall?
I’ve heard the government was talking about having casino’s withhold some winnings for taxes, but I haven’t heard of it being instituted. If you win a jackpot or tournament over a certain amount (used to be $600, probably more now) they will send you a 1099G. That’s not true of cash games, though, after all when you cash out they have no idea how much you bought in for. You could have plunked down 100 K and cashed out 35K. I’ve won a couple thousand playing blackjack and nobody did that. You are obliged to report it, but can offset it with any other gambling losses that year, but you can’t carry losses over. In fact if you are a poker pro and win a tournament it’s best to enter as many more tournaments as you can that year, because every dollar you lose is 40 cents less you owe in taxes, so in effect the government is helping pay your entry for the year. Of course if you win more you owe more. Uncle Sam is your “parter” for the year.
I did QA/QC work on a big one from dirt up, mostly exterior (soils). Security on a build for those places borders on nuclear weapons handling protocol. Sending someone a “selfie” from the interior while it was under construction was a bootable offense.
Anything over $1,200 or so is taxed right there before you’re paid off IIRC.
************************
Nope. On one of my many trips to Vegas, I hit the slots. Won $1199 on two quarter slots, moved to half-dollar slots and picked up about $1000 more, then tried the dollar slots where I won $800 more.
The quarter slot jackpots were paid in cash with no IRS forms. I cashed in the other winnings and bought $100 in $5 tokens to try my luck. ....Put three at a time in and on second pull I hit $5000! ....Got the IRS form and a t-shirt, but no taxes were withheld. ...On my tax return I gave the dates and duration of 3 trips to Vegas and used my losses that year to offset the $5000, so paid no taxes.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.