My winnings from last night

[Tabascocat]

I love craps, have been playing for many years. I have only had one run like that, about 12 years ago in Lake Charles.

I started on the table with $100, was still in college at the time. I would place a lousy 5 bucks on the pass line and hope to win. Well, I rolled for 28 mins w/o crapping out. The table got real crowded, maybe 40 ppl outside just watching. Long story short, there were some high rollers making tons off me. They started throwing me $100 chips after every roll. Once I crapped out after 28 mins, the whole table passed back to me again. I then rolled for 21 minutes. After all of this, I had about $2400 just from tips from the players.

After I cooled off, I resumed an hour later playing my way, don't pass and don't come. I got to 18k at one point. My truck had a flat tire and I told the pit boss I had to go get it fixed. They said "give me your keys", I did and they put 2 new tires on the truck with an oil change, just to keep me at the table.

Well, it worked somewhat, I gave about 6k back to them. All in all, I walked out with just over 11k(after tips, food, etc). I should have payed off some bills, but bought a 16' Wellcraft instead

 

[MonsterD]

Can you sit in the War Room at Valley Ranch on April 25th?

 

[rkell87]

Betting on 2,3,11, and 12 are single throw bets. That's a ridiculous hit. Congrats

he might have been at a no craps where you can bet 2,3,11, and 12 and those numbers can also be the point

 

[03EBZ06]

he might have been at a no craps where you can bet 2,3,11, and 12 and those numbers can also be the point

Yup, you are correct. On one occasion, 12 was the point, I betted 500 on odds and it was like hitting a jackpot, lol

 

[03EBZ06]

Sir, I am from Lumiere Casino and there seems to be a problem with that money. Please PM me your SSN, address, last and first name.

And I would need you to send me all of your account information and I can clear all this up.

Thank you.

LOL, will do sir

 

[WV Cowboy]

At Lumiere Casino, had lot of fun playing craps, won over 15k but ended up giving back some and ended up with little over 11k.

Not a gambler here, so I was wondering.

How does this affect your taxes?

What portion of the 11K will you have to pay taxes on?

 

[03EBZ06]

Not a gambler here, so I was wondering.

How does this affect your taxes?

What portion of the 11K will you have to pay taxes on?

I had to fill out W-2 form before they gave me all that cash.

This is an excerpt from IRS tax code

Topic 419 - Gambling Income and Losses
The following rules apply to casual gamblers. Gambling winnings are fully taxable and must be reported on your tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and also the fair market value of prizes such as cars and trips. For additional information, refer to Publication 525, Taxable and Nontaxable Income .
A payer is required to issue you a Form W-2G (PDF), Certain Gambling Winnings, if you receive certain gambling winnings or if you have any gambling winnings subject to federal income tax withholding. All gambling winnings must be reported on your Form 1040 (PDF), including winnings that are not subject to withholding. In addition, you may be required to pay an estimated tax on your gambling winnings. For information on withholding on gambling winnings, refer to Publication 505, Tax Withholding and Estimated Tax.
You may deduct gambling losses only if you itemize deductions. However, the amount of losses you deduct may not be more than the amount of gambling income reported on your return. Claim your gambling losses on Form 1040, Schedule A (PDF), as a miscellaneous itemized deduction that is not subject to the 2% limit. A nonresident alien of the United States cannot deduct gambling losses on Schedule A of Form 1040NR (PDF).
It is important to keep an accurate diary or similar record of your gambling winnings and losses. To deduct your losses, you must be able to provide receipts, tickets, statements or other records that show the amount of both your winnings and losses. Refer to Publication 529, Miscellaneous Deductions, for more information.
If you are considered a nonresident alien of the United States for income tax purposes and you have to file a tax return, you must use Form 1040-NR. Refer to Publication 519, U.S. Tax Guide for Aliens, and Publication 901, U.S. Tax Treaties, for more information.

 

[WV Cowboy]

I had to fill out W-2 form before they gave me all that cash.

This is an excerpt from IRS tax code

How much can you win, and not pay any tax on it?

$500 ?

$100 ?

$800 ?

 

[03EBZ06]

How much can you win, and not pay any tax on it?

$500 ?

$100 ?

$800 ?

One day last month I won 8.5k but I didn't fill out any tax forms, so my guess is under 10k?

 

[WV Cowboy]

One day last month I won 8.5k but I didn't fill out any tax forms, so my guess is under 10k?

WOW, .. that's awesome, .. 8.5K one month and 11K the next!

 

[03EBZ06]

WOW, .. that's awesome, .. 8.5K one month and 11K the next!

Yes but like Mike said, these winnings definitely offsets many losing days, although I've never lost more than a 1K in a day.

 

[Tabascocat]

Taxing all depends on the type of game played and payout. If you hit a jackpot on slots for over 1800(I think), you get a couple of forms to fill out.

Anything over 5k on poker, you pay taxes. Keno is over 1500 or so.

Craps, roulette, blackjack, etc are different. Also, each casino and state have different limits.

In the OP's case, over 10k, the IRS will know what he won and it needs to be claimed at the end of the year. But, losses can be taken into account also. So, if he won 30k for the year but lost 32k, taxes will be very minimal(but loss needs to be documented).

A lot of people who win over 10k in chips playing table games cash out in increments. Go cash in 3k, walk around a bit and cash in again at different tellers, repeat. This is from the chips in your pocket, not one major payout. Hand your buddy 3k to go cash in if need be.

 

[rkell87]

Yup, you are correct. On one occasion, 12 was the point, I betted 500 on odds and it was like hitting a jackpot, lol

3 grand on full odds, never seen more than double odds on crapless craps outside of vegas so probably 6 grand on that roll?

 

[03EBZ06]

3 grand on full odds, never seen more than double odds on crapless craps outside of vegas so probably 6 grand on that roll?

I believe I received 3K on that roll, there were so many excited moments during that night, I can't remember all the details.

Another amazing thing occurred during it was hitting "all numbers (2-12)" before being out. This place has a bet low number (2-6), high number (8-12) and all numbers. The odds are 35x for low and high numbers and hit all numbers, which is 175 odds. So I put $10 on each one and when I hit all numbers before out and total was $2,450, did that twice, obviously because shooters were hot, lol

 

[rkell87]

I believe I received 3K on that roll, there were so many excited moments during that night, I can't remember all the details.

Another amazing thing occurred during it was hitting "all numbers (2-12)" before being out. This place has a bet low number (2-6), high number (8-12) and all numbers. The odds are 35x for low and high numbers and hit all numbers, which is 175 odds. So I put $10 on each one and when I hit all numbers before out and total was $2,450, did that twice, obviously because shooters were hot, lol

wish I could find a table like that lol