Las Vegas or Atlantic City IRS winning limit?
How much will the casinos allow you to win in for example Atlantic City or Las Vegas before they withhold tax from your winnings for the IRS? $5,000? $20,000, I am very curious to know!
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I believe $9,999.99 is the max.Comment -
Thank you, I was just wondering, if anyone else has a different figure please let us knowComment -
Not necessarily correct. I had a winning night of $60,000.Originally posted by Illusion
All you have to do is cash out under $10,000 and keep the rest of the chips for the next several nights and you won't be required to fill out a tax form(AC).
On the other hand, when I won a baccarat tournament of $30,000. They send me one of those tax forms to claim. I just had the host print out my losing records to present to my CPA and offset the $30,000.
It's much easier to get around this than you think. You just have to know the hosts and the system in AC.Comment -
Its usually over $5000 or more in a single transaction. Or 300 to 1 or more of the original bet/buy in.
Slots = $1200+
Keno = $1500+
But like freebie said, there are ways around it if you know the right people.
Plus you can claim the lossing bets you had durning the year, to make up for the amount you won and had to claim.Comment -
from http://www.irs.gov/newsroom/article/...108277,00.htmlOriginally posted by onlòóker
<< Generally, if you receive $600 ($1,200 from bingo and slot machines and $1,500 from keno) or more in gambling winnings and your winnings are at least 300 times the amount of the wager, the payer is required to issue you a Form W-2G. If you have won more than $5,000, the payer may be required to withhold 25 percent of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 28 percent. >>
I won 2600 in a poker tourney and was a proud recepient of a W-2g. Also, in order to deduct your winnings from your loses you have to itemize...Comment -
9,999 on table games and 1,200 on slotsOriginally posted by freebie
i had a couple of those nights where i had to do that. the problem is that, all the high level casino employees are watching your every move. so, it's not easy to cash those chips in. i found the best way to cash them in all in one night, is to into the bathroom and give some of the chips to the friends that went with you.Comment -
Reading all these stories the only thing that crosses my mind is that casinos in the USA cannot cater to high rollers. Is there a difference for foreigners? When I played in Atlantic City 4 years ago I was wary of this $10k thing. I then also always cashed out less than that and asked them to issue me a cheque. For European tax purposes this is the best one can get, as it proves that you have gambling winnings, which are tax-free. Also the casinos helped me from winning more, as they lowered my limit to $100 on the Blackjack tables. These days I would not dare to play any more "black" action. Apart from the US being a sh*thole anyhow. All this IRS stuff even scares me. What if they start considering foreigners that come to the US to play in whatever tournament or at the tables and win as illegal foreign workers?Comment -
cashing out all chips in 1 night is not possible. The cashier will go as far as calling the table you were playing at to get the correct winning number. So BBD, you're right about the bathroom way to cashout chips. But i usually do that in few nights.Originally posted by bigboydan
Also remember, you're required to show SSN when buying in at the table more $10,000 or more.Comment -
What if you go to 10 different casinos and place a bet in all of them barely missing the IRS limit, that will work well?Comment -
and where are you from that's so much better than the US?These days I would not dare to play any more "black" action. Apart from the US being a sh*thole anyhowComment
