casino chips

[rkell87]

hey i was just wonding, how would casinos know if you 'won' $5000 on say, a blackjack table? im just wondering how they know to give you a tax form if they dont know what you put in play.

also to avoid the tax form could you exchange a $1000 dollar chip every few hours till you have all your winnings? just curious

 

[Bob Sacamano]

What's the question?

 

[Meat-O-Rama]

hey i was just wonding, how would casinos know if you 'won' $5000 on say, a blackjack table? im just wondering how they know to give you a tax form if they dont know what you put in play.

also to avoid the tax form could you exchange a $1000 dollar chip every few hours till you have all your winnings? just curious

It's their job to know, not just for tax purposes. If you are winning significant sums in one sitting they will know. If you are nickel and diming them for a grnad or so at a time at different tables, probably not. The good news for you is it is unlikely you will ever need to worry about it.

 

[peplaw06]

hey i was just wonding, how would casinos know if you 'won' $5000 on say, a blackjack table? im just wondering how they know to give you a tax form if they dont know what you put in play.

also to avoid the tax form could you exchange a $1000 dollar chip every few hours till you have all your winnings? just curious

Just write off your winnings as a wash. Most gamblers lose as much or more than they win over the course of a year.

 

[dback]

$1000 is a big chunk of change. I am sure you will be watched if you put down enough of a bet to reasonably win $1000. Casinos are quite the observant ones.

 

[rkell87]

It's their job to know, not just for tax purposes. If you are winning significant sums in one sitting they will know. If you are nickel and diming them for a grnad or so at a time at different tables, probably not. The good news for you is it is unlikely you will ever need to worry about it.

lol this is true

 

[rkell87]

What's the question?

how do they know you didn't sit down with 5 grand and if you won over 1200(the amount you have to fill out a tax form for) if you can just cash a grand at a time(if you won chips not at slots) without the casino noticing.

I'm sure they have ways because this is so obvious but i was just wondering

 

[rkell87]

$1000 is a big chunk of change. I am sure you will be watched if you put down enough of a bet to reasonably win $1000. Casinos are quite the observant ones.

$29 on the roulette wheel nets a grand.

 

[rkell87]

Just write off your winnings as a wash. Most gamblers lose as much or more than they win over the course of a year.

so say you bet a grand on hard 12 at craps and it hits and you win 31,000...you fill out the form for your winnings, you then can just say at tax time that you lost it all back? would you get audited?

 

[CowboyWay]

Unless you hit a big jackpot, nobody in a casino is going to care. You're safe as a baby. Don't sweat it.

 

[casmith07]

They will know. I once slow-played a blackjack table (only hit under 17) and I was asked to leave after a while.

 

[dback]

so say you bet a grand on hard 12 at craps and it hits and you win 31,000...you fill out the form for your winnings, you then can just say at tax time that you lost it all back? would you get audited?

That is a good question. If you kept the money out of a bank and you claimed 30,000 in losses from gambling, then I don't know see why they would. I am not tax expert though. I have a kid, make less than 30000, and am in school so I have very little tax liability.

 

[CF74]

By the time I walked away with $1,400 playing craps in Vegas there was 5 pit bosses glaring at us. The whole table was hot and then we all walked away at the same time when the streak ended...

 

[rkell87]

By the time I walked away with $1,400 playing craps in Vegas there was 5 pit bosses glaring at us. The whole table was hot and then we all walked away at the same time when the streak ended...

thats awesome, i just went...played craps the whole time, had a blast

 

[peplaw06]

so say you bet a grand on hard 12 at craps and it hits and you win 31,000...you fill out the form for your winnings, you then can just say at tax time that you lost it all back? would you get audited?

If that's the only time you ever bet for the whole year, then I probably wouldn't do that. But if you're putting a grand down on a craps table, my guess is you're probably more likely to be someone who gambles a lot. Take cash to the casino... your bank statements will show the cash you take out to go gambling. They can't prove how much you had to SPEND to get your big jackpot. If you took out $1,000 and hit a $1,000 jackpot, it's a wash. By the end of the year, if you're a big gambler, odds are you've got as much lost as you've won, or you're at least in the neighborhood.

 

[YosemiteSam]

hey i was just wonding, how would casinos know if you 'won' $5000 on say, a blackjack table? im just wondering how they know to give you a tax form if they dont know what you put in play.

also to avoid the tax form could you exchange a $1000 dollar chip every few hours till you have all your winnings? just curious

If you win $5k over the course of a day and several casinos, nobody knows.

If you win $5k in one sitting, you're getting a tax form.

 

[dback]

thats awesome, i just went...played craps the whole time, had a blast

Told you craps was the best

 

[rkell87]

Told you craps was the best

yeah you did it was awesome, one night my cousin and i walked up to a table at tropicana at 11 pm and walked out at 630 am had a blast

 

[Hoofbite]

Couple buddies of mine went to vegas and played roulette about a month ago. One was winning all night and totaled like 1700.

They said some russian lady came up and picked the number like 5 out of 10 spins. Pit boss was on her *** quick and she was raking money like nobodies business.

Can't imagine what she won but they said she had stacks and stacks of chips.

 

[rkell87]

Couple buddies of mine went to vegas and played roulette about a month ago. One was winning all night and totaled like 1700.

They said some russian lady came up and picked the number like 5 out of 10 spins. Pit boss was on her *** quick and she was raking money like nobodies business.

Can't imagine what she won but they said she had stacks and stacks of chips.

wow that would be alot of money