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Started By
Message
What min winnings at a casino before paying taxes?
Posted on 1/27/16 at 7:57 am
Posted on 1/27/16 at 7:57 am
At what point does a casino record your winnings before you are required to pay taxes? Asking for a friend....
18
Posted on 1/27/16 at 7:58 am to BabyTac
$1250
Posted on 1/27/16 at 7:59 am to BabyTac
shite, you dont even need google for that....
Bing would even be able to give you that answer.
Bing would even be able to give you that answer.
Posted on 1/27/16 at 7:59 am to BabyTac
always heard 10k, but probably wrong
Posted on 1/27/16 at 7:59 am to BabyTac
$1,199.
Anything over $1,200 gets a W-2(G)
Anything over $1,200 gets a W-2(G)
This post was edited on 1/27/16 at 8:01 am
Posted on 1/27/16 at 8:00 am to montana
So say I'm cashing in $1250, how does the teller know how much I initially cashed in??? For instance, if I cashed in $1000 to win $2000, all the cashier knows is that I'm cashing in $3000 not my 'winnings'
Posted on 1/27/16 at 8:00 am to Red Stick Tigress
Does it depend on what you play? Table vs machines?
Posted on 1/27/16 at 8:01 am to Kujo
quote:
always heard 10k, but probably wrong
That's what I was thinking but I am probably confusing that with depositing money.
Posted on 1/27/16 at 8:02 am to Red Stick Tigress
I think the actual answer is $0.01 but that you are expected to self-report anything below $1k. I know I got a 1099G for a $1k side bet win last year.
Posted on 1/27/16 at 8:02 am to BabyTac
as long as you itemize, you can deduct from winnings anything you've lost in the year though, even though losses aren't reported.
no carry forward of losses though.
no carry forward of losses though.
This post was edited on 1/27/16 at 8:04 am
Posted on 1/27/16 at 8:04 am to Ton
$1,200+ is on a jackpot on slots.
On table games they keep track of what denominations of chips go in and out. The pit bosses periodically do a count on the chips. The pit bosses also keep tabs on what spot you sit down at and how much $ you exchange for chips.
Someone else who plays table games more than I have might have a better answer.
On table games they keep track of what denominations of chips go in and out. The pit bosses periodically do a count on the chips. The pit bosses also keep tabs on what spot you sit down at and how much $ you exchange for chips.
Someone else who plays table games more than I have might have a better answer.
Posted on 1/27/16 at 8:08 am to Ton
You can accumulate more than $1,200 in winnings on slots and table games and not self-report it but you cannot hit a slot jackpot without getting a W-2. Slot jackpots are $1,200 plus.
I won $10K on Halloween night in a drawing at Golden Nugget and that was automatically reported to the IRS.
I won $10K on Halloween night in a drawing at Golden Nugget and that was automatically reported to the IRS.
Posted on 1/27/16 at 8:16 am to McLemore
quote:
as long as you itemize, you can deduct from winnings anything you've lost in the year though, even though losses aren't reported.
Losses are reported to the IRS to offset your winnings. Casinos will issue win/loss statements at the end of the year.
The only way to accurately keep track of that is to have a players card.
Posted on 1/27/16 at 8:18 am to jbgleason
quote:
I know I got a 1099G for a $1k side bet win last year.
A 1099G is a 1099 issued by the government for certain government payments, like unemployment benefits.
Posted on 1/27/16 at 8:23 am to BabyTac
Won 5,600 in LC playing craps which is by far the most I've ever won. Cashed out, they did not ask for ID which kinda surprised me,
Posted on 1/27/16 at 8:31 am to BabyTac
They are cracking down on using casinos to launder money.
Posted on 1/27/16 at 8:33 am to occams razor
quote:
Won 5,600 in LC playing craps which is by far the most I've ever won. Cashed out, they did not ask for ID which kinda surprised me,
how would they know what you started with?
I think they tax the jackpots on the machines only...and only if its on a hand that wins more than $1,000 or whatever the number is.
Posted on 1/27/16 at 8:36 am to BabyTac
quote:
So say I'm cashing in $1250, how does the teller know how much I initially cashed in??? For instance, if I cashed in $1000 to win $2000, all the cashier knows is that I'm cashing in $3000 not my 'winnings'
may have already been answered, but i'm not reading through all the garbage.
If you win more than $1199.99 at any one time. This doesn't mean cash in, it means win on one ticket you'll get the tax form. You can win $10,000 over a period of one day, or night as long as none of the winning tickets exceed $1199.99. Any winning ticket that exceeds that total will be taxed. Anything that exceeds that total will have to be paid by the cashier, and management. the machine will not pay off.
Posted on 1/27/16 at 8:50 am to vjp819
quote:
If you win more than $1199.99 at any one time. This doesn't mean cash in, it means win on one ticket you'll get the tax form. You can win $10,000 over a period of one day, or night as long as none of the winning tickets exceed $1199.99. Any winning ticket that exceeds that total will be taxed. Anything that exceeds that total will have to be paid by the cashier, and management. the machine will not pay off.
Quoting because this person actually knows what they are talking about. Amazing how people will reply to a thread and have no idea what they hell they are talking about. I would never do such a thing.
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