Do you think they will make us one day?
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In the casino anything over $1,199 is taxableComment -
I don't need to worry about it weed. I never win.
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There is no right or wrong answers
It all depends where you live and what your gambling on
Seek a pro tax guy not an sbr idiotComment -
Here is the only accurate info you will get here
YOU DO NOT PAY TAXES IF YOU HAVE A LOCAL AND DEALING IN CASH
YOU PLAY OFFSHORE AND USE BITCOIN BUT ONLY LEAVE IN WALLETS FOR INVESTMENTComment -
And you can write off against wins, the real question anyone asks is can they enforce/find/call you on something, and is it worth the time. There are varying answers to this. But even CTRs don't trigger an audit, it's just that if they are looking at you they can pull up stuff that has a paper trail (vs not) theoretically, and obviously.Comment -
YES if huge enough BUT you write off any gambling losses Casino ; lottery; horses up to the amount YOU won and PAY ZERO to IRS
MY wife had a huge win years ago on slots $5425.89 never was asked to pay taxes win was in Delaware but it doesent matter
you can multiple wins up to whatever amount I saw ex friend wack them on slots all night for 8 hours $800 $1000 etc etc
won $20,000 total I said wanna pay the tolls and gas money buddy I won $500 on craps got us free food too
another thing people DO NOT get rewards card just play slots but no table games because if you going in with thousands they will ask to see your ID and record youComment -
Here we go again…….Comment -
The correct answer is that ANY TIME you have earnings, winnings, etc., it should be reported as income.
The real answer is that the IRS only knows what is reported. If you won $5k but it was never reported, than the IRS has no record of it. Reporting limits are all over the map. Some places will report a few hundred dollars. Some won't report a few thousand. They are required to inform you if they report.Comment -
If you're really worried about gambling taxes, if you are filing in a way to cause suspect, then track it all.
Everything.
Have more information than them, and be more knowledgeable than them. Use Casino's to your advantage but don't try to cheat.
Most importantly, consult a professional. Preferrrably one that will help you file most efficiently.
Again, read the first line of my post. How worried are you about this, how much of your income is this. Be realistic. Then talk to a professional.
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KVB I do not think this is an issue 99% of gamblersIf you're really worried about gambling taxes, if you are filing in a way to cause suspect, then track it all.
Everything.
Have more information than them, and be more knowledgeable than them. Use Casino's to your advantage but don't try to cheat.
Most importantly, consult a professional. Preferrrably one that will help you file most efficiently.
Again, read the first line of my post. How worried are you about this, how much of your income is this. Be realistic. Then talk to a professional.
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nvm
Just see Title 31.Comment -
I'm going to have to pay or at least get a work around it
because I'm going to net this public state book for a lot of $
unfortunately even if we don't w/d it will get reported
Using a state or big corporate book that is in with the states
is not like winning at the blackjack table guys
but there will be deductibles or standard deduction
plus you can go on monthly installments if there is any difficulty
IRS is easy to do business with
I have owed them for years and never pay
they are not as tough as you think
it is an office of profit based in puerto rico
that our dear representatives uphold as a legitimate office of trust
but that is not the case
get on to winning first
worry about the tax man later
it is all new to us
or stay with the locals and cryptos
but even the cryptos are trying to go on board with the gov if they make it that way soon
you can try the Indian books like the Mohawks at Bovada
or the family offshores that we don't talk about here no moreComment -
Goat - I had to fill out a form for winning like $3,200 once at Barbary Coast I think and got a W2G later. Which was very weird. Usually, casinos won't fill out a W2G form for games of skill but who the hell knows what triggers them. In general it should be the following...
- $1,200 or more in winnings from bingo or slot machines
- $1,500 or more from keno
- $5,000 or more from poker tournaments
- $600 in winnings from other types of gambling, if the payout is at least 300 times the amount of the wager
and good luck finding gambling losses. Who the hell keeps those records?Comment -
Like I said, just see Title 31, the Bank Secrecy Act.
FinCEN is a real thing and casino's with certain revenue will be required to act like a bank in the right circumstances.
If they aren't they could be breaking anti money laundering rules.
It's not like it used to be.Comment -
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?Cause Sleep is the Cousin of DeathComment -
no one pays taxes in the usa . its all free freeComment -
He may have already dealt with the forms.
Specifically, FinCEN Form 112.
Even if you're boy walked up to a table, dropped 10k and they gave him chips this form would be completed, whether or not a single hand would be played.
They will track this. They are banks in this instance.
A transaction that large, whether paid into, out of, or exchanged will be reported.
Maybe your boy bought 20k in chips, they know it, then he cashed out 17. Maybe 15k of the 17k was his own money. Regardless of what you witnessed, the form was filed. It's been tracked.
Structuring is impossible, they will even track a days worth of transactions, aggregating large ones.Comment -
What happened with Gus the sharp mechanic?Comment
