\nHere 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. <\/p>\n
\tThis 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.<\/p>\n
\tIn 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. <\/p>\n
\tAsk ACPA about this—he is the accountant.<\/p>\n
\tDoc and Alligator Rose<\/p>\n
Posted by:<\/strong> DavidM on February 7, 2014, 5:51 pm<\/p>\n \tOur game is absolutely the greatest game available, but it will eat you alive if you don’t pay attention. <\/p>\n \tShoot with passion…and grow a 401G Posted by:<\/strong> Pit Boss on February 7, 2014, 9:20 pm<\/p>\n \tAnd as DavidM mentions, they don’t have to be cased all together.<\/p><\/div>\n<\/div>\n Posted by:<\/strong> ACPA on February 8, 2014, 2:52 am<\/p>\n \tI’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.<\/p>\n \tAnd as Doc said, you may have a something on your back you don’t want, if you don’t report that win.<\/p><\/div>\n<\/div>\n Posted by:<\/strong> CC Roller on February 8, 2014, 4:03 am<\/p>\n \tACPA am I correct?<\/p>\n \tCC Roller<\/p><\/div>\n<\/div>\n Posted by:<\/strong> ACPA on February 8, 2014, 4:19 am<\/p>\n \tOff 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..<\/p>\n \tNoah<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" 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…<\/p>\n","protected":false},"author":26,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-6942","post","type-post","status-publish","format-standard","hentry","category-craps"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/6942","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=6942"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/6942\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=6942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=6942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=6942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n\t 1. Pumpkins get too much attention.
\n\t 2. You are not required to cash in ALL of your chips quickly.
\n\t 3. You personally are not required to cash in your chips quickly.
\n\t 4. Wives enjoy cashing in chips. (with appropriate commission removed)
\n\t 5. Big score is great for the ego. Are you really up for the year? (keep records)<\/p>\n
\n\tDavidM<\/div>\n<\/div>\n