October 14th, 2019 at 5:30:16 PM
permalink
Hypothetically speaking, if one were to have hit a Royal Flush on a cruise ship last month for $2500, would the cruise line have collected the information and issued the expected tax form that night, or would one have to wait until early next year to get the form in the mail?
October 14th, 2019 at 5:41:28 PM
permalink
Quote: SoulChaserHypothetically speaking, if one were to have hit a Royal Flush on a cruise ship last month for $2500, would the cruise line have collected the information and issued the expected tax form that night, or would one have to wait until early next year to get the form in the mail?
A hypothetical call to the casino operator would likely produce a definitive answer.
October 14th, 2019 at 6:37:31 PM
permalink
Hypothetically, they would give you a tax form at the time of payout, if applicable... but emailing them may be prudent to confirm.
October 15th, 2019 at 12:23:51 AM
permalink
In actual terms, as opposed to hypothetical, the win must be $5000 or more.
October 15th, 2019 at 2:44:10 AM
permalink
How to Play- Heads Up Hold'em - YouTube https://www.youtube.com/watch?v=sSxfkIl3l0w
The payout is 500 to 1, so taxes will be involved.
You are subject to tax for any gambling winnings. However table games players are basically on the honor system. An exception that a W-2G form is generated if a win is 300 (to) 1 or more odds and is over $600. That is usually only an issue with progressive jackpots. Also, if there is a cash transaction of $10,000 or over the casino is obligated to fill out a CTR, which stands for Cash Transaction Report. Yet these are nothing to worry about, and I think many big bettors are overly paranoid about them.
https://wizardofodds.com/ask-the-wizard/taxes/
The payout is 500 to 1, so taxes will be involved.
You are subject to tax for any gambling winnings. However table games players are basically on the honor system. An exception that a W-2G form is generated if a win is 300 (to) 1 or more odds and is over $600. That is usually only an issue with progressive jackpots. Also, if there is a cash transaction of $10,000 or over the casino is obligated to fill out a CTR, which stands for Cash Transaction Report. Yet these are nothing to worry about, and I think many big bettors are overly paranoid about them.
https://wizardofodds.com/ask-the-wizard/taxes/
October 15th, 2019 at 2:54:05 AM
permalink
Quote: CommishIn actual terms, as opposed to hypothetical, the win must be $5000 or more.
$600 or more for table games.
Casinos are not your friends, they want your money. But so does Disneyland.
And there is no chance in hell that you will go to Disneyland and come back with more money than you went with.
- AxelWolf and Mickeycrimm
October 15th, 2019 at 2:59:08 AM
permalink
If it was a Texas Hold'em Poker Tourney and they won $2500, there'd be no taxes (unless they won $5000 or more). There's confusion about the actual game the OP referred to, or what it is imagined to be.
October 15th, 2019 at 3:27:35 AM
permalink
Quote: ChumpChangeIf it was a Texas Hold'em Poker Tourney and they won $2500, there'd be no taxes (unless they won $5000 or more). There's confusion about the actual game the OP referred to, or what it is imagined to be.
Heads Up Holdem is a table game. It is Galaxy's UTH knockoff.
Casinos are not your friends, they want your money. But so does Disneyland.
And there is no chance in hell that you will go to Disneyland and come back with more money than you went with.
- AxelWolf and Mickeycrimm
October 15th, 2019 at 4:57:15 AM
permalink
I was on a Carnival cruise last year and hit a hand pay (10c UX -- dealt AWAK with 14x worth of multipliers) on the first night of the cruise, but I didn't receive the W-2G until the last night of the cruise. If you were to have a win that necessitated a W-2G, you should have received it before you disembarked, but not necessarily right there at the table.
One question: was the hypothetical royal payout 500-1 with a $5 bet or 250-1 with a $10 bet? I was on another cruise recently that had a HUH table in the casino, and I want to say that the payout for the royal was 250-1. Cruise casinos are not above shaving payouts to both fleece the players and keep them from having to deal with W-2G's.
One question: was the hypothetical royal payout 500-1 with a $5 bet or 250-1 with a $10 bet? I was on another cruise recently that had a HUH table in the casino, and I want to say that the payout for the royal was 250-1. Cruise casinos are not above shaving payouts to both fleece the players and keep them from having to deal with W-2G's.
Last edited by: Joeman on Oct 15, 2019
"Dealer has 'rock'... Pay 'paper!'"
October 15th, 2019 at 6:24:16 AM
permalink
I'm not 100% sure casinos on cruise ships offer US tax accounting. They're only open while in international waters. Hardly any of them are American flag ships. Their passengers are from many countries.
Perhaps they do, as a condition of calling at US ports. But I wouldn't rely on them to file anything. IF they do, they would be required to get your signature on it, so you would know it was out there, whether they gave you a copy or not. IF they didn't give you a copy but you DID sign something, you'll probably have to track the W2g yourself and put a note in your tax files, probably do a substitute W2g form.
Perhaps they do, as a condition of calling at US ports. But I wouldn't rely on them to file anything. IF they do, they would be required to get your signature on it, so you would know it was out there, whether they gave you a copy or not. IF they didn't give you a copy but you DID sign something, you'll probably have to track the W2g yourself and put a note in your tax files, probably do a substitute W2g form.
If the House lost every hand, they wouldn't deal the game.