Quote:
Originally Posted by eDave
How much cash. At some point, the casino reports those winnings and will have to be listed as additional income. I don't believe the casino taxes the money but they report it, I assume. I've never worried about it but I've never won what I would consider large sums.
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Yeah, casino winnings aren't subject to withholding/deduction, generally, but you're supposed to report winnings. I don't know at what point the casino's themselves file a 1099 or whatever with the IRS.
However, you can offset winnings by losses within the same year, though obviously it would be best if you had some records around this to show the losses. You can't take more in losses than you had in winnings, AND your losses can only be taken if you itemize deductions I believe, so if you're taking the standard deduction, oh well.
As always, the advice on here is worth precisely what you paid for it.
