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Thread: Tax on winnings???

  1. #1
    Join Date
    Jan 2006
    Location
    Ontario, Canada
    Posts
    78

    Default Tax on winnings???

    How does the taxing system work in casinos? I can understand how they tax you when you win more than a certain amount on a slot machine as the attendants usually have to come and pay you, but how does it work at the tables?

    What would happen in these situations….

    a) I sit down at a blackjack table and cash in $200 to play. I play for awhile and end up with $3000. What happens? Do you get taxed at the cages when you cash in? At the table?

    b) I sit down at a blackjack table and cash in $3000 to play. I play for awhile and end up leaving when I’m even ($3000). What happens? Do you still get taxed?

    I’m from Canada and we don’t get taxed on winnings at the casinos or in the lotteries (not that I have ever won enought to get taxed). So, I’m just wondering how it worked in these different situations. I’ll be going back to Las Vegas in a couple months and plan on winning big at the blackjack tables yeah right…

  2. #2
    Join Date
    Feb 2006
    Location
    Daytona Beach, FL
    Posts
    289

    Default

    They don't tax you on table winnings. I cashed out $3000 in chips at one time and they never said anything.

    I won $1200 on a slot machine and they had a tax form for me to sign within 10 minutes of winning.

    I'm not sure of the exact law, but it is stupid either way because you can offset gambling wins with your gambling losses so I'm going to report that I lost $2000 playing blackjack to offset the $1200 I won in a slot machine.

  3. #3
    Join Date
    Sep 2005
    Location
    Oak Leaf, Texas, United States
    Posts
    4,294

    Default $10,000

    I read some where that you have to have winnings of $10,000 at a table to be taxed. The pit boss would have a record of the chips you bought and then when you check out he would record the chips you get.

    If they don't ask you to sign a payout slip, then no tax is payable.

    However, if you keep accurate records, you can claim losses at the table against winnings at slots and/or sports book.

    The best way to find out for sure is to call a casino accounting department and ask. Or call a host. If a host does not know for sure, they can find out for you. My host at Harrahs has been very accomodating in answering questions of this nature.
    Life ain't always beautiful, but it's a beautiful ride.

  4. #4
    Join Date
    Mar 2006
    Location
    Baton Rouge, LA.
    Posts
    198

    Default

    I believe that you have to win $1200.00 or more on a single play before it becomes a taxable event. As for cashing out $10,000.00 or more , you are filling out the same form that you would fill out at a bank if you cashed a check for more than $10,000.00.

    David

  5. #5

    Default

    The $1200 or more only applies to slot machines, or progressive wins at a table like Caribbean Stud Poker and you win a jackpot. At tables you don't have to be concerned until you hit $10,000 and even they don't take out taxes, just can be reported to the IRS.

  6. Default Winnings

    Because you are from Canada, any hand paid jackpot win (on slots) over 1200.00, they will give you a 1042 form and withhold 30 % taxes. You can apply to get that back from the US government. I don't think they take any taxes off unless you win on a progressive table game,like Caribbean Stud.

  7. #7

    Default

    Quote Originally Posted by HeyNow
    They don't tax you on table winnings. I cashed out $3000 in chips at one time and they never said anything.

    I won $1200 on a slot machine and they had a tax form for me to sign within 10 minutes of winning.

    I'm not sure of the exact law, but it is stupid either way because you can offset gambling wins with your gambling losses so I'm going to report that I lost $2000 playing blackjack to offset the $1200 I won in a slot machine.
    That's exactly what we did with my hubby's winnings! Even though he won $1,500, we put down that he lost $2,000 at blackjack. That's what our accountant said to do.

  8. Default

    My experience, and being Canadian, is as follows:

    1. I won a $10,300 progressive on a slot machine at Slots-Of-Fun years ago and I had to produce my SIN card (thank goodness I had it in my purse!!) and they filled out the forms and withheld 30% and I took the rest in cash. Their security escorted me to my cab and the Imperial Palace security met me at the cab when I returned there where I put in their safety deposit boxes in the casino cage. When I got back to Vancouver, I called IRS in Washington and also went through an accountant in the Okanagan that said he knew what he was doing and Inever did recover the 30% - I got babble about the Free Trade agreement. Since then I hear there are various companies in Canada that say they can get it back for you for a fee, but apparently it is hit and miss. I lost my papers and can't be bothered anymore!!

    2. I have never had to even DISCUSS taxes playing blackjack in Vegas or at the Indian casinos in Washington- no matter how much I win.

    Hope this helps.

    2.

  9. #9

    Default Gambling loss write off

    Just for everyone's information, you may only deduct gambling losses up to the amount on your W-2G forms. And IF asked to(audit) you MUST be able to produce proof.
    Somene I know found out the hard way
    It is what it is

  10. #10

    Default To add to Dead Money's info

    every penny you win gambling is taxable income, it is only those jackpots over $1200 that the casino gives you a W-2G for and sends a copy to the IRS. The IRS depends on everyone to report their other wins, but that's another story. You may only deduct your losses on schedule A itemized deductions, and they fall into the category of miscellaneous deductions over 2% of AGI. You must have proof of losses which can be losing lottery tickets, losing sports betting tickets, for slots and table games a win loss statement from the casino is not enough, they want dates and times, machines numbers, amount played. Basically they want a daily diary of info or they "MAY" disallow your loses. Each person must choose what to do, but by knowing these things you can make an informed decision.

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