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Taxes on blackjack winnings

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Posts: 26

winten

Veteran

Joined: Apr, 2008

Posts: 1186

Posted: Feb. 24, 2010 - 10:38 AM ET #1

How does this work. I have read some places that you do not need to pay taxes on blackjack winnings. Is that true?

Where can I find out more information about this.

Thanks so much.

666LES

Veteran

Joined: Dec, 2006

Posts: 4299

Posted: Feb. 24, 2010 - 4:38 PM ET #2

Don't worry about it. really... don't worry.

ApacheM

All-Star

Joined: Apr, 2008

Posts: 14473

Posted: Feb. 28, 2010 - 2:53 PM ET #3

Don't worry about it.

John_Drama

Veteran

Joined: Oct, 2009

Posts: 1868

Posted: Feb. 28, 2010 - 7:12 PM ET #4

are you freaking serious?

stats1

Captain

Joined: Aug, 2009

Posts: 8153

Posted: Feb. 28, 2010 - 9:46 PM ET #5

depends how much u win

hit them for 2k no hit them for 13k u will b going 2 the bk office doing a little extra drunk paperwork

RickeM

Banned

Joined: Feb, 2008

Posts: 7967

Posted: Feb. 28, 2010 - 9:48 PM ET #6

Ummm, I'm pretty sure you don't taxed on winnings from table games.

666LES

Veteran

Joined: Dec, 2006

Posts: 4299

Posted: Mar. 2, 2010 - 4:21 PM ET #7

You don't pay taxes on blackjack cause they don't know/care how much you won. Even if you're playing 500 or 1000 a hand put chips in your pocket and they don't know how much you started with or how much you had before you sat down. Don't worry about it.

SteelCash

Captain

Joined: Oct, 2006

Posts: 5587

Posted: Mar. 2, 2010 - 8:11 PM ET #8

Any time you earn money, doing anything, the gov't expects you to give them their cut. Period. I could be wrong as I'm not an authority, but I think that's the way it goes. On the other hand, I would venture to say that less than 1/1,000 of a percent of the people in Vegas that come out ahead declare their winnings to the gov't.

A buddy of mine goes to Vegas with a friend of his and cleans up in blackjack. I mean cleans up. And his brother, a close friend of mine, has shown me pictures of cash and chips that he's collected. Stacks of $5,000 chips and wads of $100 bills. He's witnessed this guy putting $20,000 on a single hand of blackjack. I can't fathom doing that, but it's all relative. If I had the bankroll, I would do it. But imagine how much you would have to be up to put up $20,000 on a single hand... 500... 700 thousand... insane. I'm probably going to go to Vegas and meet him in October. I'll be playing $5 and $10 hands.

ad1260

Captain

Joined: Sep, 2007

Posts: 8129

Posted: Mar. 2, 2010 - 8:44 PM ET #9

Quote Originally Posted by SteelCash:

IF you are rolling with this guy you speak of you WON'T be playing $5-$10 hands lol! GL though man

JimMack6

Veteran

Joined: Oct, 2007

Posts: 2030

Posted: Mar. 2, 2010 - 9:36 PM ET #10

I'm with 666Les, as you win take chips off the table, how are they supposed to know how much you won or put into the game.

VegasMaxx

All-Star

Joined: Aug, 2008

Posts: 10098

Posted: Mar. 2, 2010 - 11:57 PM ET #11

Quote Originally Posted by RickeM:

Ummm, I'm pretty sure you don't taxed on winnings from table games.

They will take taxes out of games like Let it Ride or the "fire bet" on the crap table. Never had any problems with BJ though.

stats1

Captain

Joined: Aug, 2009

Posts: 8153

Posted: Mar. 3, 2010 - 12:20 AM ET #12

Quote Originally Posted by 666LES:

You don't pay taxes on blackjack cause they don't know/care how much you won. Even if you're playing 500 or 1000 a hand put chips in your pocket and they don't know how much you started with or how much you had before you sat down. Don't worry about it.

r u really that stupid u think with thousands of cameras in casinos they dont know how much u win idiot was in biloxi 4 the 4th of july 3 yrs ago and a buddy of mine got hot on a $500 blackjack table beat them out of 13k in a 30min period 6k in about 3min. on 3 straight bk 2 bk split hands and when he got up 2 leave pitboss told him 2 come with him casino had some paper work he had 2 fill out papers were 4 tax purposes idiot

stats1

Captain

Joined: Aug, 2009

Posts: 8153

Posted: Mar. 3, 2010 - 12:21 AM ET #13

Quote Originally Posted by JimMack6:

I'm with 666Les, as you win take chips off the table, how are they supposed to know how much you won or put into the game.

cameras IDIOT

666LES

Veteran

Joined: Dec, 2006

Posts: 4299

Posted: Mar. 3, 2010 - 4:37 PM ET #14

I wasn't at biloxi and the question was about vegas but I'll bet that the papers your friend had to sign had to do with Banking Act of 1991 were every time a casino transacts in excess of 10k they take a name and ss#. I've had to do it when i've made a sportbook play and it's not reported to IRS its actually to counter money laundering .Did your friend declare on his IRS return? I've filled out those forms and I've never declared and I've never been audited.Don't worry about it, too bad there isn't some cartoon to convey that sentiment but I think cartoons in messages are idiotic.

JimMack6

Veteran

Joined: Oct, 2007

Posts: 2030

Posted: Mar. 3, 2010 - 5:49 PM ET #15

[Quote: Originally Posted by stats1] cameras IDIOT [/Quote

ok since i'm an idiot how much do you need to win on the table for them to make you fill out papers? I'm not a huge money player so i'm not ever going to win 13k but i've got up with 3k and never had a problem. Also don't talk to me like you're a know it all dickhead, cameras slipped my mind.

broncofn

Veteran

Joined: Oct, 2007

Posts: 1650

Posted: Mar. 4, 2010 - 5:07 PM ET #16

on a single jackpot of $1200 (i believe its that amt. or close to it) on a slot machine, you need to fill out a w-2. on table games, you do not need to do a w-2 on any amount unless you are playing a game that pays you out something like 500/1 odds(not exact on odds) like let it ride (royal flush payout), pai gow poker (with envy bonus). you definately do not need to fill out w-2's on winnings in blackjack, 3-card poker, baccarat, roulette because they don't pay those kind of odds.

broncofn

Veteran

Joined: Oct, 2007

Posts: 1650

Posted: Mar. 4, 2010 - 5:08 PM ET #17

forgot to mention that you can even go with 30,000 in chips to the cashier and request a check instead of cash if you would like. but some casinos do ask for id's or player cards to verify that you did win that money and not owe any markers etc. But say you do hit a royal flush in let it ride, they verify there was no cheating, and then bring you a w-2 right away before you actually get paid. Same goes with pai gow poker with bonus envy, if say you hit 5 aces or 7 card straight flush they bring you the w-2 right away.

broncofn

Veteran

Joined: Oct, 2007

Posts: 1650

Posted: Mar. 4, 2010 - 5:12 PM ET #18

you could win a million dollars in blackjack, roulette, baccarat, 3 card poker etc on one table and not have to fill out a w-2 as long as it dosent pay you out big odds like let it ride and pai gow poker with envy. blackjack and baccarat is basically even money, in roulette the most you can win is 36/1, and in 3 card poker the most is 40/1 unless you play the variation with the mini royal which is 50/1. it dosent matter how much you win and cash in as long as it dosent pay out those huge odds. ive sat at blackjack tables and baccarat tables and gotten up off the table being up over 10,000 and had no problem cashing all at one time and not filling out a w-2. the only time ive had to fill one out is when i hit a slot machine at mgm in vegas for $8,000 while there for the ne/carol superbowl. But i did use to think that over 10,000 you would be w-2'd so id have friends take a few thousand each to cash out until i was told the rules by pit boss's and my casino host's. but in poker tourney's they do make you fill out a w-2 but im just not sure on what kind of prize pool you have to fill it out for.

Letmeholdadolla

Prospect

Joined: Feb, 2010

Posts: 39

Posted: Mar. 5, 2010 - 3:00 PM ET #19

Broncofn is dead accurate.

seanjohn007

Veteran

Joined: Feb, 2009

Posts: 4611

Posted: Mar. 5, 2010 - 5:47 PM ET #20

so if you make and win a $50,000 bet on the charges (just making up a random bet) you dont have to fill out papers? it would be a little less then an even money payout so according to what your saying thats fine. or would you have to fill out papers because you technically cashing out for $110k (amount placed and amount won). im just a little confused about it all. id like to know how the whales in vegas cash out and transfer money from state to state.

birdman11

Rookie

Joined: May, 2009

Posts: 883

Posted: Mar. 7, 2010 - 12:14 PM ET #21

if you win over 10k theyre supposed to ask for your ss# and 1099 you, that shit happened to me now i got to pay taxes

umgmu

Legend

Joined: Jan, 2005

Posts: 40465

Posted: Mar. 7, 2010 - 1:06 PM ET #22

I won $2500 at Harrahs in New Orleans 3 hours before Syracuse beat Kansas.. They took out the 7% state tax right on the spot .. gave me my $2230 and off I went .

I won like $1300-1400 at Charlestown WV .. no taxes

stats1

Captain

Joined: Aug, 2009

Posts: 8153

Posted: Mar. 8, 2010 - 9:48 PM ET #23

Quote Originally Posted by JimMack6:

Quote Originally Posted by stats1:

cameras IDIOT

[/Quote

please dont tell the teacher i talked 2 u like that

JimMack6

Veteran

Joined: Oct, 2007

Posts: 2030

Posted: Mar. 9, 2010 - 4:04 PM ET #24

And you were wrong according to other posters IDIOT

666LES

Veteran

Joined: Dec, 2006

Posts: 4299

Posted: Mar. 9, 2010 - 4:37 PM ET #25

stats 1 - I'm unable to find any post of yours that don't reveal you to be a douchebag or don't contain some idiotic cartoon.

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Taxes on blackjack winnings

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