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Video Poker and Taxes - Staying Out of the IRS Spotlight

And it would allow the IRS to track the winnings of individual gamblers through the preferred-customer cards that casinos now issue to virtually ...
Video Poker and Taxes – How to Stay Out of IRS Trouble.. If you're a regular casino player, you should always invest in a Player's Club Card, or the preferred.
INSIDE GAMING: Casino industry in agreement, lowering the IRS jackpot. A notion that player tracking cards be used to record jackpot ...

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About · Bingo · Charity Game Tickets · Raffle · Player's Corner. The Internal Revenue Service (IRS) requires certain gambling winnings to be reported on Form W-2G if: 1.. social security card, or voter registration) and is withheld at a rate of 28%.. Michigan requires casinos and race tracks to withhold on the gambling ...

Taxes on Winnings - FAQ - Wizard of Odds

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Video Poker and Taxes – How to Stay Out of IRS Trouble.. If you're a regular casino player, you should always invest in a Player's Club Card, or the preferred.
A player's reward cards are frowned on by IRS, too.. Table games: Include casino credit card data and number of the wagering table.

casino players card irs You seem to know a lot about on-line casinos.
I have tried the IRS site and they do not specifically mention off-shore or on-line gambling.
Yes, they are taxable.
You are on the honor system to report the income.
The casinos will not report any winnings to the IRS.
I won 12000 on an online casino.
Should I cash it all out at once?
Do I have to do anything related to reporting it on my taxes?
What would you do in this situation?
Thanks for the help!!!
Whether to cash out it all out at once is your decision.
Assuming you are a U.
However this sort of thing is largely on the honor system.
You are also allowed to deduct any gambling losses in the same year against read more winnings.
I know that you are allowed to casino players card irs gambling losses up to a certain amount on your tax returns.
You can not deduct a net loss at all.
You should keep documentation for any losses you claim.
You may be thinking of deducting losses on stocks.
I was recently playing 50-way 20-cent video poker in Detroit, and was lucky enough to hit 2 four of a kinds on the deal- both hands were two deuces and a pair- and resulted in a jackpot and W-G.
So my question is this: what is the maximum number of hands I should have played to minimize getting hit with the tax burden when getting dealt four of a kind on the deal?
Keep up the great work with the site!
W2G forms are definitely something to think about when playing casino players card irs poker at the larger bet amounts.
In less classy casinos a hand pay will also cause the tip vultures to start hovering around you.
To avoid all of this sometimes the player should consider deviating from link strategy.
Considering the tax implications keeping the full house is the better play.
You will get a four of hope, cherokee nc casino reviews opinion kind on the deal once every 4165 hands, on average.
By what method do casinos pay you when you cash out?
I believe the policy at most casinos is that for large transactions you can have the funds any way you want.
On this program they advised you that when playing Blackjack and win you are not subject to taxes??
You are subject to tax for any gambling winnings.
However table games players are basically on the honor system.
That is usually only an issue with progressive jackpots.
Yet these are nothing to worry about, and I think many big bettors are overly paranoid about them.
Quick question about withholding tax.
When you are done they will give you a single W2G form for the sum, and in your case subtract the withholding from that.
The W2-G is based on the gross win, not the net win.
However, with table games, it is on the honor system to report.
Recently I visited Charles Town Races and Slots, betting on the Kentucky derby.
I was in the casino for about an hour.
In passing him on the way out, still standing by the machine, he still seemed to be having a problem.
My question is if he has no ID for whatever reason can he still get the payout?
The casino is in the state of WV.
Would the rules prohibit a person in the country illegally from betting or wining if he or she has bet?
I forwarded this one to Brian, who is a former gaming regulator, and currently a casino manager.
Here is what he said, The casino would not know that someone was in the country illegally.
If he had a valid passport, the jackpot would be honored.
The illegal may not know this, be scared or they may not have a valid ID to show.
In most cases, the person has legitimately forgotten their ID; however, sometimes you run into a problem, such as a minor who was gaming.
Also, like the U.
To that end, the U.
Hi, I Recently won a large slots jackpot in Vegas.
New Zealand has no gambling tax.
The United States and New Zealand do have a joint tax agreement but I still had money deducted.
I do believe I can get all or some back.
I'm getting conflicting advice from tax people casino players card irs />Can you recommend a good US tax accountant, or offer any advice?
Enjoyed your site esp.
The IRS web site says that for this purpose, the U.
Note that New Zealand is not on the list.
That should reduce, or in most cases, eliminate the withholding.
My own tax accountant is Marissa Chien EA, author of Tax Help for Gamblers.
She does an outstanding job, but some might consider her expensive.
She adds this form is usually incorrectly filled out by most others.
Las Vegas casinos, namely Caesars and Bellagio, have recently been giving me a harder time when cashing out over a few thousand dollars in chips.
Could you explain to me and your audience in greater detail what exactly is title 31 and, specifically, what will and will not get your flagged by the IRS.
In such cases, a CTR must be filled out, which stands for Cash Transaction Report.
My advice is to give them what they ask for.
You have a lot more to fear by looking like you are avoiding CTRs than the CTRs themselves.
In fact, I think there is nothing to fear from a legitimate CTR; the casinos generate lots of them.
Personally, I have generated hundreds, to no known detriment.
However, it raises lots of attention when you look like you are going out of your way to avoid them.
So, that is my two cents.
Better suited to answer this is "Brian," a current Las Vegas casino manager, and former regulator, whom I like to turn to for procedural questions like this.
In a nutshell, Title 31 is the U.
Department of Treasury Code designed to prevent money laundering.
It requires that certain large cash transactions be reported to the Government.
All Financial Institutions comply with Title 31.
Casinos are considered financial institutions because of the types of transactions they perform, which are similar to those of a bank e.
Unlike traditional financial institutions, casinos conduct a great deal of transactions with unknown patrons.
When you set up your checking account at the bank, you give them all of the necessary information needed to fill out CTRs.
However, when cashing chips at the cage, the only way the casino can get this information is to ask.
Since the fines for non-compliance are hefty, they make a diligent effort to comply.
Casinos are apprehensive to give patrons too much information on Title 31 for fear of inadvertently breaking the law.
Casinos are specifically precluded from aiding patrons in structuring transactions in such a manner as to allow them to skirt the requirements.
Circumventing Title 31 is relatively easy for undocumented transactions e.
If click the following article casino has reason to believe that you are purposefully conducting your transactions in casino players card irs effort to avoid the reporting requirements of Title 31, they'll fill out a Suspicious Activity Report by Casinos form aka SARC.
This will have a big impact on high-level slot players, who accumulate hundreds of W2-G forms, like me.
Do you have any insight?
Here is what the bill says: In the case of a taxpayer other than a corporation, there is hereby imposed in addition to any other tax imposed by this subtitle a tax equal to 5.
I verified this with Marissa Chien, co-author of.
For high-level slot players, it is not difficult to rack up W2-G forms in the millions per year.
Most of these players will still have a net loss on an annual basis.
Past the million point in gross income, the player will pay a 5.
Should this become law, it will ruin high-level slot play in this country.
Marissa is on Twitter at taxpro4gamblers, where she occasionally answers tax questions to followers.
I have a resolution this year to try and keep as accurate a track as I can on my gambling trips.
Obviously, bankroll taken and net outcome are key entries.
This log needs to have enough information so I can use it to prove losses to offset the big jackpot my wife is going to win this year.
In addition, you should keep other documentation, such as W2-G forms and losing tickets.
Personally, I keep my log in Excel and always retain W2-G forms and losing sports tickets.
This question was raised and discussed in the forum of my companion site.
Marissa is on Twitter at taxpro4gamblers, where she occasionally answers tax questions to followers.
This could have a big impact on very high-end slot players, who rack up stacks of W2G forms.
My question is, what is the status of that?
That is the good news.
It looks like this may apply to gambling winnings before itemizing any gambling losses.
Please ask me about this again in about two years for a status report.
This question was raised and discussed in the forum of my companion site.
That is quite the difficult and controversial question.
Before I answer, let me say that tax law st johns nl casino not my area of expertise, so you should consult a tax professional about your personal situation.
Chapter three deals with this topic.
The general rule of thumb is that earnings are taxable and gifts are not.
So a no-obligation comp would not be taxable.
Anything that was given to you based on points, a drawing, a tournament, or earned some other way would be taxable.
Granted this is not going to cover every situation, and some situations can be in a gray area.
This question was raised and discussed in source forum of my companion site.
I didn't casino players card irs this until I started hitting W2-Gs from casinos, but are there any ways to get paid without giving a Social Security number?
I'm a click the following article paranoid about casinos getting more information than necessary.
I hit a few royals and hand pays and do not like that the casino holds on to my license and I have to write in my social.
First, you'll have to produce photo identification, or the casino will hold onto the money until you do.
As of 2011, such countries were Armenia, Australia, Austria, Azerbaijan, Bangladesh, Barbados, Belarus, Belgium, Bulgaria, Canada, China, Cyprus, Denmark, Egypt, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Jamaica, Japan, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Luxembourg, Mexico, Moldova, Morocco, New Zealand, Norway, Pakistan, Philippines, Poland, Portugal, Romania, Russia, Russia, Slovakia, Slovenia, South Africa, South Korea, Spain, Sri Lanka, Sweden, Switzerland, Tajikistan, Thailand, The Czech Republic, The Netherlands, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Ukraine, United Casino players card irs, Uzbekistan and Venezuela.
I've been trying to figure out the rules exactly, but it is giving me a headache.
Please refer to IRS for more information.
My thanks to Marissa Chien, co-author ofand MathExtremist for their help with this question.
This question is discussed in my forum at.
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How to Minimize Taxes on Slot Machine Jackpots and more Casino Tax Advice

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INSIDE GAMING: Casino industry in agreement, lowering the IRS jackpot. A notion that player tracking cards be used to record jackpot ...


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Total 3 comments.