\nI know that if you hit a fatty in one of the electronic games such as VP, you are going to get a 1099. With craps, however, what is the threshold where they fill out a report to the IRS? My aim is to be sure and keep all of the growing 401G money not just some of it. Two thoughts come to mind when one begins to roll in the green chip range:
\n\t If you win, don’t cash out right away. Stay and play and stash some pink and black from time to time so that when you get change, you don’t let them see all of it. I suppose they have a pretty good idea what you did, but can they report, say, $2500 in wins if they don’t change it out or nail you at the cashier?
\n\t Don’t cash out, but take all your chips with you from the table and later go to the cashier in segments?<\/p>\n
\tI’m not there yet, but I want to know what to do when I get there, so ideas are most appreciated.<\/p>\n
\tAnd, please, no patriotic ‘always pay your taxes’ crap (pun intended). If you want to email off list, that is fine. Yes, I am trying to keep my money when I can.<\/p>\n
\tThanks.
\n\tKeep On Rollin<\/p>\n
\tAlamo<\/p>\n
Posted by:<\/strong> Chuckman on November 28, 2014, 1:25 am<\/p>\n Posted by:<\/strong> ACPA on November 28, 2014, 5:05 am<\/p>\n \tIf 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.<\/p>\n \tI know some people who has tried it and after being caught are sorry about what the did.<\/p>\n \tEveryone does their own thing and has to live with them self.<\/p>\n \tPM me if you want further info.<\/p>\n \tNoah<\/p>\n \tNoah<\/p><\/div>\n<\/div>\n Posted by:<\/strong> Dr Crapology on November 28, 2014, 12:53 pm<\/p>\n \tThere 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. <\/p>\n \tDo 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. <\/p>\n \tShould 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. <\/p>\n \tHope these ideas will help.<\/p>\n \tDoc<\/p><\/div>\n<\/div>\n Posted by:<\/strong> Cmcierra on November 28, 2014, 6:08 pm<\/p>\n \tCmcierra<\/p><\/div>\n<\/div>\n Posted by:<\/strong> AlamoTx on November 28, 2014, 10:57 pm<\/p>\n \tJust wondering, thinking big. Someday I might be playing with $100 units! I sure hope that day comes to pass!<\/p>\n \tKeep On Rollin’<\/p>\n \tAlamo<\/p><\/div>\n<\/div>\n Posted by:<\/strong> Dr Crapology on November 29, 2014, 1:01 am<\/p>\n \tDoc<\/p><\/div>\n<\/div>\n Posted by:<\/strong> ACPA on November 29, 2014, 5:55 pm<\/p>\n \tEven though gambling winnings are not taxable in Canada, any gambling winnings of that amount, for instance, you by law should file a tax return.<\/p>\n \tNoah<\/p><\/div>\n<\/div>\n Posted by:<\/strong> Cmcierra on November 30, 2014, 11:02 am<\/p>\n \tCmcierra<\/p><\/div>\n<\/div>\n Posted by:<\/strong> CC Roller on November 30, 2014, 12:17 pm<\/p>\n \tCheck 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.<\/p>\n \tThanks<\/p>\n \tCC Roller<\/p><\/div>\n<\/div>\n Posted by:<\/strong> ACPA on November 30, 2014, 2:59 pm<\/p>\n \tYour 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.<\/p>\n \tNoah<\/p><\/div>\n<\/div>\n Posted by:<\/strong> RFink13 on December 1, 2014, 4:04 am<\/p>\n \tLast 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.<\/p>\n \tNot so RichInMich<\/p><\/div>\n<\/div>\n Posted by:<\/strong> TheLion on December 1, 2014, 6:43 pm<\/p>\n \tBook the entire week from December 24, 2014 to December 31, 2014 in ATLANTIC CITY — go home early on 1\/1\/15<\/p>\n \tPlay at the big casino in the middle of the boardwalk — play 3 sessions per day (morning, afternoon, evening) for the 8-day period <\/p>\n \tKeep 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)<\/p>\n \tTrack your initial withdrawal on 12\/23 before your trip…..and your final deposit on 1\/2\/15<\/p>\n \tYou now have your LOSSES documented<\/p>\n \tTrust a frequent AC player<\/p>\n \tPM me for more details<\/p><\/div>\n<\/div>\n Posted by:<\/strong> Cmcierra on December 1, 2014, 11:25 pm<\/p>\n \tCmcierra<\/p><\/div>\n<\/div>\n Posted by:<\/strong> sevenout on December 2, 2014, 4:35 am<\/p>\n \tI 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.<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" I know that if you hit a fatty in one of the electronic games such as VP, you are going to get a 1099. 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