Anything over $1,200 or so is taxed right there before you’re paid off IIRC.
Yup. And you get forms.
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.
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.
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.”
BS, no it is not on table games, that is only if you win a jackpot on the slots!
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.
Anything over $1,200 or so is taxed right there before you’re paid off IIRC.
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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.