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ChumpChange
ChumpChange 
Joined: Jun 15, 2018
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August 10th, 2020 at 6:23:35 PM permalink
So the cage calls the pit to find out how much you bought in for, rated, and give you your buy-in cash back and print a check for your winnings.

June 1, 2019
Schedule C for gambling income where to show loss?
https://ttlc.intuit.com/community/taxes/discussion/schedule-c-for-gambling-income-where-to-show-loss/01/164024
If you are a professional gambler, you would report your winnings as Self-Employment Income, and your gambling losses (but only up your winnings) as Schedule C business expenses. You could claim them under miscellaneous business expenses, with the description and the amount. On the screen Here's your Business info, click Add Expenses for this Work and scroll down to miscellaneous expenses.You could also deduct other expenses such as travel on your Schedule C. See this IRS Memorandum and this article about professional gambler status.

If you aren't a professional gambler, report your gambling winnings on either W-2G or 1099-MISC (prize winnings) and your gambling losses (but only up to your winnings) as a miscellaneous expense on Schedule A, if you can itemize deductions.
AxelWolf
AxelWolf
Joined: Oct 10, 2012
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August 10th, 2020 at 6:38:32 PM permalink
Quote: AlanMendelson

Wouldn't a professional AP take a check because they're already filing a Schedule C ?

No need to hide the money... its clean if you're a pro.

I never wanted to take a check from the casino cuz I'm afraid they could put stop payment on the check once they realized you were an advantage player and took advantage of them. No doubt, you would probably win your case with gaming and eventually they might pay, but who wants to go through all that hassle?
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Every state I've ever been in has issued a W-2g for jackpots of $1,200 or more on any machine. If you were to bet $10,000 on let's say a electronic roulette machine and you only got back $1,200, that would still generate a w-2g.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
ChumpChange
ChumpChange 
Joined: Jun 15, 2018
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August 10th, 2020 at 6:54:24 PM permalink
Maybe I could build up a $250K front money balance at a single casino each year and cash out on New Years Eve.
AlanMendelson
AlanMendelson
Joined: Oct 5, 2011
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SanchoPanza
August 10th, 2020 at 7:23:29 PM permalink
Quote: AxelWolf

I never wanted to take a check from the casino cuz I'm afraid they could put stop payment on the check once they realized you were an advantage player and took advantage of them.



Really?

Do you really think that if you got so far as to get a check that they would stop payment on it?

At least say something realistic. Like the casino files bankruptcy before you get out the door and the check is no good. LOL
DRich
DRich
Joined: Jul 6, 2012
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August 10th, 2020 at 7:52:25 PM permalink
Quote: ChumpChange

Maybe I could build up a $250K front money balance at a single casino each year and cash out on New Years Eve.



The W2G would be issued upon winning rather you took the cash or not.
Living longer does not always infer +EV
ChumpChange
ChumpChange 
Joined: Jun 15, 2018
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August 10th, 2020 at 8:09:21 PM permalink
Well, it would be fun to win on a slot machine, but table action isn't taxed unless you hit certain jackpots. If you had no taxable jackpots and withdrew a ton of front money, they give you a W-2 G?
AlanMendelson
AlanMendelson
Joined: Oct 5, 2011
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RogerKintSanchoPanzaDeMango
August 10th, 2020 at 8:32:24 PM permalink
Quote: ChumpChange

Well, it would be fun to win on a slot machine, but table action isn't taxed unless you hit certain jackpots. If you had no taxable jackpots and withdrew a ton of front money, they give you a W-2 G?



Are you seriously asking if you get a W2G for withdrawing your own money?
MDawg
MDawg
Joined: Sep 27, 2018
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August 10th, 2020 at 8:38:05 PM permalink
I tell you itís wonderful to be here, man. I donít give a damn who wins or loses. Itís just wonderful to be here with you people.
darkoz
darkoz
Joined: Dec 22, 2009
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August 10th, 2020 at 10:16:47 PM permalink
Quote: AlanMendelson

Really?

Do you really think that if you got so far as to get a check that they would stop payment on it?

At least say something realistic. Like the casino files bankruptcy before you get out the door and the check is no good. LOL



I have had a casino refuse to pay a jackpot (gaming enforcement forced them to pay me)

I have had a casino confiscate vouchers ("it's not your money cause it has our name on it" was the line I was given by security). BTW, gaming enforcement forced them to pay me then as well.

Casino employees BELIEVE they are in the right to do whatever they THINK will hurt AP's.

So no, I don't put it past them to cancel a check

And lest you say show me one example of an AP where a casino paid out and then demanded their money back, I suggest you read up on Phil Ivey
For Whom the bus tolls; The bus tolls for thee
AlanMendelson
AlanMendelson
Joined: Oct 5, 2011
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August 10th, 2020 at 10:58:46 PM permalink
Quote: darkoz

I have had a casino refuse to pay a jackpot (gaming enforcement forced them to pay me)

I have had a casino confiscate vouchers ("it's not your money cause it has our name on it" was the line I was given by security). BTW, gaming enforcement forced them to pay me then as well.

Casino employees BELIEVE they are in the right to do whatever they THINK will hurt AP's.

So no, I don't put it past them to cancel a check

And lest you say show me one example of an AP where a casino paid out and then demanded their money back, I suggest you read up on Phil Ivey



Then never mind what I said. Take the cash and deal with the problems cash present... including depositing it in a bank and having to have a CTR report.

Checks are so much easier with clean money. But if casinos are stopping you as you describe I guess you've got problems.

Good luck.

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