Let's say, I played BJ and won another $2500, same casino, and don't go back. Will I get a W-2G for both?
I don't want to get to complicated, and I know I can deduct losses from other casinos, but want to know what would generate a W2-G from a casino.
Shooting craps and table games (BJ & 3 card, etc) winnings are based on buy ins and color ups, not an exact science, as opposed to slots that are a matter kept track of by a computer system. Generally, a hand pay ($1200 or more) generates a W2-G. If I won $600 on 2 different machines does that generate a W2-G?
Not interested in sports book or poker cash games or tournaments, just common casino floor games.
I kinda have the above situation now. Traveling a lot and have 7-8 casinos I walked away a winner and most likely won't be returning to before the end of the tax year.
Thanks in advance for you comments.
Casinos may blacklist for counting cards in blackjack if you win $5,000 or more, but they've been known to kick out red chippers with only a couple hundred dollars, and kick out winners (counter or not) in the middle of play with thousands in the stacks in front of them. It's part of that "no winners allowed mentality" the casino may have.
Other table games that have a 300 to 1 payout or better for specific hands will generate a tax form. It has to be a temptation to play for a Royal that pays a $10,000+ progressive.
The 7-7-7 suited winners on Spanish 21 are only 200 to 1 at best so winning $1,000 on a $5 bet, or $5,000 on a $25 bet, shouldn't trigger a tax form.
Slot machines that run on TITOs that can be used from machine to machine shouldn't have a tax consequence unless you win $1200+ on a single spin or single jackpot after a number of free spins. If you get 5 free spins, or 95 free spins, you'll see how much you won during the free spin period. So winning 120,000+ credits on a penny machine on one spin or a series of free spins would generate a tax form. I'm under the impression if your TITO amounted to say $4,000 but you never had a $1200+ jackpot, you could cash your TITO with no tax consequence.
I figure if you can gamble without a tax form, you don't really have to justify the casino win/loss statement at the end of the year.
As far as CTR's, if you bring $20,000 front money to the cage the casino will write up a CTR, and if you leave before you're under $10,001, the casino will write up the other side of the CTR. But since you don't get a copy of it, you can't really use it to document your wins and losses over $10,000. It's not clear if the IRS gets a copy of a CTR form that they would use against you but the forms stick around in the gov't for 5 years.
The casino put down a $1000 win on my year end win/loss statement presumably because I won a $1 fire bet but that never happened, so I don't have any reason to rely on casino win/loss statements. I mean I was probably at the table when a 6 number fire bet won, but I didn't have a bet on it and they credited my player's card with a win anyway even though I was paid nothing. I'm trying to learn how to do a gambling diary in case my wins get serious. I could win 10's of thousands of dollars in one craps session and still not get a tax form. But where am I gonna put it?
I'm in New York and friends of mine have won the 6 number Fire bet. Once 4 people won $5000 ea on the same Firebet roll. But on the 1000 to 1 wins they stop the game and all the winners need to fill out a tax form and sign it.