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taishan2112
taishan2112
taishan2112
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February 9th, 2013 at 7:05:59 PM permalink
A $500 - $1000 buyin kind of player went on the run off his life in one month. Thru the month pressing his money hard he ended the month up 550k. Over the last 2 months of the year he lost about half of it back. Not knowing how he did at other casinos, I know he bought a house and a car among other things. So it was still a decent amount he finished ahead for the year? Is the IRS aware of this kind of winning especially from a player not usually playing those amounts and what if any are the taxes on it?
sodawater
sodawater
sodawater
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February 9th, 2013 at 7:08:27 PM permalink
Depends on how he cashed it out. Did he cash out 10k or more at a time? Did he have any CTRs filled out?

Gambling losses can be used to offset gambling winnings on the year. You self-report the full amount of the win, and then deduct the losses.

As far as I know, unless he had CTRs filled out, it's up to him to report it.
teddys
teddys
teddys
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February 9th, 2013 at 7:22:15 PM permalink
If he bought a house and car the IRS may flag him and ask him to account for the income. Here's a dirty secret: nobody reports table game winnings. Only W-2gs. It's one of the great sources of unreported income (among many others).
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
onenickelmiracle
onenickelmiracle
onenickelmiracle
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February 10th, 2013 at 2:28:34 AM permalink
Search IRS CRT. I always understood the $10,000 to be the aggregate bet, not won. Can't say I've had them or warranted them.
I am a robot.
stoneynv
stoneynv
stoneynv
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February 10th, 2013 at 5:24:53 AM permalink
Quote: teddys

If he bought a house and car the IRS may flag him and ask him to account for the income. Here's a dirty secret: nobody reports table game winnings. Only W-2gs. It's one of the great sources of unreported income (among many others).

Didn't realize we were partnering with the BEAST on game winnings. Of course we partner with IRS on stock market "winnings". A person can carry forward 3,000 dollars in market losses a year but not on gambling losses of course. Who is the wing-nut that would feed the BEAST with gambling earnings?
AlanMendelson
AlanMendelson
AlanMendelson
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February 10th, 2013 at 6:42:41 AM permalink
Quote: teddys

Here's a dirty secret: nobody reports table game winnings. Only W-2gs. It's one of the great sources of unreported income (among many others).



I report my table game wins, even when I play live poker. My "taxable wins" are more than my W2Gs and include wins at table games. But Im not a goody two shoes. Even with the table game "wins" reported, I am yet to have a money making year from any gambling. But that's the life of a recreational gambler. You pros, and advantage players, have to decide for yourself what you want to do.
AcesAndEights
AcesAndEights
AcesAndEights
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February 11th, 2013 at 1:13:29 PM permalink
Quote: stoneynv

Didn't realize we were partnering with the BEAST on game winnings. Of course we partner with IRS on stock market "winnings". A person can carry forward 3,000 dollars in market losses a year but not on gambling losses of course. Who is the wing-nut that would feed the BEAST with gambling earnings?


What are you referring to as "the BEAST?" I am not familiar with that term, whether acronym or not, in the context of taxes or finances.
"So drink gamble eat f***, because one day you will be dust." -ontariodealer
Maverick17
Maverick17
Maverick17
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February 11th, 2013 at 1:19:46 PM permalink
I think "the BEAST" is a little guy also known as Satan, or the Devil, but I could be wrong.
Statistics don't lie, they deceive.
stoneynv
stoneynv
stoneynv
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February 11th, 2013 at 1:56:43 PM permalink
Quote: AcesAndEights

What are you referring to as "the BEAST?" I am not familiar with that term, whether acronym or not, in the context of taxes or finances.

you know, the" BEAST", the thing that takes money from you and gives it to someone else. You know.....the BEAST!
Ahigh
Ahigh
Ahigh
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February 11th, 2013 at 2:23:52 PM permalink
let me google that for ya. http://www.infowars.com/irs-implements-mark-of-the-beast-control-system/
aahigh.com
stoneynv
stoneynv
stoneynv
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February 11th, 2013 at 3:01:06 PM permalink
Quote: Ahigh

let me google that for ya. http://www.infowars.com/irs-implements-mark-of-the-beast-control-system/

interesting article, thanks
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