NJ Online Casino Cashouts
July 22nd, 2014 at 10:19:45 AM
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Curious if anyone has gone through the cashout process in NJ.
Now that Bovada has banned NJ players, I need to know if NJ taxes all cashouts from your account regardless of the amount
From what I understand, the State of NJ doubles the tax on the casinos for online gambling (8% vs 15%) but it doesn't look like they take their cut upon cashing out. I have seen some stories about people winning poker tournaments and being required to fill out the W2G but curious if anyone has experience cashing out from table games.
Any advice is appreciated.
Now that Bovada has banned NJ players, I need to know if NJ taxes all cashouts from your account regardless of the amount
From what I understand, the State of NJ doubles the tax on the casinos for online gambling (8% vs 15%) but it doesn't look like they take their cut upon cashing out. I have seen some stories about people winning poker tournaments and being required to fill out the W2G but curious if anyone has experience cashing out from table games.
Any advice is appreciated.
There's always an edge, are you sharp enough to find it?
July 22nd, 2014 at 11:26:28 AM
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Table games are $10,000. Its cumulative so you can't cash out six thousand and then later six thousand although I doubt they really keep track of it if you are making multiple small trips.
I cashed out $3500 last week, (seven purples) and they didn't even ask for ID. They asked if I had a marker, I replied no, and they didn't even check if I was telling the truth (I was but they didn't check).
I cashed out $3500 last week, (seven purples) and they didn't even ask for ID. They asked if I had a marker, I replied no, and they didn't even check if I was telling the truth (I was but they didn't check).
For Whom the bus tolls; The bus tolls for thee
August 14th, 2014 at 6:54:07 PM
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Quote: beenittyCurious if anyone has gone through the cashout process in NJ.
Now that Bovada has banned NJ players, I need to know if NJ taxes all cashouts from your account regardless of the amount
From what I understand, the State of NJ doubles the tax on the casinos for online gambling (8% vs 15%) but it doesn't look like they take their cut upon cashing out. I have seen some stories about people winning poker tournaments and being required to fill out the W2G but curious if anyone has experience cashing out from table games.
Any advice is appreciated.
I have never had anything taken or reported (at least not as far as I'm aware). But I think 3500-4000 is the most I have ever withdrew from a Casino cashier in a single transaction. For a while I was using it as an alternative to an ATM (depositing funds onto my online account from the respective casino app) and receiveing it from the cashier to avoid ATM fees and avoid carrying too much cash there.
Actually, the only taxes I ever had to claim from online play was some slot machine that hit 1500 and the site made me fill out a W2 online before the money got added to my balance.
August 14th, 2014 at 7:44:38 PM
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I hope you guys realize that your responses are meaningless to the question at hand - which is about ONLINE gambling!
It is my understanding that the tax rate you've mentioned is the portion of the casino's profits that is taken as tax. It's got nothing to do with a particular player's profit. Or loss.Quote: beenittyFrom what I understand, the State of NJ doubles the tax on the casinos for online gambling (8% vs 15%) but it doesn't look like they take their cut upon cashing out.
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August 14th, 2014 at 7:49:08 PM
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I can probably let you know in like a week or so, once I finish playing through my bonus on Borgata Poker I'll be cashing out. FWIW, it doesn't really matter if they report if you're keeping track of your play to report taxes, you just have to note what's already been reported so that you don't report it twice by mistake. I'd assume they don't withhold anything on a cashout, but maybe they do on individual tournament wins to be consistent with current laws about poker wins (I believe you have to win 5k+ for the casino to have to report it.)
From what I understand they aren't required to report cashout/deposits and what not unless they're above 10K and individual win amounts vary from game to game, I believe the rules are the same as what it would be in a live casino/cashier.
From what I understand they aren't required to report cashout/deposits and what not unless they're above 10K and individual win amounts vary from game to game, I believe the rules are the same as what it would be in a live casino/cashier.
August 14th, 2014 at 7:58:24 PM
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Quote: DJTeddyBearI hope you guys realize that your responses are meaningless to the question at hand - which is about ONLINE gambling!
right and my resposnse was about online gambling, specifically my resposnse is about withdrawing money from NJ state regulated online gambling accounts (as he asked) And i'm pretty sure the other resposnse was too.
And my answer was the only time I was forced to claim was from some bonus slot win that hit over the 1200 cutoff (and when that happened they don't put the winnings in your account until you go to the W2 page and fill out a W2 for that event). But that slot win is the only time I have been forced to. No other time did I have to fill out a W2 or file anything and I have withdrew quite a bit of money from online casino gambling accounts in NJ (but never more than 4K in one transaction).
