I am going to Vegas for betting on NFL more than 10K. If I win more than 10K, what's gonna happen when cashing out? Does casino cash me after deducting tax, or must to fill out some sort of tax form?
I probably gonna wage $3K each bet, but just curious..
Thanks!
To remove first post, remove entire topic.
I am going to Vegas for betting on NFL more than 10K. If I win more than 10K, what's gonna happen when cashing out? Does casino cash me after deducting tax, or must to fill out some sort of tax form?
I probably gonna wage $3K each bet, but just curious..
In short, nothing happens to you on the tax side of things. The casino only withholds taxes on winnings of at least $600 and they must be 300-1 odds or greater (so slots, and some horse bets, generally speaking).
The casino will fill out what's called a CTR, a currency transaction report, on amounts changing hands of greater than $10k. This is not for taxes, but for use to track money laundering activities. You'll be asked for your players card and ID for this.
You're still responsible for paying taxes on your winnings.
In your situation, it will only be an issue if you win multiple $3k bets and try and cash the tickets all at once.
In short, nothing happens to you on the tax side of things. The casino only withholds taxes on winnings of at least $600 and they must be 300-1 odds or greater (so slots, and some horse bets, generally speaking).
The casino will fill out what's called a CTR, a currency transaction report, on amounts changing hands of greater than $10k. This is not for taxes, but for use to track money laundering activities. You'll be asked for your players card and ID for this.
You're still responsible for paying taxes on your winnings.
In your situation, it will only be an issue if you win multiple $3k bets and try and cash the tickets all at once.
Never show more then 9999. at the book at 1 time and you avoid CTR. Change your $ into chips and you can exceed $10k amount and avoid CTR. Ctr isn't a tax just a pain in the as s.
Never show more then 9999. at the book at 1 time and you avoid CTR. Change your $ into chips and you can exceed $10k amount and avoid CTR. Ctr isn't a tax just a pain in the as s.
Just do everything in increments of a few thousand at a time. Are you guys really worried about taxes? Very few people in Vegas have to worry about that. If you do consider yourself lucky.
Just do everything in increments of a few thousand at a time. Are you guys really worried about taxes? Very few people in Vegas have to worry about that. If you do consider yourself lucky.
Ive heard its based on taxes of the state you reside in...Am i wrong here?
Yes you are.
Again...In short, nothing happens to you on the tax side of things. The casino
only withholds taxes on winnings of at least $600 and they must be 300-1
odds or greater (so slots, and some horse bets, generally speaking).
The
casino will fill out what's called a CTR, a currency transaction
report, on amounts changing hands of greater than $10k. This is not for
taxes, but for use to track money laundering activities. You'll be
asked for your players card and ID for this.
Quote Originally Posted by drostephens:
Ive heard its based on taxes of the state you reside in...Am i wrong here?
Yes you are.
Again...In short, nothing happens to you on the tax side of things. The casino
only withholds taxes on winnings of at least $600 and they must be 300-1
odds or greater (so slots, and some horse bets, generally speaking).
The
casino will fill out what's called a CTR, a currency transaction
report, on amounts changing hands of greater than $10k. This is not for
taxes, but for use to track money laundering activities. You'll be
asked for your players card and ID for this.
"You'll be asked for your players card and ID for this".
No, you'll be asked for your driver's license and SSN…but if you want to have multiple exchanges of $10k+, then you would want to get a players card that has that info linked to it.
"You'll be asked for your players card and ID for this".
No, you'll be asked for your driver's license and SSN…but if you want to have multiple exchanges of $10k+, then you would want to get a players card that has that info linked to it.
Optimistic outlook , may I suggest win the cash first - everything will be ok from there - good luck
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