My understanding is the box keeps much closer track of black chips and higher. So stashing those discreetly is not as easy. Green and lower are more likely to go undetected. A restroom break with a pass by the cage and you come back with a couple hundred less in smaller chips has a better chance to go unnoticed in my opinion.

Wins at slots, hitting a big fire bet, etc may generate a W-2G if they are large enough, 1099s come from drawing type wins. Never the less as you know all gambling’s winnings are suppose to be reported on page 1 of your 1040 and gambling losses up to the amount of you wins are deductible as itemized deductions if you itemize deductions, i.e. don’t take the standard deduction.

If you manage to hide income by not reporting all your winning the IRS and if they get wind of it, they will in addition to the regular tax also collect significant penalties and interest.

I know some people who has tried it and after being caught are sorry about what the did.

Everyone does their own thing and has to live with them self.

PM me if you want further info.

Noah

Noah

Tex, as best I can remember all wins at table games are not directly reported to the IRS (ie a 1099 or WG2) with the exception of a big bonus win such as the fire bet at craps at mentioned by ACPA or the so called bonus bet at 3 card poker and other side bets at the carnival poker style poker games. If you should win one of those bets you will get anIRS from completed at the table for the casino to report to the IRS. They same is true for the "Bad Beat" win in the poker room—we are familiar with it as Alligator won this bet several years ago. Had to pay the taxes on that one as the Bad Beat win was almost 10 grand. We had to pay taxes on almost the whole amount since at the time we were very low betters and did not have enough losses to offset that win. Also I did not keep records. It was a bummer to pay that much in taxes.

There is another item to consider. When you go to the cashier and you have a large amount of chips to cash in, the casino has to fill out some forms for a large cash transaction and get your personal information and report that as well–I think this has to do more with money laundering than anything else. $10,000 comes to mind as the amount where these forms must be generated. I am not sure of this amount and hope that someone will confirm this threshold or give the correct number.

Do keep some fairly detailed records. You will need some fairly detailed records each time to go to the casino so if you should hit one of these very large wins that generates an IRS form you will have that information. I keep a small form in my bill fold about the size of a one dollar bill with columns that included such items as the date, casino, game played, amount of win or loss, and a cumulative total as well. It is a bit of a pain to keep but did come in handy only one time when Rose won a royal at VP, so saved some tax dollars.

Should you have a large win where at IRS form is not generated I suggest you only cash in a couple of thousand at a time and/or have some one you trust cash in some of the chips for you. Do this type of these to keep from calling attention to yourself.

Hope these ideas will help.

Doc

In coming to Las Vegas as a Canadian traveler, I have to report any funds coming into the US if over $10,000. I don’t want to get off topic, but what are the advantages or disadvantages of being Canadian and winning over say $10,000 US. What would I have to report to the IRS?

Cmcierra

Appreciate all the replies. So far, I’m not playing big enough for winning $5K – $10K at a time. I know when I have won $1K + at craps, it has never been a problem. Cash out and go to the cage.

Just wondering, thinking big. Someday I might be playing with $100 units! I sure hope that day comes to pass!

Keep On Rollin’

Alamo

It’s just a matter of time. Even at the levels you are currently betting when you are on a great roll in the 50’s or 60’s you can get there.

Doc

Cmcierra,

Even though gambling winnings are not taxable in Canada, any gambling winnings of that amount, for instance, you by law should file a tax return.

Noah

Noah, thanks for the info. So if I’m understanding this, any substantial win in the US should be reported on my Canadian personal income tax return.

Cmcierra

CM

Check with your accountant re the tax here in Canada. I think Noah is talking about a US tax return. Can you let us know Noah.

Thanks

CC Roller

CC Roller,

Your right I’m saying that even though your gambling winning in Canada aren’t taxable in Canada. If you visit the states and have gambling winning you are suppose to file a US income tax return.

Noah

Michigan is a screw the player state. All gambling winnings are taxable but the losses are not deductible as Michigan doesn’t allow Federal Sch-A deductions.

Last year my wife got lucky at the slots and we had a W-2G to deal with. No place to deduct the losses on the state form. That was 4.35% down the crappers.

Not so RichInMich

If you have significant wins and you need to write them off with lots of losses, here’s what you do……

Book the entire week from December 24, 2014 to December 31, 2014 in ATLANTIC CITY — go home early on 1/1/15

Play at the big casino in the middle of the boardwalk — play 3 sessions per day (morning, afternoon, evening) for the 8-day period

Keep detailed track of your losses (note, I did not say wins) in a journal for every day of play there ….keep meticulous records thru 12/31 (tax year end)

Track your initial withdrawal on 12/23 before your trip…..and your final deposit on 1/2/15

You now have your LOSSES documented

Trust a frequent AC player

PM me for more details

ACPA / CC Roller, thanks for clearing that up.

Cmcierra

Unless you are leaving town that day, I see no reason to cash out a large sum right away. If I were to ever have to good fortune of a HUGE win, I would cash it out over several days if possible. If I were leaving that day, I would take the chips home with me that I didn’t feel comfortable cashing out. The risk is the casino changing out chip before the next visit. But I believe they have to give 30 days warning. At least it would make a good excuse to go back to Vegas. 😉

I seem to remember BTK mentioning something about a "soft" report for transactions under 10K but over say 5K. Probably something to do with "smurfing" where one would obtain multiple cashiers checks/MO for 9K to avoid triggering a report.