Do I have to pay tax on profits made from BlackJack?

[FrustratedUser]

I've heard that is the case.
There must be a way to cancel the profit agains the loss.
How do the IRS know I won anyway?

 

[Scarpozzi]

It really depends on whether or not the IRS catches you at the casino. They pretty keep eyes open around casinos and if you have a big win, they pay you a visit from what I've been told.

 

[ReiAyanami]

Do I have to pay tax on profits made from BlackJack?

u bet

of course if u lose money u cant right it off.
there is know way for them to deteremine how much u made unless u plunked a ton of money into ur bank acct shortly after ur trip to vegas, otherwise it is not determinable

 

[Aceshigh]

You are supposed to report it, and pay taxes on your winnings.

If you are going to a land based casino and you cash out, generally if you cash out over $2000 at once, they will have you fill out an IRS form and taxes are withheld by the casino from your cash out.

Of course, you could cash out in amounts smaller than $2000, or go to different cashier cages to cash out. Of course legally you are still supposed to report your profits on your own in that case.

 

[ReiAyanami]

if u pull that big handle for the $1 Million Dollar slot machine and win, half of it goes to your uncle sam.

 

[compuwiz1]

Do I have to pay tax on profits made from BlackJack?

You might, rabbit, you might......

If you can prove an ofsetting loss, then you might not. Did you lose an amount equal to what you won, anytime during the same calander year? If so, then no tax. If not, then you owe tax, dude!

 

[ElFenix]

this is like asking if you have to pay taxes on your all-cash business.

 

[FrustratedUser]

I haven't played anything yet. This was something that came up during dinner.

Let's say I win $200 and cash it. Do I have to fill out forms and give my name to the Casino? I friend of mine said I have to.
As mentioned earlier in this thread If could match the losses with the profit during the year wouldn't that mean i should get a receipt when I buy chips at the casino?

 

[Aceshigh]

If you win $200 and cash it in at the cashier. You will not be asked to identify yourself or fill out any forms.

Only for cash outs in excess of $2000.

 

[GroundZero]

you are supposed to report any earnings and pay the taxes.
no luck on cancelling the losses against the proffits...
you spent your money to play. not a loss in the irs's eyes, but anything you win is an earning and is supposed to be reported.

 

[katka]

Only for cash outs in excess of $2000. And you can claim losses, but only as much as you win.