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Originally Posted by skippy3481
Phil, where are you gambling at a casino where they take take out taxes on any hit over $1199. The way to get around paying the federal taxes is to just show losses up to your winnings. Recycled money is a wonderful thing.
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Casinos don't take taxes out. They present you with a W2G if you win more than $2,000, and a IRS Form 8300 if you move more than $10,000 at one time.
It isn't as simple as you state if you have a significant number of IRS transactions- the income/writeoff raises an audit red flag, and on top of that the writeoff isn't a straight one for one as your AGI goes up with each additional reporting; therefore you move into a new tax bracket even if you write off the entire amount. It's all a crock of f*cking bullshit which they implemented back in the '50's or so to defense against money laundering at the track.