Originally Posted by O.city:
So off topic a bit but I had a pretty good weekend in vegas this past weekend and made out with some cash. How do taxes in that work?
How much cash. At some point, the casino reports those winnings and will have to be listed as additional income. I don't believe the casino taxes the money but they report it, I assume. I've never worried about it but I've never won what I would consider large sums. [Reply]
Originally Posted by eDave:
How much cash. At some point, the casino reports those winnings and will have to be listed as additional income. I don't believe the casino taxes the money but they report it, I assume. I've never worried about it but I've never won what I would consider large sums.
Yeah, casino winnings aren't subject to withholding/deduction, generally, but you're supposed to report winnings. I don't know at what point the casino's themselves file a 1099 or whatever with the IRS.
However, you can offset winnings by losses within the same year, though obviously it would be best if you had some records around this to show the losses. You can't take more in losses than you had in winnings, AND your losses can only be taken if you itemize deductions I believe, so if you're taking the standard deduction, oh well.
As always, the advice on here is worth precisely what you paid for it. :-) [Reply]
Originally Posted by Amnorix:
Did the casino request your social security number at any point, or do they already have it because you have some kind of account with them?
Originally Posted by O.city:
I took 2 grand in cash and walked out with 14 g.
Personally, I wouldn't claim it. If they catch you, meh about the penalty. It's free money regardless. It's another gamble but you won't lose much. Drug dealers lose more though laundering.
Originally Posted by eDave:
Personally, I wouldn't claim it. If they catch you, meh about the penalty. It's free money regardless. It's another gamble but you won't lose much. Drug dealers lose more though laundering.
Let it ride!
I'd agree with this unless they send him the 1099-whatever. [Reply]
This link says you can only deduct losses if you itemize.
Personally, I'd just stick it in a savings account until tax time.
No W-2 G, I wouldn't report it.
It was the craziest shit I've ever seen.
Was up 2 grand thru Saturday, then sat night sat at the blackjack table with 1000, 100 dollars a hand minimum. Played about 1.5 hours and got to noticing my stack was getting a little bigger as I started betting more.
Jesus man. I don't want to gamble that much cash. Maybe it is because I gamble a lot on weather but damn. I worked hard for coin. I don't want to give it to a casino - I have invariably bad luck. [Reply]
Originally Posted by Buehler445:
Jesus man. I don't want to gamble that much cash. Maybe it is because I gamble a lot on weather but damn. I worked hard for coin. I don't want to give it to a casino - I have invariably bad luck.
It was my 30th bday trip and I had been saving the cash for a while for it so I was prepared to lose it.
But it was pretty cool to have a 5000 dollar chip. [Reply]
