Casinos in Mexico
There is also a small casino in Cabo San Lucas in the mall by the harbor, however it's machines only, and most of those machines are bingo, played on 3x5 cards. That casino was very quiet with very players when I wandered through, but it was in the morning.
As for Tijuana, all I've seen is sports betting, but I haven't been there for years. I hear there is a full-blown casino there now. As to the crime in Tijuana, I think if you stick to the safe parts of town and are very mindful of your surroundings, you'll be okay.
Quote: AyecarumbaWhat are the rules regarding Americanos winning big jackpots, then getting the funds back over the border? Is there a cap?
I'm not an expert, but I think the casino would give you some kind of bank draft, in Mexican pesos, which you could cash back home.
When leaving, you can't take $6,000 and your partner $6,000. I'm not sure how they break it down, but you can't, for example, hire a bus, give everyone $9,999 dollars and then collect it up over the border. Just declare it, and get the number right. Put down $14,500 and actually have $14,300 and you opened a can of stupid paperwork.
Quote: WizardI'm not an expert, but I think the casino would give you some kind of bank draft, in Mexican pesos, which you could cash back home.
Depositing an out of country check, drawn in foreign currency, may result in the bank placing a hold on the funds for thirty days or so. I imagine if you have good relations with your bank-ie a few hundred grand on deposit, it will go smoother.
casinos in the Mexican Riviera (and im assuming all of mexico) sucks for slots.Quote: WizardThere is also a small casino in Cabo San Lucas in the mall by the harbor, however it's machines only, and most of those machines are bingo, played on 3x5 cards. That casino was very quiet with very players when I wandered through, but it was in the morning.
you have to play with a players card for slots. you give cashier $ to put on the card.
they tax you on the win, no matter how much you lose of the original buy-in.
ie:
you buy in for 1000 pesos ($50 US), lose 750, then win 400 then lose 100 then cash out at cashier.
you will be taxed 15% on the 300 win (400 - 100).
Quote: billryanDepositing an out of country check, drawn in foreign currency, may result in the bank placing a hold on the funds for thirty days or so. I imagine if you have good relations with your bank-ie a few hundred grand on deposit, it will go smoother.
I've cashed Canadian checks that cleared about as fast as a US check.
Quote: 100xOddscasinos in the Mexican Riviera (and im assuming all of mexico) sucks for slots.
you have to play with a players card for slots. you give cashier $ to put on the card.
they tax you on the win, no matter how much you lose of the original buy-in.
ie:
you buy in for 1000 pesos ($50 US), lose 750, then win 400 then lose 100 then cash out at cashier.
you will be taxed 15% on the 300 win (400 - 100).
That's basically how it is here now for most people, now that the standard deduction is much higher. You get taxed on jackpots but can't deduct offsetting losses.
Quote: WizardThat's basically how it is here now for most people, now that the standard deduction is much higher. You get taxed on jackpots but can't deduct offsetting losses.
I think you are misreading the situation. He's not talking jackpots. Think of it as sales tax when you cash out.
Quote: WizardThat's basically how it is here now for most people, now that the standard deduction is much higher. You get taxed on jackpots but can't deduct offsetting losses.
wait.. what???
my tax program asked me how much was my gambling loses.
I put down the same amount I won in w2-G and I saw the tax I owe go down
If the check does not clear for 30 days, as is the case with many foreign banks, then the bank will most certainly place a hold on the deposit for that amount of time. There is a well-known scam based on this. A purchase is made with a check drawn on a foreign bank in an amount in excess of the purchase price. The business cuts a check for the difference drawn on their bank and gives it to the customer. When the purchase check fails to clear after 30 days the business is out the entire amount drawn on the foreign bank. The customer is long gone, of course.Quote: billryanDepositing an out of country check, drawn in foreign currency, may result in the bank placing a hold on the funds for thirty days or so. I imagine if you have good relations with your bank-ie a few hundred grand on deposit, it will go smoother.
Quote: billryanPut down $14,500 and actually have $14,300 and you opened a can of stupid paperwork.
I take your word for it. So far, I’ve declared cash twice coming back to the states. Both times they were over $25K. After a few questions, they didn’t even bother to see it. I even offered if they need to see the cash.
Quote: SiegfriedRoyI take your word for it. So far, I’ve declared cash twice coming back to the states. Both times they were over $25K. After a few questions, they didn’t even bother to see it. I even offered if they need to see the cash.
It's the one time in a hundred situations that we prepare for. When I fly into JFK, my bags and person are rarely scrutinized, but I still don't put a pound of tar heroin in my bag. Just fill out the forms accurately and it's one less headache.
Quote: WizardThat's basically how it is here now for most people, now that the standard deduction is much higher. You get taxed on jackpots but can't deduct offsetting losses.
This has got me confused. The standard deduction didn't do squat for me for 2018. I itemized my losses and it doesn't seem to be a problem.
https://www.irs.gov/taxtopics/tc419
Quote: bobbartopThis has got me confused. The standard deduction didn't do squat for me for 2018. I itemized my losses and it doesn't seem to be a problem.
https://www.irs.gov/taxtopics/tc419
The Wizard is correct.
Did you already have itemized deductions that exceeded the standard deduction before you itemized your gambling losses? If so, then the issuance of a W2-G will indeed have no impact (other than the paperwork requirements.) But I am married and have a $24,000 standard deduction and have structured my personal life so that I have very few "deductible items." In my case, the new taxation rules limiting the ability to offset gambling wins with gambling losses are a very strong incentive to not gamble.
I wonder when the gambling industry will wake up to this issue, because I think it will have a long-term negative effect on their industry.
Quote: gordonm888The Wizard is correct.
Did you already have itemized deductions that exceeded the standard deduction before you itemized your gambling losses? If so, then the issuance of a W2-G will indeed have no impact (other than the paperwork requirements.) But I am married and have a $24,000 standard deduction and have structured my personal life so that I have very few "deductible items." In my case, the new taxation rules limiting the ability to offset gambling wins with gambling losses are a very strong incentive to not gamble.
I wonder when the gambling industry will wake up to this issue, because I think it will have a long-term negative effect on their industry.
The question is about the tax you pay on winnings in Mexican casinos. It appears that they take it out when you cash in. Itemized US tax returns have nothing to do with it.
Quote: gordonm888The Wizard is correct.
Did you already have itemized deductions that exceeded the standard deduction before you itemized your gambling losses? If so, then the issuance of a W2-G will indeed have no impact (other than the paperwork requirements.) But I am married and have a $24,000 standard deduction and have structured my personal life so that I have very few "deductible items." In my case, the new taxation rules limiting the ability to offset gambling wins with gambling losses are a very strong incentive to not gamble.
I wonder when the gambling industry will wake up to this issue, because I think it will have a long-term negative effect on their industry.
Like I said, this has got me totally confused. When I first heard that you cannot offset your losses I thought it was a misunderstanding. This doesn't make any sense. Are you saying that if you have a 100K in W-2s but in reality you lost a total of 200K for the year, are you supposed to pay? That's crazy. A loss is not income. I never have understood taxes and now it's even worse. Where does it say that? Notice the link I cited says "2019".
Quote: bobbartopLike I said, this has got me totally confused. When I first heard that you cannot offset your losses I thought it was a misunderstanding. This doesn't make any sense. Are you saying that if you have a 100K in W-2s but in reality you lost a total of 200K for the year, are you supposed to pay? That's crazy. A loss is not income. I never have understood taxes and now it's even worse. Where does it say that? Notice the link I cited says "2019".
Ok, I do understand that you cannot deduct mileage, travel, etc.
Quote: bobbartopOk, I do understand that you cannot deduct mileage, travel, etc.
Wait, wait. Those rules changed, too, so don't dismiss that so fast. Casual gamblers now get some expenses. As much as you play, they might get you to the itemize threshold.
You might want to see a tax pro. Which is no longer deductible. Yeesh. But still worth it.
Quote: beachbumbabsWait, wait. Those rules changed, too, so don't dismiss that so fast. Casual gamblers now get some expenses. As much as you play, they might get you to the itemize threshold.
You might want to see a tax pro. Which is no longer deductible. Yeesh. But still worth it.
Sorry, I didn't see this post two days ago. Thanks for the comment, though I'm still confused. I wish there were one big central article that would answer every question on this topic. I'm also a little surprised I haven't seen more discussion from other posters. Don't we all pay taxes?
By the way, I hijacked my own thread about Mexico casinos. Sorry 'bout that, Chief.
