Taxes? $1,200 in one hand??

[humonstick]

When I open my player's card at Silver legacy at Reno. I asked that worker about paying taxes. He said If a player playing slot machine and win a jackpot higher than $1,200, the player will have to fill out a W2 to pay tax. Then i asked him what about table games like blackjack. He said table game works the same, so whenever you win a amount higher than $1,200 in one game you will have to fill a W2. He than gave me an example saying if i bet $1,200 on blackjack and double my bet to a total of $2,400 on that hand and wins the hand, then i will have to fill a W2 to pay tax.

I'm don't know if that guy is right or not because there's so many players playing over $1,200 a hand each day for many hands, those high rollers will feel so annoyed whenever they win a hand and have to do the paper work. Do casino ask you for your info like name SS# right at the point before they pay you? or casinos don't really care and let the players file those winning to the IRS if they want to?

 

[EasyRhino]

Pretty sure the W-2G has two requirements, both of which must be true:

1) Payout over 1200
2) Odds on the bet greater than something high, like 100 to 1 or higher. (So a caribbean stud progressive jackpot might do it).

Google knows.

 

[ihate17]

Table games

You win a big bet on roullete and you will not be taxed. Bet $100,000 on a blackjack hand, get blackjack and no taxes. Put a dollar into the bonus on Carribbean Stud and hit a royal and you WILL be taxed.
I do not know the exact number but to be taxed on a table game the payout must be something around several hundred to one, I think around 500-1.

Now when you cash in your chips, any transaction of $10,000 or more must be reported by the casino in the same way a bank reports cash transactions, with CTR (cash transaction report). This is even if you buy that much and cash nothing. It does not necessarily result in taxes.

ihate17

 

[tedloc]

Tax

When I open my player's card at Silver legacy at Reno. I asked that worker about paying taxes. He said If a player playing slot machine and win a jackpot higher than $1,200, the player will have to fill out a W2 to pay tax. Then i asked him what about table games like blackjack. He said table game works the same, so whenever you win a amount higher than $1,200 in one game you will have to fill a W2. He than gave me an example saying if i bet $1,200 on blackjack and double my bet to a total of $2,400 on that hand and wins the hand, then i will have to fill a W2 to pay tax.

I'm don't know if that guy is right or not because there's so many players playing over $1,200 a hand each day for many hands, those high rollers will feel so annoyed whenever they win a hand and have to do the paper work. Do casino ask you for your info like name SS# right at the point before they pay you? or casinos don't really care and let the players file those winning to the IRS if they want to?

You will be taxed on a $1200 slot win. Win $10.000 on blackjack, No taxes ever on the tables. If you win a horse bet of 300 to one that pays more than $600 you pay. You can bet $1000 to win on a horse that pays 20 to 1, collect your $20,000 and pay no tax. If you bet a $2 dollar trifecta and it pays $900, they want you to fill out tax forms. Go figure.....

 

[EasyRhino]

To be technical we should say that no tax is withheld, or reported, by the casino. It is every taxpayer's responsibility to accurately record their gambling winnings and losses over the year in order to accurately report them on their 1099, regardless of the type of game being played.

Sure seems like a lot of work, though.

 

[21forme]

Sure seems like a lot of work, though.

Good timing on this comment. I spent a few hours last night reviewing my tax forms just back from the accountant, printing checks, etc. What a pain in the butt and what a convoluted system. My fed tax return alone is about 30 pages of goobledygook. Flat tax is the way to go!

 

[EasyRhino]

You don't have to answer this if you don't want, but did you report all your gamblnig wins/losses?