Gambling Sux and I have quit gambling

[tennis_balls]

B&M casinos in the US casinos only report wins above a certain amount. I bet most players who do not generate paperwork do not report their wins from B&M casinos either.

While I have not gone to Vegas in a couple years, the sportsbooks there used to make you fill out a tax form for any net win over $500. I've "witnessed" a punter that walked around the strip for a couple hours to make it to 4 different books and spread out a large bet. How egregious and unethical!!!

[amatrine]

One time I won $3000 at a land based. I never calimed it, and the IRS got me.
The $3,000 was enough to change our income level and cancel out our 401k credit. So we had to pay them back $3500 more than I won! I was so angry.
I will not play a machine now that pays over $1200 max. What made me more angry was I could not claim my losses because they were under $10,000.
So even though I lost more than $3000 I still had to pay it. The laws make me angry. So I do not see online casio regulation as the best bet in this sense, because when I win I loose.

Amatrine

[winbig]

One time I won $3000 at a land based. I never calimed it, and the IRS got me.
The $3,000 was enough to change our income level and cancel out our 401k credit. So we had to pay them back $3500 more than I won! I was so angry.
I will not play a machine now that pays over $1200 max. What made me more angry was I could not claim my losses because they were under $10,000.
So even though I lost more than $3000 I still had to pay it. The laws make me angry. So I do not see online casio regulation as the best bet in this sense, because when I win I loose.

Amatrine

wow, that sucks bigtime.

I thought you only had to claim > $5,000 for wins at a casino?

[NoMouthToScream]

$600 or 300 times the wager you gotta pay.

[winbig]

$600 or 300 times the wager you gotta pay.

And how is the IRS going to prove that?


Sure they can get the average bet from the casino, but if you max your bet out at $100, that's $30k.

I've cashed out max $4,000 from a B&M before and they never said I had to report it then and there.

[amatrine]

I dont know. At this casino here in Arizona, if you have a win over $1200 you have to fill out a form before you recieve your winnings that includes your social security number.The bet size does not matter.

My husband tried to claim the losses, but he said it was $10,000. Not sure where he found his information, I think it was HNR block or something.

Amatrine

[winbig]

My husband tried to claim the losses, but he said it was $10,000. Not sure where he found his information, I think it was HNR block or something.

Amatrine

I think it's a matter of whether or not it'd be beneficial to take the standard deduction as opposed to itemizing your deductions; which would include gambling losses.

[tennis_balls]

And how is the IRS going to prove that?

i'm not sure how the IRS proves it with table games but I'm sure they must have a system in place.......with slots or sports bets it's fairly simple in that they require the casino to have anyone with a big hit to fill out a tax report before the casino pays them. (since with most slot wins the machine doesn't have enough coins to complete the payout)

[NoMouthToScream]

Yeah table games rarely receive a W2G form, slots and sportsbooks on the other hand are reportable. You take your risks with the IRS. Personally, I don't want to risk it.

[dickens1298]

While I have not gone to Vegas in a couple years, the sportsbooks there used to make you fill out a tax form for any net win over $500. I've "witnessed" a punter that walked around the strip for a couple hours to make it to 4 different books and spread out a large bet. How egregious and unethical!!!

That must have been quite a while ago. I recently won almost $20k on a $2k parlay bet. No paperwork was involved.