Jul 22, 2009 Live Poker Casino & Cardroom Poker Venues & Communities Tournament Events Home Poker Cash Strategy Tournament Strategy. The IRS requires a W2G form to be filled out on all jackpots of $1,200 or more, so the casino will ask you for two forms of identification, usually a driver's license and social security card. Taxes regarding cash game. Edit: I cash out big chunk in small chunks and get the money out the states without paying tax would me so much more +ev anyway and i assume most of the people would do it for cash games. So it makes basically pointless playing tournaments if i get raked another 30%. My father is a poker player and only plays cash games, that is poker games where you only play with you own money (vs tournament where you pay a fixed fee and can win up to millions). We currently live outside of the US.
Apr 16, 2017 The card-playing world is rife with overnight millionaires — young savants who win it big on the poker felt or grind away at cash games earning a nice living. “I play poker and in some. The best poker action in a casino is going on in the poker room, either in tournament play or cash games. You will be playing against other players, so you will need to hone your skills in reading their tells, knowing how to bet, and performing the perfect bluff. Live poker is a game of skill rather than gambling.
darkoz
I read in another thread that the IRS considers gambling items that are GIFTS or WON to be taxable, ex you win a brand new car
However gambling items that are used as an INCENTIVE are not, e.g. free hotel rooms to entice you into the casino. So what about free-play? This clearly falls under incentive however, once its played it turns into cash. But that cash is a direct result of the free-play. Lets say you get a thousand dollars in free play and after taking one thousand spins at a dollar a spin you have eight hundred dollars left in the machine and you cash out. Do you have eight hundred taxable dollars or eight hundred dollars that as a result of the incentive are not taxable. To say they are taxable is to then claim the incentive is taxable since the free-play is directly tied into the cashable money. To put it another way, the free-play has no cash value but turns into cash value as a direct result of its use. Lets consider free hotel rooms. They DO have a cash value but are not taxable and they DONT necessarily turn into money won (you could stay all day in your room and not play or go to another casino) so they are not directly tied into winnings. But free-play is. And you would have to end the 'Value' of the free-play with the last free-play spin. You couldn't argue the free-play left over has to be grinded down to nothing because that would be playing with your own money now and not the value of the free-play. Anyone have any sure knowledge of this because I get a lot of free-play and I cash out when I am finished (without w2-G) and wasn't sure if I should be reporting free-play results. Thanks
AxiomOfChoice
I'm not a tax attorney, but I would say that the freeplay itself is not taxable but the money that you turn the freeplay into is taxable.
So if you have $100 in freeplay and you play it off at a slot machine and lose it all, there is no taxable income. But if you turn the $100 freeplay into $200 real money, you have $200 of gambling winnings to report. (Note that, in comparison, if you put $100 of real money into the slot machine and cashed out $200, you would only have $100 of gambling winnings to report). Since the freeplay is non-transferable, there is a good legal argument for this. However, interpreting any law is a grey area so until a court has come out and ruled one way or the other, there is no 'right' answer.
DJTeddyBear
I agree with Axiom. But I'm not a tax attorney either. Nor am I an accountant..
Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? ? Note that the same could be said for Religion. I.E. Religion is nothing more than organized superstition. ?
gpac1377
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'Scientists tell us that the fastest animal on earth, with a top speed of 120 feet per second, is a cow that has been dropped out of a helicopter.'
chrisr
i agree with AoC.
i would imagine you can find out what the casino reported to the IRS regarding you if you ask.
BleedingChipsSlowly
Wouldn't a casino win/loss statement be considered an expert source concerning what you should claim as gambling income, especially in the case of slot-related revenue? I'm no expert either, just sayin'.
“You don’t bring a bone saw to a negotiation.” - Robert Jordan, former U.S. ambassador to Saudi Arabia
AcesAndEights
Wouldn't a casino win/loss statement be considered an expert source concerning what you should claim as gambling income, especially in the case of slot-related revenue? I'm no expert either, just sayin'. Citizens concerned about casino gambling machine.
Free Casino Poker Games![]() For machine play, the win/loss report should be pretty accurate (as opposed to table games where it can be wildly inaccurate). But that's still assuming you played with your card all the time.
'So drink gamble eat f***, because one day you will be dust.' -ontariodealer
RS
Wouldn't a casino win/loss statement be considered an expert source concerning what you should claim as gambling income, especially in the case of slot-related revenue? I'm no expert either, just sayin'.
When you view your win/loss statement, it'll say something along the lines that the statement is an estimate of your win/loss and should not be used for tax purposes.
01000101 01110000 01110011 01110100 01100101 01101001 01101110 00100000 01100100 01101001 01100100 01101110 00100111 01110100 00100000 01101011 01101001 01101100 01101100 00100000 01101000 01101001 01101101 01110011 01100101 01101100 01100110 00101110
BleedingChipsSlowly
Wouldn't a casino win/loss statement be considered an expert source concerning what you should claim as gambling income, especially in the case of slot-related revenue? I'm no expert either, just sayin'.
I did not mean to imply a casino win/loss statement should be the sole basis for reporting gambling income, but I can see how that would be inferred from my statement. What I meant so suggest was, given you have your own records, you could use the casino win/loss statement to determine whether or not the casino considers free-slot-play as taxable. Perhaps the casino shouldn't be considered experts in the matter?
“You don’t bring a bone saw to a negotiation.” - Robert Jordan, former U.S. ambassador to Saudi Arabia
gpac1377
What I meant so suggest was, given you have your own records, you could use the casino win/loss statement to determine whether or not the casino considers free-slot-play as taxable. Perhaps the casino shouldn't be considered experts in the matter?
I think I understand what you're saying. The casino win/loss statement could potentially be used against you, so it's probably something to be aware of. But of course the casinos are not tax experts. For example, they've been known to advertise $1,199 slot jackpots as 'tax-free.'
'Scientists tell us that the fastest animal on earth, with a top speed of 120 feet per second, is a cow that has been dropped out of a helicopter.'
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