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newbie49
newbie49
newbie49
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November 7th, 2012 at 11:08:52 AM permalink
Say I am a big player with Chinese passport. I spend 2 days in Las Vegas playing Baccarat and I win $100k. Is there any tax on that winning? 50%?
If so, how do casino host convince whales coming into USA to gamble? If you lose you lose 100%. If you win you win 50%?
DJTeddyBear
DJTeddyBear
DJTeddyBear
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November 7th, 2012 at 12:09:14 PM permalink
Unless I'm mistaken, tax forms and deductions only apply to winnings where the payout is over 1,200 to 1, although I sometimes see it as 600 to 1 or even 300 to 1.

Bottom line, unless you win a jackpot side bet, you don't have anything to worry about when playing table games.
I invented a few casino games. Info: http://www.DaveMillerGaming.com/ ————————————————————————————————————— Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? 😁
AxiomOfChoice
AxiomOfChoice
AxiomOfChoice
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November 7th, 2012 at 12:27:08 PM permalink
If you are not a US resident, you can get it all back. There are forms to fill out. The airport is full of ads for lawyers who will do this for you.
FleaStiff
FleaStiff
FleaStiff
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November 7th, 2012 at 12:51:46 PM permalink
The casinos do not think of themselves as tax collectors or even as tax informers... they only do what the law requires of them. So the casinos will obey US laws and regulations. If China levies a tax on its citizens who gamble abroad that is a matter for Chinese law.
CrystalMath
CrystalMath
CrystalMath
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November 7th, 2012 at 1:40:38 PM permalink
Quote: newbie49

Say I am a big player with Chinese passport. I spend 2 days in Las Vegas playing Baccarat and I win $100k. Is there any tax on that winning? 50%?
If so, how do casino host convince whales coming into USA to gamble? If you lose you lose 100%. If you win you win 50%?



Actually, Baccarat is not subject to reporting or withholding for non US nationals.
I heart Crystal Math.
1arrowheaddr
1arrowheaddr
1arrowheaddr
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November 7th, 2012 at 2:33:34 PM permalink
Would they get a CTR if they cashed out 100k?
AceTwo
AceTwo
AceTwo
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November 8th, 2012 at 5:25:47 AM permalink
I did scheck this pou when I played in the US. There are no withholding taxes on most Table games (including BJ and baccarat) so no tax is withheld.
Also you are also not require to declare such winnings and pay any tax if your are not a US citizen.
For games that there are withholding taxes, then you can get the US tax back only if your country has a tax treaty with the US which provides about this and in such a case you will probably need a US CPA to do this for you. If the amounts of tax is very small then it would probably not be worth the hussle.
AceTwo
AceTwo
AceTwo
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November 8th, 2012 at 5:30:19 AM permalink
Quote: 1arrowheaddr

Would they get a CTR if they cashed out 100k?



I think trhe CTR limit is 10k.
I did get a cashout for more than 10k when I played in the US and they had to fill a form (I assume it was the CTR form).
But from what I underdtand the CTR is primarily an Anti - Money Laundering procedure even though the IRS also gets the CTR reports.
I assume that the IRS when it gets a CTR relating to a Non-US citizen it ignores it (since he is not liable to tax)
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