Question about Winnings and Taxes

Carmine782

Well-Known Member
#1
Good Evening, I Have a question, I know if you win a certain amount they will tax you, My Question is lets say im playing blackjack and I start out with $1000, And I win an additional $750. I bring my $1750 to the cashier, Usually anything above $1200 gets taxed, but if I bring my $1750 to the cashier, will that mean that They will tax my own Moneay (I.E. My $1000 I started with)

Please help
Thanks!
Carmine
 

Sonny

Well-Known Member
#2
Carmine782 said:
My Question is lets say im playing blackjack and I start out with $1000, And I win an additional $750. I bring my $1750 to the cashier, Usually anything above $1200 gets taxed, but if I bring my $1750 to the cashier, will that mean that They will tax my own Moneay (I.E. My $1000 I started with)
The casinos in the US, like any other financial institution, is required to notify the IRS of any transaction of $10,000 or more in a 24-hour period. Anything less than that does not generate any federal paperwork. But, you should be declaring your gambling winnings on your tax form anyway, no matter what the amount is. :angel:

As far as being taxed on your buy-in, you'll have the chance to itemize everything in your tax return so that you are only taxed on income, not expenses.

-Sonny-
 

glovesetc

Well-Known Member
#4
carmine

that is correct !!! If you win more then or have more then $10,000.00 you can always give the excess to a friend cause you are repaying a debt or whatever . If you do not owe your friend anything it is then called money laundering . On the other hand the feds really do not have time to look at every CTR as they get tens of thousands per day but they will notice if it is an everyday occurrence and if you get audited they will show up . They are looking for drug dealers who used to use casinos to launder money - especially small bills like 5/10/20/50's . I recall hearing some casinos in Vegas and A.C. got fined pretty heavy for not taking reports . In the old days of vegas your friendly V.I.P. host would always take care of problems like that in a discreet manner for the high rollers . Those days however are gone as far as I can see .:) :grin: ;)
 

Sonny

Well-Known Member
#5
Carmine782 said:
so as long as i win bring $10000 or less to the cashier, I will get cash right?
You'll get cash no matter how much you bring to the cashier. If the amount is $10,000 or more then you will also get the paperwork as well. Some casinos may ask to see your ID for transactions of $2,000 or more, but that’s just for internal reasons not tax reasons. You are not required to show them any ID if you don't want to. If you refuse then they will just write a description of you in their MTR log book.

If you have more than $10,000 and you break it up into smaller transactions then you could be arrested for structuring (although you probably won’t). That’s a federal crime. And be careful about giving your friends chips as payment for a debt. The MGM casino recently refused to cash someone’s chips because someone else gave them to him. Since he did not win them himself the casino confiscated the chips and refused to pay him.

http://www.sportscapperisland.com/forum/poker-room/18518.php

-Sonny-
 

aslan

Well-Known Member
#6
Sonny said:
You'll get cash no matter how much you bring to the cashier. If the amount is $10,000 or more then you will also get the paperwork as well. Some casinos may ask to see your ID for transactions of $2,000 or more, but that’s just for internal reasons not tax reasons. You are not required to show them any ID if you don't want to. If you refuse then they will just write a description of you in their MTR log book.

If you have more than $10,000 and you break it up into smaller transactions then you could be arrested for structuring (although you probably won’t). That’s a federal crime. And be careful about giving your friends chips as payment for a debt. The MGM casino recently refused to cash someone’s chips because someone else gave them to him. Since he did not win them himself the casino confiscated the chips and refused to pay him.

http://www.sportscapperisland.com/forum/poker-room/18518.php
-Sonny-


Sonny, wasn't there a thread on here a while back telling about a change in the law effective July 1, 2007, whereby any cash-in $3,000 or more requires the casino to fill out an IRS report?

Recently I cashed in $1,700 and nothing was said. I think the IRS reporting for $1,200 or more is for things like slots. Everytime I win that amount they fill out a 1099 on me and give me a copy.
 

Sonny

Well-Known Member
#7
aslan said:
Sonny, wasn't there a thread on here a while back telling about a change in the law effective July 1, 2007, whereby any cash-in $3,000 or more requires the casino to fill out an IRS report?
Not that I know of. The casino is still required to fill out an MTR for modest transactions ($2K I believe) but now they are also required to fill out a SAR for people who refuse to show ID. Previously the SAR was optional.

“If asked for an ID and you refuse, your picture along with any information known about you will be included in a SAR. When a SAR is filed, it is common to send the information to other casinos around town so it is best to avoid this situation.”

http://www.blackjackinfo.com/bb/showthread.php?t=6613

-Sonny-
 

shadroch

Well-Known Member
#8
According to the LVA,Nevada rRgulation 6-A expired on August 3rd and now all casino transactions fall under Federal Title 31.
It states that in all transactions above $3,000,the casino MUST verify the identity of the person making the transaction and fill out a certain form. That form includes a place for a social security number.What is unclear is if the entire form needs to be filled out or can some spaces(the SS#) be left blank.The limit on SARS is pushed down to $2,000,as well.
 

glovesetc

Well-Known Member
#9
shad

boy what a great boon to the government but also to the casinos . If a player reaches a threshold where he does not want to exceed the new limits cause of tax problems , fines outstanding, child support , or alimony he basically has to quit guaranteeing the casino a win of his money cause he chooses no longer to play after getting stuck close to the limit . Guess the government and the casinos are now in bed with each other !!!!!! What a jioke these new regs are and i am sure there is gonna be alot of players who will say screw it . I know once I forward this to my friends I am sure they will have some comments on it and none will be flattering . We go up to the indian casino and there is 6 or 7 of us and everybody buys in for 5k to 7 k . Guess that exceeds the limit rather dramatically and we go every week for a day trip as that is the closest casino for us and that is a 3 hour drive which really sucks . The casinos in Detroit have been using that rule for the last 4 years by the way . We have not been to Detroit in at least 4 years as well .oh well - always wanted to get some Christmas shopping done early . I have over 6 k in comps.:) :grin: ;) :cool2:
 

21forme

Well-Known Member
#10
It states that in all transactions above $3,000,the casino MUST verify the identity of the person making the transaction and fill out a certain form.

I've never had a casino in AC ask me for ID when cashing in over 3K (but less than 10K.)
 

glovesetc

Well-Known Member
#11
me either in

AC/Vegas/ Bahamas/Aruba/ just detroit cause they are run by morons .Tell them you have no ID and then give the chips to a friend who does or take them to another cashier ior send your girlfriend up . If the feds do not have better things to do then chase down non-compliance people I guess we are out of Iraq. the borders must be sealed , crime must be down , and the jails are all empty cause nobody is kidnapping , molesting kids , dealing drugs , robbing banks , or murdering people . Wonder if there is any FCI's up for sale that I could sell to Holiday Inn/marriot?Ritz/ or even Motel 8 .:) :grin: ;) :cool2:
 

Carmine782

Well-Known Member
#12
Well my main concern is how would they Seperate your Buy In Amount from your winnings, because your buy in amount should never get taxed right? I mean im going to follow all the laws im just curious whats the procedure for that.
 

Carmine782

Well-Known Member
#13
Sonny said:
You'll get cash no matter how much you bring to the cashier. If the amount is $10,000 or more then you will also get the paperwork as well. Some casinos may ask to see your ID for transactions of $2,000 or more, but that’s just for internal reasons not tax reasons. You are not required to show them any ID if you don't want to. If you refuse then they will just write a description of you in their MTR log book.

If you have more than $10,000 and you break it up into smaller transactions then you could be arrested for structuring (although you probably won’t). That’s a federal crime. And be careful about giving your friends chips as payment for a debt. The MGM casino recently refused to cash someone’s chips because someone else gave them to him. Since he did not win them himself the casino confiscated the chips and refused to pay him.

http://www.sportscapperisland.com/forum/poker-room/18518.php

-Sonny-
Is this the Case in All States? For Example is the same for Vegas and it is for the Midwest US Casinos and the same for AC
 

glovesetc

Well-Known Member
#14
your buy in

is never taxed just your winnings at the end of the year . If you buy in for $5,000.00 and cash out for 11k your taxable income is $5,000.00 for that session . You can write off your losses against your winnings to come up with a net loss or gain for the year . You will be required though on any cashouts over $10,000.00 to sign and fill out a CTR for the IRS and the casino .:) :) :grin: ;) ;) :cool2:
 

glovesetc

Well-Known Member
#15
as to your other ?

It is the same all over the USA as that is a federal law that CTR's must be filled out if there is a cash withdrawal exceeding $10,000.00 in a 24 hour period or when the casinos start a new day . Going to canada you do not need to declare the money you have on you if you are DRIVING ACROSS but when driving back if you have more then $10,000.00 in cash or negotiable instruments you must declare it at the border . Sort of the same thing when you get on a plane and fill out those forms that everybody mindlessly checks off . There is one line there that asks you if you have more then $10,000.00 in currency or negotiable instruments . If you check off no and you do and they happen to check you out you could forefeit all of it :) :grin: ;) :cool2: - not just the amount over the limit .
 

Carmine782

Well-Known Member
#16
glovesetc said:
is never taxed just your winnings at the end of the year . If you buy in for $5,000.00 and cash out for 11k your taxable income is $5,000.00 for that session . You can write off your losses against your winnings to come up with a net loss or gain for the year . You will be required though on any cashouts over $10,000.00 to sign and fill out a CTR for the IRS and the casino .:) :) :grin: ;) ;) :cool2:
Yeah but how to they know what my buy-in amount is? I mean im a honest person, I Will report the correct amount, Im Just asking how do they know what the buy in amount was?
 

glovesetc

Well-Known Member
#17
hat is the pit critters job

to write down everyones buy in and subsequent buys as well . The casinos keep very accurate records these days . Not like the old days where if you knew the right people they would dliver the cash to your doorstep if you so desired . Long gone i am afraid .:) :grin: ;) :cool2:
 

GeorgeD

Well-Known Member
#18
Carmine782 said:
Yeah but how to they know what my buy-in amount is? I mean im a honest person, I Will report the correct amount, Im Just asking how do they know what the buy in amount was?
I think what's confusing here is the casino doesn't CARE what your buy in was. They just report the cashout transaction. It's up to you, just like any business, to document and report your "costs" (buy in), expenses (air, hotel receipts etc), any other session losses, and from that arrive at a net income (or loss) for taxes. Unfortunately, unlike other businesses , I don't think you can use a net loss from gambling to reduce your other personal income. Of course a "business trip" to vegas for say a convention is another story, :)
 

aslan

Well-Known Member
#19
GeorgeD said:
I think what's confusing here is the casino doesn't CARE what your buy in was. They just report the cashout transaction. It's up to you, just like any business, to document and report your "costs" (buy in), expenses (air, hotel receipts etc), any other session losses, and from that arrive at a net income (or loss) for taxes. Unfortunately, unlike other businesses , I don't think you can use a net loss from gambling to reduce your other personal income. Of course a "business trip" to vegas for say a convention is another story, :)
You're absolutely right! You can only use gambling losses to offset gambling winnings, nothing else, and only up to the amount of winnings, nothing more. And yes, you would be smart to combine business with pleasure (gambling) so that your plane fare, hotel rooms (if you don't have room comps), rental car, meals, etc, are deductible as business expenses. For some, however, it is next to impossible to keep their gambling from interfering with their business. In that case, keep your business and gambling trips separate. It's your call to make.
 

mdlbj

Well-Known Member
#20
glovesetc said:
AC/Vegas/ Bahamas/Aruba/ just detroit cause they are run by morons .Tell them you have no ID and then give the chips to a friend who does or take them to another cashier ior send your girlfriend up . If the feds do not have better things to do then chase down non-compliance people I guess we are out of Iraq. the borders must be sealed , crime must be down , and the jails are all empty cause nobody is kidnapping , molesting kids , dealing drugs , robbing banks , or murdering people . Wonder if there is any FCI's up for sale that I could sell to Holiday Inn/marriot?Ritz/ or even Motel 8 .:) :grin: ;) :cool2:

The 10k CTRs Suck Huh.. I feel your pain.
 
Top