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Also, like the U. To that end, the U. Hi, I Recently won a large slots jackpot in Vegas. New Zealand has no gambling tax.

I do believe I can get all or some back. Can you recommend a good US tax accountant, or offer any advice? Enjoyed your site esp. The IRS web site says that for this purpose, the U.

Note that New Zealand is not on the list. That should reduce, or in most cases, eliminate the withholding. She does an outstanding job, but some might consider her expensive.

She adds this form is usually incorrectly filled out by most others. Las Vegas casinos, namely Caesars and Bellagio, have recently been giving me a harder time when cashing out over a few thousand dollars in chips.

Could you explain to me and your audience in greater detail what exactly is title 31 and, specifically, what will and will not get your flagged by the IRS.

My advice is to give them what they ask for. In fact, I think there is nothing to fear from a legitimate CTR; the casinos generate lots of them.

Personally, I have generated hundreds, to no known detriment. However, it raises lots of attention when you look like you are going out of your way to avoid them.

So, that is my two cents. Better suited to answer this is "Brian," a current Las Vegas casino manager, and former regulator, whom I like to turn to for procedural questions like this.

In a nutshell, Title 31 is the U. Department of Treasury Code designed to prevent money laundering. It requires that certain large cash transactions be reported to the Government.

All Financial Institutions comply with Title Casinos are considered financial institutions because of the types of transactions they perform, which are similar to those of a bank e.

Unlike traditional financial institutions, casinos conduct a great deal of transactions with unknown patrons.

When you set up your checking account at the bank, you give them all of the necessary information needed to fill out CTRs.

However, when cashing chips at the cage, the only way the casino can get this information is to ask. Since the fines for non-compliance are hefty, they make a diligent effort to comply.

Casinos are apprehensive to give patrons too much information on Title 31 for fear of inadvertently breaking the law.

Casinos are specifically precluded from aiding patrons in structuring transactions in such a manner as to allow them to skirt the requirements. Circumventing Title 31 is relatively easy for undocumented transactions e.

I have heard that to finance the health care bill, a surcharge will be imposed on GROSS income above a certain point. This will have a big impact on high-level slot players, who accumulate hundreds of W2-G forms, like me.

Do you have any insight? In the case of a taxpayer other than a corporation, there is hereby imposed in addition to any other tax imposed by this subtitle a tax equal to 5.

For high-level slot players, it is not difficult to rack up W2-G forms in the millions per year. Most of these players will still have a net loss on an annual basis.

Past the million point in gross income, the player will pay a 5. Should this become law, it will ruin high-level slot play in this country.

Marissa is on Twitter at taxpro4gamblers, where she occasionally answers tax questions to followers. I have a resolution this year to try and keep as accurate a track as I can on my gambling trips.

Obviously, bankroll taken and net outcome are key entries. This log needs to have enough information so I can use it to prove losses to offset the big jackpot my wife is going to win this year.

Date and type of wager or wagering activity. The name and address or location of the gambling establishment. Names of other persons present during the gambling activity.

Amount won or lost. In addition, you should keep other documentation, such as W2-G forms and losing tickets. Personally, I keep my log in Excel and always retain W2-G forms and losing sports tickets.

This question was raised and discussed in the forum of my companion site Wizard of Vegas. This could have a big impact on very high-end slot players, who rack up stacks of W2G forms.

My question is, what is the status of that? That is the good news. It looks like this may apply to gambling winnings before itemizing any gambling losses.

Please ask me about this again in about two years for a status report. That is quite the difficult and controversial question.

Before I answer, let me say that tax law is not my area of expertise, so you should consult a tax professional about your personal situation.

Chapter three deals with this topic. The general rule of thumb is that earnings are taxable and gifts are not. So a no-obligation comp would not be taxable.

Anything that was given to you based on points, a drawing, a tournament, or earned some other way would be taxable. Granted this is not going to cover every situation, and some situations can be in a gray area.

It does not matter how much you had on the machine prior. All of your saved places can be found here in My Trips.

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On this program they advised you that when playing Blackjack and win you are not subject to taxes?? You are subject to tax for any gambling winnings. However table games players are basically on the honor system.

That is usually only an issue with progressive jackpots. Yet these are nothing to worry about, and I think many big bettors are overly paranoid about them.

Quick question about withholding tax. When you are done they will give you a single W2G form for the sum, and in your case subtract the withholding from that.

The W2-G is based on the gross win, not the net win. However, with table games, it is on the honor system to report.

I was in the casino for about an hour. In passing him on the way out, still standing by the machine, he still seemed to be having a problem.

My question is if he has no ID for whatever reason can he still get the payout? The casino is in the state of WV.

Would the rules prohibit a person in the country illegally from betting or wining if he or she has bet? I forwarded this one to Brian, who is a former gaming regulator, and currently a casino manager.

Here is what he said,. The casino would not know that someone was in the country illegally. If he had a valid passport, the jackpot would be honored.

The illegal may not know this, be scared or they may not have a valid ID to show. In most cases, the person has legitimately forgotten their ID; however, sometimes you run into a problem, such as a minor who was gaming.

Also, like the U. To that end, the U. Hi, I Recently won a large slots jackpot in Vegas. New Zealand has no gambling tax. I do believe I can get all or some back.

Can you recommend a good US tax accountant, or offer any advice? Enjoyed your site esp. The IRS web site says that for this purpose, the U.

Note that New Zealand is not on the list. That should reduce, or in most cases, eliminate the withholding. She does an outstanding job, but some might consider her expensive.

She adds this form is usually incorrectly filled out by most others. Las Vegas casinos, namely Caesars and Bellagio, have recently been giving me a harder time when cashing out over a few thousand dollars in chips.

Could you explain to me and your audience in greater detail what exactly is title 31 and, specifically, what will and will not get your flagged by the IRS.

My advice is to give them what they ask for. In fact, I think there is nothing to fear from a legitimate CTR; the casinos generate lots of them.

Personally, I have generated hundreds, to no known detriment. However, it raises lots of attention when you look like you are going out of your way to avoid them.

So, that is my two cents. Better suited to answer this is "Brian," a current Las Vegas casino manager, and former regulator, whom I like to turn to for procedural questions like this.

In a nutshell, Title 31 is the U. Department of Treasury Code designed to prevent money laundering. It requires that certain large cash transactions be reported to the Government.

All Financial Institutions comply with Title Casinos are considered financial institutions because of the types of transactions they perform, which are similar to those of a bank e.

Unlike traditional financial institutions, casinos conduct a great deal of transactions with unknown patrons. When you set up your checking account at the bank, you give them all of the necessary information needed to fill out CTRs.

However, when cashing chips at the cage, the only way the casino can get this information is to ask. Since the fines for non-compliance are hefty, they make a diligent effort to comply.

Casinos are apprehensive to give patrons too much information on Title 31 for fear of inadvertently breaking the law. Casinos are specifically precluded from aiding patrons in structuring transactions in such a manner as to allow them to skirt the requirements.

Circumventing Title 31 is relatively easy for undocumented transactions e. I have heard that to finance the health care bill, a surcharge will be imposed on GROSS income above a certain point.

This will have a big impact on high-level slot players, who accumulate hundreds of W2-G forms, like me. Do you have any insight? In the case of a taxpayer other than a corporation, there is hereby imposed in addition to any other tax imposed by this subtitle a tax equal to 5.

For high-level slot players, it is not difficult to rack up W2-G forms in the millions per year. Most of these players will still have a net loss on an annual basis.

Past the million point in gross income, the player will pay a 5. Should this become law, it will ruin high-level slot play in this country.

Marissa is on Twitter at taxpro4gamblers, where she occasionally answers tax questions to followers. I have a resolution this year to try and keep as accurate a track as I can on my gambling trips.

Obviously, bankroll taken and net outcome are key entries. If you itemize your deductions on Schedule A, then you can also deduct gambling losses but only up to the amount of the winnings shown on your tax return.

And you cannot carry your losses from year to year. The IRS recommends that you keep a gambling log or spreadsheet showing all your wins and losses.

The log should contain the date of the gambling activity, type of activity, name and address of the casino, amount of winnings and losses, and the names of other people there with you as part of the wagering pool.

There are good states for gamblers and bad states for gamblers. The "bad" states tax your gambling winnings either as a flat percentage of the amount won or by ramping up the percentage owed depending on how much you won.

Each state has different rules. Personal tax rates begin at 2 percent and increase to a maximum of 5. State taxes are due in the state you won the income and different rules may apply to players from out of state.

Boxes 1, 4 and 15 are the most important as these show your taxable gambling winnings, federal income taxes withheld and state income taxes withheld, respectively.

You must report the amount specified in Box 1, as well as other gambling income not reported on a W2-G, on the "other income" line of your IRS Form This form is being replaced with a simpler form for the tax season but the reporting requirement remains the same.

If your winnings are subject to withholding, you should report the amount in the "payment" section of your return.

Different rules apply to professional gamblers who gamble full time to earn a livelihood. As a pro gambler, your winnings will be subject to self-employment tax after offsetting gambling losses and after other allowable expenses.

Her work has appeared on numerous financial blogs including Wealth Soup and Synchrony. Find her at www. At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors.

This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system.

These returns cover a period from and were examined and attested by Baker Tilly, an independent accounting firm. Visit performance for information about the performance numbers displayed above.

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Casino Hand Pay Tax Video

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