The casinos in the US, like any other financial institution, is required to notify the IRS of any transaction of $10,000 or more in a 24-hour period. Anything less than that does not generate any federal paperwork. But, you should be declaring your gambling winnings on your tax form anyway, no matter what the amount is. :angel:Carmine782 said:
:grin:
You'll get cash no matter how much you bring to the cashier. If the amount is $10,000 or more then you will also get the paperwork as well. Some casinos may ask to see your ID for transactions of $2,000 or more, but that’s just for internal reasons not tax reasons. You are not required to show them any ID if you don't want to. If you refuse then they will just write a description of you in their MTR log book.Carmine782 said:
Sonny said:
Not that I know of. The casino is still required to fill out an MTR for modest transactions ($2K I believe) but now they are also required to fill out a SAR for people who refuse to show ID. Previously the SAR was optional.aslan said:
:grin: :cool2: :grin: :cool2:Is this the Case in All States? For Example is the same for Vegas and it is for the Midwest US Casinos and the same for ACSonny said:
:grin: :cool2: :grin: :cool2: - not just the amount over the limit .Yeah but how to they know what my buy-in amount is? I mean im a honest person, I Will report the correct amount, Im Just asking how do they know what the buy in amount was?glovesetc said:is never taxed just your winnings at the end of the year . If you buy in for $5,000.00 and cash out for 11k your taxable income is $5,000.00 for that session . You can write off your losses against your winnings to come up with a net loss or gain for the year . You will be required though on any cashouts over $10,000.00 to sign and fill out a CTR for the IRS and the casino .
:grin: :cool2:I think what's confusing here is the casino doesn't CARE what your buy in was. They just report the cashout transaction. It's up to you, just like any business, to document and report your "costs" (buy in), expenses (air, hotel receipts etc), any other session losses, and from that arrive at a net income (or loss) for taxes. Unfortunately, unlike other businesses , I don't think you can use a net loss from gambling to reduce your other personal income. Of course a "business trip" to vegas for say a convention is another story,Carmine782 said:
You're absolutely right! You can only use gambling losses to offset gambling winnings, nothing else, and only up to the amount of winnings, nothing more. And yes, you would be smart to combine business with pleasure (gambling) so that your plane fare, hotel rooms (if you don't have room comps), rental car, meals, etc, are deductible as business expenses. For some, however, it is next to impossible to keep their gambling from interfering with their business. In that case, keep your business and gambling trips separate. It's your call to make.GeorgeD said:I think what's confusing here is the casino doesn't CARE what your buy in was. They just report the cashout transaction. It's up to you, just like any business, to document and report your "costs" (buy in), expenses (air, hotel receipts etc), any other session losses, and from that arrive at a net income (or loss) for taxes. Unfortunately, unlike other businesses , I don't think you can use a net loss from gambling to reduce your other personal income. Of course a "business trip" to vegas for say a convention is another story,
glovesetc said:AC/Vegas/ Bahamas/Aruba/ just detroit cause they are run by morons .Tell them you have no ID and then give the chips to a friend who does or take them to another cashier ior send your girlfriend up . If the feds do not have better things to do then chase down non-compliance people I guess we are out of Iraq. the borders must be sealed , crime must be down , and the jails are all empty cause nobody is kidnapping , molesting kids , dealing drugs , robbing banks , or murdering people . Wonder if there is any FCI's up for sale that I could sell to Holiday Inn/marriot?Ritz/ or even Motel 8 .