I had a crazy degenerate drunk night with my friends at a big SoCal indian casino. Ran $2,000 into $42,000 playing baccarat. I'm not a big gambler in general so I was doing the biggest bets I've personally done and booked my biggest win ever. At one point early in the session I cashed out $7k since I had a sweet profit for myself and wanted to be done but I went back (lol) and that was the final session I really ran **** up.

Some older dude at the table was congratulating me as I racked up all my $500 chips and mentioned something about cashing out over $10k in chips and it being reported for taxes or something so to just do under $10k at a time and that it didn't matter if it was multiple times in a day (seems like this turned out to be untrue). First time I cashed out my $7k win they just asked for my players card or ID but the 2nd time I went back with $8k they asked for my social security # (so obviously it sounds like they do track cashouts in a 24hr period and you can't go over $10k) and I just declined and took my chips home with me.

Basically my questions are what were they gonna do with my social security #? Make me fill out a tax form and report my win or something? This place is 2 hrs from me so I don't wanna go back 5x to cash out $8k and be tempted to give money back on top of that lol. Ideally I'd want to cash out the full $42k and be done with it. I always thought table game wins don't get reported. Like do high rollers really pay the 30% tax or whatever on million+ dollar wins? I've lost close to $40k over the past 8 years of gambling so I'd really like to keep all of it of course lol.

Hope I posted in the right forum, wasn't really sure.

I could be wrong, but you will have to file those winnings for taxes, but you can then deduct any subsequent losses. So if you lose some of it at least it's a freeroll tax-wise. I'm sure there are people in this forum who can verify the accuracy of that and perhaps offer more/better advice.

Don't take our advice without consulting with your own CPA. IMO if they don't issue a 1099 or W2G you don't have to report it, but I could be wrong.

They do have to file reports to track money laundering which is what I believe they did.

If you need a CPA to consult that has a lot of experience in the gaming area check out: https://twitter.com/russcfox?lang=en

Standard. Typically pit bosses start asking me to sign forms once I start betting a few thousand per hand at the baccarat table. Not getting asked until you got to the cage is already kind of rare.

IRS will just have a record that you cashed that much. It's not proof of net winnings per see but in cases where you get audited you have to show you lost money other times to offset the winnings IRS knows for sure about.

Completely standard. For any transaction $10k plus it's for a CTR. But cashiers have discretion to make you fill it out for lesser amounts. And especially for intentional multiple transactions to try and evade the reporting which is called structuring and is illegal. So that advice that guy gave you was incorrect.

How would you show that? Take a picture of the empty rack after losing sessions?

Always amazes me in US , taxes on income is a bad thing ( very bad) but in gambling it seems perfectly acceptable ....
Taxing the factor of chances seems pretty insane when economy suppose to be based on mathematics ...

How come the right and the left let this pass ?
Shrug .

I did it by asking the casino for win/loss and showing big withdrawals from bank account. May not be helpful for OP’s situation but in high stakes pits w/l and hands per hour are tracked pretty closely.

Yeah they never asked me to sign anything as I was betting.

Thanks for the input guys. So basically if they don't issue a 1099 or w2g on the spot then I'm not paying any taxes up front but the report does get sent to the IRS and it's "up to me" to pay taxes on it and the IRS would be aware of my winnings if they audited me or something?

I read into some of this stuff a little more and started thinking maybe it's possible a SAR was filed on me since I declined to cash out once they asked for my social #? Think I may have messed up there lol.

Best bet might be to just go in there again sometime and straight up cash out maybe 20k of it, give them my social when they ask for it since it's over 10k and if they don't give me any tax forms then I'm good?

As a lawyer and a registered tax professional, I am duty bound to tell you to report all your earnings correctly to the IRS.

I don't think they'd give you any tax forms to fill out. But yeah based on you trying to follow that guy's terrible advice it's likely they filled out an SAR

I would just go and cash out straight up. Unless you're willing to drag it out and cash out in like $2-$3k increments once a week or something.

Structuring payouts to avoid the $10k level is against the law.

Thanks for all the input. Just wanted to provide an update. I cashed out 20k (about half of my win) at once the other day and it went smoothly I guess. They asked for my social again and I provided it and she said "this is not for tax reasons don't worry, it stays in house" (technically it doesn't stay in house right because 10k+ triggers a CTR so a report gets sent to the gov no? I also read casinos are encouraged/allowed to lie about the whole CTR/SAR thing by the government anyways)

But yeah and that was that. I walked out with 20k cash

if you want to get in trouble a good way to do it is make a bunch of high 4 figure cashouts on the same day

Should be here:

https://forumserver.twoplustwo.com/3...7/index18.html

how does casino know your win/loss?

At HS bac rooms they track your bankroll when you seat, quit or change the table.
When unsure they simply ask you how much money you have left.

Gotcha. But Joe Pleb at the $10 blackjack tables can't get this info