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Originally Posted by SundaySilence
If I walk up to a blackjack table with $500 and cash out for $1500, do you sign any forms? Is anything reported? Hell no, you're suppose to report the income, but there isn't anyone handing you a form W2-G when you walk away. Could you imagine how empty the BJ tables would be? John McCain a notorious high rolling craps player who is reported to play once a month claimed exactly $0 in gambling winnings on his last 2 disclosed 1040's. No adjustments to AGI and no itemized deduction for gambling losses.
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I've had many four digit wins in a single day at blackjack in Nevada, but never a five digit.
I may be mistaken, but somehow I thought that if cashing in a large enough amount of chips at the window at one time there was some tax transaction of note that would take place.
Not a "holier than thou" thing, but I always declare my annual gambling winnings......and the offsetting losses. Candidly, most of the time I declare "a wash" for year end by my estimates and keep enough supporting detail around to have a reasonable defense if audited.
If playing at a casino on a regular basis with monitored play for comps, I'd highly recommend making an effort to acknowledge in some way on tax filings.