Wagering in Vegas

How much can you wager on a game in Vegas before the IRS gets involved.  If you bet 5500 to win 5000 and you win the casino is giving you 10500 back.  Is that a red flag...

In my experience it pays to keep honest records and pay your taxes on your winnings.  Get a rating card and get your win/loss statement at the end of the year.

 

In most places you wont be able to bet 5000 on a game.  If you're trying to avoid the IRS dont have any ticket pay back more than 10,000 as you will be required to give your ssn.(if you;re betting a big parlay it's better to break it down to multiple tickets that dont exceed 10k)  10,000 is OK, 10,001 is not.

Thanks VegasMaxx.  Is the rating card the same as you use for the table games??

Its usually a seperate number.  You give it to the ticketwriter before you place your bets.  You get $1 in comps for every $500 you wager.   Drink tickets. And at the end of the year a record of how sick you are.

Thank You