Anything over $1,200 or so is taxed right there before you’re paid off IIRC.
Keep your winnings at $1,199. Cash them in often.
can you sell chips to another player?
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”.
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.
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?