Blackjack not a taxable transaction!

[Cardcounter]

Did you know that you can win $50,000 playing blackjack and it is not usually a taxable transaction for the player. The casino probably has to pay taxes on their blackjack winnings but that's not your problem. However if you hit a slot machine jackpot of $1,200 or more than you have to pay taxes on that. Some other table games with long shot payoffs of 1,000 to 1 have taxable consquences if you win big but not if you win big in blackjack.

[Sonny]

Originally Posted by Cardcounter

Some other table games with long shot payoffs of 1,000 to 1 have taxable consquences if you win big but not if you win big in blackjack.

You still have to pay taxes to the IRS. Just because the casino doesn’t withhold them from your transaction doesn’t mean you are not responsible for reporting it on your tax forms. Not reporting income on your tax form is illegal. Don’t expect the casino to take care if it for you. They won’t get into any trouble if you don’t report it, only you will. It is your responsibility to fill out all tax forms correctly and accurately.

-Sonny-

[shadroch]

There is a huge diffrence between a casino not witholding taxes and something not be taxable.Almost any income you recieve is taxable. It is your responsibility to pay them,not the people giving you the money.

[zengrifter]

Maybe he's Canadian. Canadians pay no tax on winnings (and they're the socialist country). zg

[Paradox]

Are you insane?

ALL gambling income is taxable, regardless of whether or not the casino was required to file a form. If you get audited, all of your win/loss statements will be examined, even if the casinos didn't submit a CSR, 1099 or SAR.

You can go to jail for not knowing the laws in this country. The IRS and FinCEN are dead serious about your responsibilities.

Don't believe for one minute that you are not liable for the taxes on your gambling wins. If your losses exceed your annual wins, that is different.

Call the IRS and ask them, if you don't want to believe me.

Make sure you give them your real name and SSN ;-)

[toastblows]

Doesnt this topic pop up about once a month. ....if you win $50k, dont report taxes. Let me know what your Federal inmate number is so we can penpal by letter....assuming they wont let you log on to post here that is from prison

[Cardcounter]

Lets take a hypothetical I have won a $1,000 playing blackjack but I have also lost $2,900. Should I throw out what I lost and pay takes on what I won. If you had to do that not even the casinos could make money. You have to be able to write of what you lost or every gambler would probably owe taxes because most gamblers have won hands that pay out money even though most gamblers lose it in the end.

[ChefJJ]

Originally Posted by Cardcounter

Lets take a hypothetical I have won a $1,000 playing blackjack but I have also lost $2,900. Should I throw out what I lost and pay takes on what I won. If you had to do that not even the casinos could make money. You have to be able to write of what you lost or every gambler would probably owe taxes because most gamblers have won hands that pay out money even though most gamblers lose it in the end.

That's a completely different message than what you conveyed the first time.

good luck

[sagefr0g]

Originally Posted by Paradox

....... If your losses exceed your annual wins, that is different.

......... ;-)

i wonder about this. i had a friend won a substantial amount on the lottery. he reported the win on his taxes but called the irs asking them if he couldn't claim the loss's he had incurred buying lottery tickets. they told him he could but he would have to file as a professional gambler to do it.

[Sonny]

Originally Posted by Cardcounter

Lets take a hypothetical I have won a $1,000 playing blackjack but I have also lost $2,900. Should I throw out what I lost and pay takes on what I won.

Of course not. If you end the year with a loss then you don’t have to pay income taxes since it wasn’t income (although you'll probably still have to itemize it on your tax forms), but that’s a very different situation than what you originally said:

“Did you know that you can win $50,000 playing blackjack and it is not usually a taxable transaction for the player.”

There is a very important difference there.

-Sonny-