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Posted on 1/27/16 at 8:53 am to vjp819
quote:
If you win more than $1199.99 at any one time.
on one hand right?
quote:
You can win $10,000 over a period of one day, or night as long as none of the winning tickets exceed $1199.99.
so if you win 12 $100 hands and cash out a ticket for $1,200 you are taxed?
Posted on 1/27/16 at 9:01 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.
Winner. Everyone else is dumb. To expand further it also has to be on a slot machine. For example say you are playing a $5 slot machine, hit a nice bonus spin and win $2200. A floor manager will be called over to "hand pay" you the win in cash plus they will bring over a nice tax form for you to fill out. But if you buy for $500 at the blackjack table and cash out after running it up to $3k, you aren't getting a tax form for this. Dealer will just color you up and you can be on your way.
Same concept with playing poker in a cash game. Cashing in a tournament is different. Any profit that meets the minimum requirement is sent to IRS.
Posted on 1/27/16 at 9:02 am to BabyTac
$5k for a poker tournament.
Posted on 1/27/16 at 9:03 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
Same with me at Beau Rivage in Biloxi, only my winnings were only 3800. They asked if I had a players card and I said no, which I didn't.
Posted on 1/27/16 at 9:03 am to BigB0882
I won 3K at Blackjack once and wasn't required to pay anything.
Posted on 1/27/16 at 9:07 am to LSUEEAlum
quote:
$5k for a poker tournament.
This is completely false. I speak from experience. Just finished dealing with the IRS from a cash in 2012. Mississippi takes state out right away and asks if you want them to also withhold federal. You say you will pay federal yourself. Nevada does the same thing. Louisiana does not.
Posted on 1/27/16 at 9:15 am to BabyTac
This post was edited on 4/8/19 at 12:10 pm
Posted on 1/27/16 at 9:18 am to BabyTac
I cashed $1900 from a big Mississippi stud ($100 tip to dealer) win a couple years ago at the Belle and left with all of it in my pocket 
Posted on 1/27/16 at 9:19 am to Red Stick Tigress
quote:
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.
do they have the same threshold for reporting losses? What i was getting at is, if you have a bunch of say $100-loss days, then you can still deduct those from winnings even if the small losses aren't reported.
Posted on 1/27/16 at 9:20 am to BabyTac
Is this why people check in with the pit boss?
I know one reason is for comps. But this seems like a good reason too. Meaning to show your losses or basis
I know one reason is for comps. But this seems like a good reason too. Meaning to show your losses or basis
Posted on 1/27/16 at 9:23 am to McLemore
quote:
do they have the same threshold for reporting losses? What i was getting at is, if you have a bunch of say $100-loss days, then you can still deduct those from winnings even if the small losses aren't reported.
Yes. You self report your losses on your tax return to offset your winnings.
Posted on 1/27/16 at 9:24 am to WallsAllAroundMe
quote:
If you win $1000 on each spin on five spins in a row, you can cash out for $5k with no W-2 and no "record" of you winning the money,
this is how I think it works
And the reason why is you don't have to pay taxes at a video poker casino...the max win on one hand is $1,000...but you can cash out a $5,000 ticket if you are lucky enough.
Posted on 1/27/16 at 9:27 am to the_watcher
Straight from IRS website
The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament,
Now of course you still should report all winnings when filing your taxes but you will not be issued a W2-G unless you win over $5000 in a poker tournament.
The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament,
Now of course you still should report all winnings when filing your taxes but you will not be issued a W2-G unless you win over $5000 in a poker tournament.
This post was edited on 1/27/16 at 9:38 am
Posted on 1/27/16 at 9:30 am to the_watcher
And no Nevada does not have state taxes. All they will take out is federal if you want them to.
Posted on 1/27/16 at 9:37 am to BabyTac
what you do is sell your chips to someone with a slight slight discount if you have over 1200. sell for like 1150.
Posted on 1/27/16 at 9:40 am to Mr.Perfect
quote:
I know one reason is for comps. But this seems like a good reason too. Meaning to show your losses or basis
If you have a players card, you can call the casino at end of year and request win/loss statement. This will show how much you won or lost that year. Slots are accurate. Table action is entered manually, so can be off sometimes. Depends on the pit boss.
Posted on 1/27/16 at 9:54 am to tke857
This post was edited on 4/8/19 at 12:10 pm
Posted on 1/27/16 at 9:54 am to LSUEEAlum
quote:
Straight from IRS website
The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament,
A W2-G with my name on it was sent to the IRS for a $3k cash at the IP in Biloxi and for slightly less than $1k from the Beau. Both occurred in the same year. One was also sent for a $4.2k cash in Vegas in a previous year. Look, I'm not saying that the website you found but didn't link doesn't say what you claimed, only that I know from personal experience that isn't true at all.
quote:
And no Nevada does not have state taxes. All they will take out is federal if you want them to.
I said "Nevada does the same thing" which was immediately preceded by me saying "They ask if you want them to withhold federal for you." I see how you could take that to include both. My mistake
Posted on 1/27/16 at 10:01 am to the_watcher
This post was edited on 4/8/19 at 12:10 pm
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