Do You Have to Claim Gambling Wins for Taxes?

[KVB]

How about when I won 5 grand just a few weeks ago? No forms, nothing. Went into the table with about 7 or 8 hundred.

That's not 10k, Goater.

It's different for tables than machines.

If you did it three times, in a day, and cashed 15k, there would be a form.

They now track it.

[StackinGreen]

That's not 10k, Goater.

It's different for tables than machines.

If you did it three times, in a day, and cashed 15k, there would be a form.

They now track it.

Yes yes yes, listen to KVB.

[Mac4Lyfe]

Weird, was just in vegas, saw my boy walk up to the counter with 17 grand in chips, gave him the money right away, no forms. He plays in the high limit room. I personally won a little less than 5 grand, small time, no forms though. I guess I don't know then. Shit is just random?

I think a lot of it is random. The IRS wants them to track it but I'm sure a lot of shit gets passed. Can a casino track hundreds of players in a day? Some probably, others probably not. I've been to a lot of huge boxing and UFC fights and there's a LOT of money being bet on the tables. It's packed, loud, fun. Too many people to track winnings. I've seen crazy table limits. Like a $1,000 minimum on a crap table at MGM Tyson/Holyfield II 1997. The table was full of young black kids that looked like teenagers. WTF were they doing for a living? No forms that night.

I'm sure some casinos are very organized but most are probably a mess. The few times that I had to fill out a form was when I was cashing out. One time, I cashed a little bit at a time in a few days and no form. Best to talk to someone at the casino to find out the thresholds.

Casinos may ask you for ID but they really can't verify your SSN or you could give them a Tax ID. It's probably hard for the IRS to prove that it was your winnings if you pressed it. Someone could have stole your identity? used your SSN?

[ki dice]

On one of my btc apps that I only use to withdraw, my tax form say I’ve gained 50,000. However I use another app for depositing. Do they report to the irs I got no letter in the mail that’s what I go by