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    Casino reporting and the IRS

    Dr Crapology Posted on
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    Here is a little information concerning this subject that I had not seen before. We have known for sometime that the casino must report transaction of $10,000 or more with a mountain of paper work including player ID and other basic information and probably a form 1099. What we just learned is that there is also some paper work for transactions at the cage between $3,000 and $10,000.

    This has more to do with money laundering and illegal transaction than reporting to the IRS gains and losses for tax purposes, but reporting the gains and losses is also a part of this reporting.

    In no way do we or anyone in GTC encourage anyone to avoid reporting taxable wins but these numbers are important so keep them in mind. Our attitude—report the gains and losses. If you don’t, you may not have a monkey on your back but one mean ass gorilla instead.

    Ask ACPA about this—he is the accountant.

    Doc and Alligator Rose

    Replies:

    Posted by: DavidM on February 7, 2014, 5:51 pm

    I ask my daughter (12), "what is the FIRST thing you do?" Her answer is "THINK, then pay attention."
    1. Pumpkins get too much attention.
    2. You are not required to cash in ALL of your chips quickly.
    3. You personally are not required to cash in your chips quickly.
    4. Wives enjoy cashing in chips. (with appropriate commission removed)
    5. Big score is great for the ego. Are you really up for the year? (keep records)

    Our game is absolutely the greatest game available, but it will eat you alive if you don’t pay attention.

    Shoot with passion…and grow a 401G
    DavidM

    Posted by: Pit Boss on February 7, 2014, 9:20 pm

    large denomination chips don’t draw too much attention when cased at the poker room either. I realize not all poker rooms are the size of the Belaggio or Aria, but if they have a decent poker room, it occasional Flag (5K) will not draw attention.

    And as DavidM mentions, they don’t have to be cased all together.

    Posted by: ACPA on February 8, 2014, 2:52 am

    As Doc has said, all wins at the casino are taxable.

    I’ll add as I have in past posts on this subject. It doesn’t matter whether you have any paperwork from the casino reporting the winning, the winning is part of your reportable income. Doesn’t matter if you cash the chips at once, or over time in small amounts.

    And as Doc said, you may have a something on your back you don’t want, if you don’t report that win.

    Posted by: CC Roller on February 8, 2014, 4:03 am

    They is a large sign in Caesars Windsor saying "We DO NOT tax your winnings" As a Canadian I have never had to worry about this problem (in Canada), but I assume that you United States citizens would still have to declare any winning in Canada or Worldwide.

    ACPA am I correct?

    CC Roller

    Posted by: ACPA on February 8, 2014, 4:19 am

    You are right Cc Roller. Actually your winnings in the states are taxable even to you as a Canadian.

    Off the top of my head, I don’t know how much your US source income would have to be before you would suppose to file a US tax return..

    Noah

    Dr Crapology
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