Gist of the story: Man wins 36k one night playing blackjack, cashes out. Man gets money stolen from him while laying in his bed.
Assumption: The 36k is gone, he will never see that money again. Story is 100% legit, no funny business just a robbery.
Questions:
1. When you cash out over 10k (not a slot win) are taxes automatically taken out, or is there just a report processed to say that you cashed out that much?
2. Can he deduct the 36k that was stolen from him?
Basically two situations came across my mind:
A. (Can't deduct anything, his tax bracket is over what was withheld) - He still owes the IRS money.
B. (Can deduct what was stolen) - Still gets some money back from his original withholding.
I've never done my own taxes, my dad's a CPA and has always done the vast majority of it. This will be the first year I do my own taxes (yay) - my gambling is so small I won't be dealing with it at all. Net loss anyways :(.
2. Yes. See 26 U.S.C. 165(a) and 26 CFR 1.165-8.
Quote: toadman152411. Just a report.
2. Yes. See 26 U.S.C. 165(a) and 26 CFR 1.165-8.
Thanks, appreciate it.
Pretty much everyone who owns a house has homeowner's insurance (most banks require it as a condition for getting a mortgage). Renter's insurance is generally optional, but really really cheap. When I had my car and renters' insurance with the same company, the multi-policy discount for having both was larger than the total for the renter's insurance (in other words, it cost less money to have it than not to have it). I am with different companies now, but I think I pay about $100/year for renter's insurance.
Quote: AxiomOfChoiceThis guy doesn't have homeowner's or renter's insurance?
Pretty much everyone who owns a house has homeowner's insurance (most banks require it as a condition for getting a mortgage). Renter's insurance is generally optional, but really really cheap. When I had my car and renters' insurance with the same company, the multi-policy discount for having both was larger than the total for the renter's insurance (in other words, it cost less money to have it than not to have it). I am with different companies now, but I think I pay about $100/year for renter's insurance.
Homeowners insurance usually caps the amount they will reimburse you for cash. I recently filed a claim with Allstate and they would only reimburse $200 for the cash stolen.
1. Why bring so much cash up to the room? Why not leave it with the cage or take a check?
2. Unlikely that a table player would have taxes withheld on any win.
3. He might not owe the IRS anything if at the end of the year he can document that his casino losses offset his wins.
4. Why bring so much cash up to the room? Why not leave it with the cage or take a check?
5. Why bring so much cash up to the room? Why not leave it with the cage or take a check?
What caught my eye in this story is that 36k is 'a year’s salary, all in one night' and 'the answer to everyone’s debt around me'. Maybe I'm just too conservative, but playing 3% of your salary in a single session, when people you're concerned about are in debt enough to need an 'answer' for it seems a bit risky, especially since he's a regular.
Quote: AlanMendelsonWhy bring so much cash up to the room? Why not leave it with the cage or take a check?
He took the cash home. The "room" is his bedroom. There is no hotel.
There are lots of thugs that hang around Hollywood Columbus. The casino was built in the middle of the ghetto.
The thieves probably got the winners address from one of their thug buddies that work the cage.
Last month I cashed $2,100 chips and was "axed" for my players card. When I said I didn't have one,
the "brotha axed" for my name and address. Of course, I provided a phony name & address.
Quote: VenthusWhat caught my eye in this story is that 36k is 'a year’s salary, all in one night' and 'the answer to everyone’s debt around me'. Maybe I'm just too conservative, but playing 3% of your salary in a single session, when people you're concerned about are in debt enough to need an 'answer' for it seems a bit risky, especially since he's a regular.
I agree completely. Also, to win 36k in five hours would require him to significantly overbet his bankroll. I could see him wagering 1% of his annual net income at times which is just insane.