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Will casino report my Blackjack winning to IRS?
As.Good.as.It.Gets 912 reads
posted

I wired my winning back to me because it was too much cash to take it on to my flight.

I also had a great time with my hobby. :) Only 1/2 of my appointment requests were responded. However, all confirmed appointments went smoothly. I noticed there was rate increase with some providers, but it's not a problem for me because I only visit Vegas once or twice a year. Actually, it might be a good thing because it may have increased my chance of getting an appointment and of the provider showing up.

Great trip all around! Good luck to all who is going!

LasVegan598 reads

are you serious?  If you won more than 1200 at any one venue.........you filled out a W-2G form.  That is the mechanism the casino uses to forward your earnings from gambling to the IRS.  If you did not fill out this form, the IRS will have no idea how much you won.  If you did, then you better get a copy of it as you will need it when you file your 2015 tax return.

Am guessing you already knew this...........if not...........have given you more than enough "free" tax advice.  Time for you to look elsewhere.........you are on your own from here.

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jc316642 reads

$1200 on a slot requires a W2-g
$1000000 at craps requires nothing
except a call to your escorts and  
if not already in the Mansion, or Villas  
an upgrade. (The Race book might withhold
a 600-1 payoff on a $1 tri or exotic wager, Sports
betting reports nothing on single bets )

Posted By: LasVegan
are you serious?  If you won more than 1200 at any one venue.........you filled out a W-2G form.  That is the mechanism the casino uses to forward your earnings from gambling to the IRS.  If you did not fill out this form, the IRS will have no idea how much you won.  If you did, then you better get a copy of it as you will need it when you file your 2015 tax return.  
   
 Am guessing you already knew this...........if not...........have given you more than enough "free" tax advice.  Time for you to look elsewhere.........you are on your own from here.

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onealias568 reads

With regard to *table games only*:
JC316 is entirely accurate and LasVegan is incorrect.

The record that the big casino's may compile of your winnings (or losses) at table games are limited to "estimates" based on a pit boss or other's observation of your your play.   Most large casino's make these estimates available to you if you hold a "player's card" membership.  The casinos do not report these or other estimates to the IRS.   With video analytics the casino could very likely determine your exact winnings at table games, but at this point they are either not doing this or choosing not to use it for tax reporting.  Personally I believe the burden of maintaining and validating that kind of video evidence will deter the casinos from doing it anytime soon.

With regard to machine gaming (slots):
I have no personal experience here and therefore am uncertain, but my understanding is for any significant win, the casino will require you to fill out paperwork which will be used to report the win to the IRS.

None of this has any impact whatsoever on your legal obligation to report and retain supporting evidence of all net winnings, table games or otherwise, from all gambling sessions, offset by net losses at other sessions in the same tax year

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As.Good.as.It.Gets438 reads

and to answer it. My understanding is the same as yours, that the winning from Blackjack and Baccarat are not reported to IRS. If my winning was only a few thousand $ then I wouldn't bothered to ask the question. I have won that much many times before and didn't report them. It didn't trigger an IRS audit so I think it's safe. This time the winning exceeded $10k. The amount that could cause problem at airport security and more likely for casino to report it. The magic number that seems to trigger scrutiny from various government agencies.

I do not want to discuss with my accountant nor my tax attorney on this matter. I know their advices would be to pay the taxes. I do not want to conspire in any illegal activities with them. Where else can one freely discuss fictional illegal activities? :) I do not have any losses this year, but I am considering not to report my winning. I feel it's ridiculous that I have to pay tax because I can't offset my past losses.

-- Modified on 7/9/2015 9:37:26 AM

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esrace532 reads

If they asked for those im sure they already did. Not sure how much you have to win at a table game, but i won $1300 on a slot hand pay and they took my license and came back 10 minutes later with a tax form similar to a 1099 i need to file next year. But i just need to get win loss statements and I think i wont owe anything because i lost way more than that this year.
So even if you do owe on it make sure to get those statements from the casinos. At least I think thats how it works since this will be my first time having to report any winnings.

Posted By: As.Good.as.It.Gets
I wired my winning back to me because it was too much cash to take it on to my flight.  
   
 I also had a great time with my hobby. :) Only 1/2 of my appointment requests were responded. However, all confirmed appointments went smoothly. I noticed there was rate increase with some providers, but it's not a problem for me because I only visit Vegas once or twice a year. Actually, it might be a good thing because it may have increased my chance of getting an appointment and of the provider showing up.  
   
 Great trip all around! Good luck to all who is going!

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Havefun14401 reads

Posted By: esrace
If they asked for those im sure they already did. Not sure how much you have to win at a table game, but i won $1300 on a slot hand pay and they took my license and came back 10 minutes later with a tax form similar to a 1099 i need to file next year. But i just need to get win loss statements and I think i wont owe anything because i lost way more than that this year.  
 So even if you do owe on it make sure to get those statements from the casinos. At least I think thats how it works since this will be my first time having to report any winnings.  
Posted By: As.Good.as.It.Gets
I wired my winning back to me because it was too much cash to take it on to my flight.  
     
  I also had a great time with my hobby. :) Only 1/2 of my appointment requests were responded. However, all confirmed appointments went smoothly. I noticed there was rate increase with some providers, but it's not a problem for me because I only visit Vegas once or twice a year. Actually, it might be a good thing because it may have increased my chance of getting an appointment and of the provider showing up.  
     
  Great trip all around! Good luck to all who is going!

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esrace328 reads

Downtown at four queens

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Bopperman303 reads

Generally speaking, a win/loss statement from the casino is not good enough if you get questioned by the IRS.  They require more documentation than that.

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esrace276 reads

Im not suggesting using one only if the irs questions or audits you,I plan on reporting my winnings on next years taxes. but don't you use a win/loss statement to show your losses against your winnings. I never win more than I lose, so my understanding from what I read on the irs website is that I may use my losses as a deduction up to the amount of reported winnings. maybe im wrong , I will let turbo tax figure it out.

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Bopperman306 reads

Yes, you can reduce your winnings by your losses.  The key is that you must be able to produce your detailed gambling records showing your wins and losses.  As I said, generally, the IRS does not accept win/loss statements from casinos as a sufficient record.

If you want to get into more info, you should become familiar with Jean Scott aka Queen of Comps.  She has written and co-written many books.  One of them is "Tax Help for Gamblers".

I've linked a video of an interview with Jean Scott that serves as a good introduction to her.

Related Link: Jean Scott Interview

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esrace227 reads

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esrace283 reads

after watching that video I'm surprised the irs doesn't employ people to roam around the casino floor watching your every move

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jgoodman222570 reads

Instructions to Winner
Box 1. The payer must furnish a Form W-2G to you if you receive:
1. $1,200 or more in gambling winnings from bingo or slot machines;
2. $1,500 or more in proceeds (the amount of winnings minus the amount of the wager) from keno;
3. More than $5,000 in winnings (reduced by the wager or buy-in) from a poker tournament;
4. $600 or more in gambling winnings (except winnings from bingo, keno, slot machines, and poker tournaments) and the payout is at least 300 times the amount of the wager; or
5. Any other gambling winnings subject to federal income tax withholding.
Generally, report all gambling winnings on the “Other income” line of Form 1040. You can deduct gambling losses as an itemized deduction, but you cannot deduct more than your winnings. Keep an accurate record of your winnings and losses, and be able to prove those amounts with receipts, tickets, statements, or similar items that you have saved. For additional information, see Pub. 529, Miscellaneous Deductions, and Pub. 525, Taxable and Nontaxable Income

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lvchi4u308 reads

Asking this question on a board where great guys are looking for great ladies to avoid the chase / nonsense isn't the best idea for your answer but you probably get that. ;)

Any competent CPA or Tax Attorney... heck even a low level HR block level tax guy can answer this easy question.  

Kind of weird you are posting this under an alias and if you made enough money that you were not comfortable carrying back with you.... you can certainly afford a competent tax person.

Cheers!

 

Posted By: As.Good.as.It.Gets
I wired my winning back to me because it was too much cash to take it on to my flight.  
   
 I also had a great time with my hobby. :) Only 1/2 of my appointment requests were responded. However, all confirmed appointments went smoothly. I noticed there was rate increase with some providers, but it's not a problem for me because I only visit Vegas once or twice a year. Actually, it might be a good thing because it may have increased my chance of getting an appointment and of the provider showing up.  
   
 Great trip all around! Good luck to all who is going!

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nuttsalive325 reads

I would think that these rules would require very similar IRS/government reporting as banks do when a customer presents a large amount of cash to be wired elsewhere on behalf of the customer.  If so, whether you wired the money from a bank or casino (casino probably via a bank), you would have signed various documents giving your Social Security number and other valuable information, which would then be filed with the IRS by the bank or casino, noting the amount of the cash presented, etc.  Just saying you are not under the radar these days if large sums hit a bank

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