Taxes On Craps Winnings

I was at Silver Legacy, Reno this past weekend and noticed a player cashing out at the table for a nice win. I have no idea how much he was up or down, but I am curious what role player's card, if any, have on taxes of the winnings. From researching online, winnings at table games are not reported by the casino because it's a cash transaction without any identification of who the player is. Therefore, an unidentified winning player will report the winnings to IRS base on honor system. However, what happens when the winning player logs his player's card? Will the casino report his winnings because they know who he is? If so, what is the threshold number?

The casino will only report to the IRS if they give you a W2-G for your win. Most table games do not qualify for a W2-G, because you must win 300x your wager, among other requirements.

One time I walked up to the table with $20,600 and I had to fill out papers that went to the IRS. But that was the papers where they track you to cut down on money laundering.

Another time I saw someone lay the 4 for $2000 and won. When he went to do it a second time, they asked to see his ID, and hassled him about it not being right for some reason. Then they said if he won they would report it. But I think they were hassling him. I had seen this guy only win doing this, and he already took $2,000 from them total from two trips that *I* saw.

They probably did him a favor, because he walked with $1,000 profit less a $50 vig.

If you win a fire bet for 1000 to 1, you usually have to fill out papers. Sometimes people will lay the point for some amount of money and argue they didn't win enough to have to fill out the papers (or at least I have heard that). I think 1000 to 1 may be a trigger for that.

As a general rule, I rarely see anyone having to fill out any papers at the craps table.

It's not a question/answer I need to be concerned with- I never win at craps.

Pass + take odds = LOSE $
or
Don't + lay odds = LOSE $

That's my system.

Quote: MakingBook

It's not a question/answer I need to be concerned with- I never win at craps.

Pass + take odds = LOSE $
or
Don't + lay odds = LOSE $

That's my system.

lol

We must be playing at the same tables!

I always walk away from a craps table thinking, "I thought this was supposed to be fun?"

Thanks for the responses. I was curious as to whether i should use my player's card next time visit a casino. However, I really dont have much to worry about since I always end up a loser at the end of the night.

How do you determine the wager size? I always play pass + odds.



Update: I took the liberty of calling silver legacy, just for fun, regarding taxes for table games. After being on hold for 5 minutes while the guy asked around the cage, he responded "we report all winnings to IRS".

Quote: DC7

Update: I took the liberty of calling silver legacy, just for fun, regarding taxes for table games. After being on hold for 5 minutes while the guy asked around the cage, he responded "we report all winnings to IRS".

You're only taxed on winning wagers 300 times your bet when the total payout is over $600. Which in craps only qualifies when you win the fire bet. Payout is 1000-1. So for example you can put 5k on the pass line and win and not fill out a w2 for gambling winnings. However if you put $1 on the fire bet and it hits, then you win $1000 and fill out the w2. Same would apply to black jack. You'd only get taxed if you hit a side bet jackpot that paid over 300 to 1 odds and you had more than $2 on the bet. That should clear it up.


Now if you showed up to a table with 10k and don't have a players card, you will be asked for ID so the casino can report to the transaction to the IRS. This is to prevent money laundering and in no way is taxable

Also the reason the cashier at the cage has no idea what the rules are is because the cage wouldn't have you fill out the w2. The pit would have you fill out the w2 at the table before they pay you. The casino cashier cage never deals with this.

Quote: Beardgoat

You're only taxed on winning wagers 300 times your bet when the total payout is over $600. Which in craps only qualifies when you win the fire bet. Payout is 1000-1. So for example you can put 5k on the pass line and win and not fill out a w2 for gambling winnings. However if you put $1 on the fire bet and it hits, then you win $1000 and fill out the w2. Same would apply to black jack. You'd only get taxed if you hit a side bet jackpot that paid over 300 to 1 odds and you had more than $2 on the bet. That should clear it up.

You are obligated to report and pay taxes on all income from gambling. You are taxed on all of the wins.... including lesser ones, but you must self report. You may only offset this total by losses. The factors you identify are correct but about mandatory reporting by the casino... not what is and is not taxed.

You are obligated to self-report wins regardless of the casino's rules. Of course nobody does.

I'm aware of this. I thought it was common sense to report all ncome to the irs....However his question was will the casino report the winnings. No they won't, except for the examples provided.

Sounds like I should have went to Silver Legacy last weekend instead of Grand Sierra...
There's a couple high rollers there that I know...was it a middle-aged chubby Asian guy named "Lance"?
He likes to come in for $20k, and buy numbers for the table max...($2000)