Any amount over $5k of buyin, you can either have taxes withheld or can take full cash amount but paperwork is filed with IRS so they know what you won and how much to tax.

Example- I play a $500 tourny and win $5499- no tax paperwork is filed as I profited $4999. If I cash for $5501- now a tax form is filed as we bink more than $5k. It’s kinda smart to think about this when making deals etc in tournies where you may only get $4-7k. A chop for $4.5k is prolly smarter move Vs risking to win 7-8k as 30% of money is going to be taxed (around that rate). 8k - 2.4k = 5.6k. Probably better to chop in this situation as you don’t take on additional risk even as a chip leader to potentially get super unlucky and not get full win amount when you lose the tournament. I would rather win $4.5k vs say 6k which is going to bet 4.2k. I’ll get bashed here but I would rather win 4.5k vs 6k where the irs knows about the bink and can tax me for $1800. You can’t hide tourny scores when irs paperwork is filed.

And what happens when you don't declare and get audited?

I've cashed in dozens of states, and never had any federal tax withheld. You can choose to have them withhold federal taxes for you. If you do, they will send that money to the IRS along with the information on the w2-g form. But I always choose to have nothing withheld, and they never do so.

As for state taxes, many states have a mandatory withholding of some percentage. I am pretty sure that is only the case if you are a non-resident of that state. Usually this amount is in the 2-4% range, and you can choose to file a non-resident tax return at the end of the year, and attempt to recover any excess tax paid. But usually you won't want to do so, as you'll be more likely to owe them more taxes than they withheld. But, if you don't file, you don't ever owe them more.

How do they know about the cash under 5k if they haven’t been notified of it? Even cash games- do you think folks that aren’t pros are reporting big cash winning sessions if there is no record of it?

To not get off topic. Any chance of Parx big stax or rumblings of it coming back? Borgata coming back with a January series seems like a good note for northeast mtt play. Still think we have some time though before we get back to pre Covid mtt schedules.

It’s nice to see Philly and Maryland running mtts series. Turning Stone is running great tournaments also.

Generally if your Net win ( winning - buying)over 5K you will get a 1099G .

The rate I believe is 24% at least for federal. But you can prolly get all or most back with a good accountant. Much better than the do find out and hit you for false filing. Anything over $600 in annual winnings at single casino is reportable.

Bad beat just hit during the $1300 high hand promotion.

Royal vs quad 10s.

Why is there 437 people on 1/2 nl?

$1300 high hand every 20 minutes until 1AM for their 13th anniversary

Thanks,glad I didn't go today.

What is the highest LHE game that runs with any regularity at PARX? Anything above the 40/80 and what day would it run? Also, how consistently does the 40 run?

40/80 is the highest LHE game it starts Tuesday at around 10 am and starts Friday around 4 pm. It also is going on most Wednesday mornings if the Tuesday game doesn't break from overnight.

They report any winnings over $5k. So if if the buy in is $500 they report anything you win over $5500

There is no other limit holdem game there, except maybe 15/30, which used to run.

The other limit is 6/12 OE and 10/20 big O with half kill both at least on Tuesdays and Saturdays., and 200/400 or 400/800 mixed sometimes on Tuesday.

Parx needs more options for your comp dollars… the gift shop is lacking. Also the hours are kind of annoying as I mostly go to parx on Tuesday and the gift shop is only open Friday sat and sun.

The food is mediocre at best. I either go to carrabas across the street, drive to Philly, or go to a place in NJ on the way.

I’m surprised more people haven’t complained about this.

It also kinda sucks you have 90 days to spend the comp dollars.

I know first world problems.

Turns out you can exchange comp dollars for free slot play at a 2:1 ratio.

I think the food at Chickies and the Liberty Bell is above average

Liberty Bell is better than C&P's, I will give you that, but I would not call it above average. It's perfectly average! Not bad, but, not going to impress you, either

Liberty Bell has good food but the service sucks most of the time.

Whenever I'm getting drinks, I always go to the bar at Chickies. It's quicker, cheaper and better selection than the main casino bar.

IRS tax brackets go from 10% to 37%. What % you will pay depends on your other income that year.

The “standard deduction” for 2023 is 13.8K+. Most younger players don’t itemize until you buy a house.
So if you have a 10k casino 1099, but no other income, no tax.

To deduct/ offset your losses you must itemize (taxes, medical, mortgage Int, charity), but 1st 13.8k wasted.

Steve CPA

its effectively free food. average isn't terrible

how are the tournaments on fridays and mondays?

Any movement, News or rumors of bringing back “Big Stax Poker tournaments Series “

The Poker Room management, wake up and learn something from roaring success of Borgata Winter Poker Series.

Was there a few days ago and dealer was asked this. He pretty much said nowhere in the near future.