re: So if you make a million dollars at the casino how much of is taxed?

And that is called Income Tax Evasion. Uncle Sammy going to get his.

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There's no telling how much the high rollers are banking and if they really worry about tax forms.

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Casinos and banks have the nicest buildings for a reason.

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How do they know you didn't lose 1.5 million before and are still down overall?

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I very seldom see a tax return with a 1099-G (or whatever it is called, not an accountant) that isn't offset by an equal amount of losses. I'd say it would be hard to prove you had that much in losses though... assuming you get audited. Worth a shot I supposed, then just offer a heartfelt "oops" if caught.

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I very seldom see a tax return with a 1099-G that isn't offset by an equal amount of losses. I'd say it would be hard to prove you had that much in losses though... assuming you get audited. Worth a shot I supposed, then just offer a heartfelt "oops" if caught.

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The casinos track your winnings and losses for you and can give you a statement and tax forms at the end of the year if needed. Their amount may not be precise down to the cent, but it's pretty close.

If you go on a hot streak that results in $1M on winnings at a table, I've got a feeling you've got some significant gambling losses that you can use to offset those winnings

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It really depends on how you won it.

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I have a feeling there is truth to this.... Hitting a jackpot on a slot machine is probably handled differently then some whale playing $100k hands of blackjack and goes on a little winning streak.

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if you make a million dollars at the casino

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It could buy me a boat!

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I think a certain percentage of your income has to come from gambling for you to be able to claim losses.

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Not so. I was able to claim $1500 in losses at Laberge to offset a $5k win I had at Harrah's. Harrah's took $300 off the top at the table and I still had to claim the winnings when i filed my taxes.

There is no obligation for a casino to withhold from table game winnings. Any withholding is strictly voluntary by the player. The casino must withhold from winnings on certain types of bets with winnings over certain amounts. These include slot machines, horse races and Keno.

The casino does two types of reporting. One is tax reporting and the other is cash transaction reporting. There are well established rules for how casinos do both. The penalties for non-compliance are severe, and the casinos take their reporting responsibilities pretty seriously. They tend to err on the side of caution.

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You mean W-2G?

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yeah

never won a mil...