At what level do casino's report backjack winnings to to the feds?

Question

At what level do casino's report backjack winnings to to the feds?

Answer 1

Casinos must report all transactions of more than $10,000 to the IRS, just like a bank. They do not report whether you won or lost, just that the transaction occurred.

If you're winning that kind of money you really should be reporting in on your taxes, but if you just don't cash it all in at the same time (make sure you cash in your chips on different days, not just a few minutes apart) then nobody but you will know how much you really left the casino with.

Answer 2

I don't think there's any way for a casino to report blackjack winnings. Let's say you go to the cashier with 10,000 in chips. They have no way of knowing if you only started with a 100 and built it into 10,000 for a 9,900 profit or did you start with 20,000 and lose 10,000.

Answer 3

dont listen to vegas matt what he is describing about not cashing out at once to aviod reporting the transaction is also illegal. many casinos keep track of their bigger denomination chips with embedded microchips to keep track of players bets etc. so they will know if one or many are not on property.

Answer 4

If I remember correctly (this is off the top of my head at almost 4 in the morning)  gambling winnings are not subjected to withholding unless 1) the amount won is greater than $600  and 2) the odds were 300 to 1 or greater. On table games there is no way of keeping track of how much you walk away from the table with is over-all winnings. However, when you cash in your chips, due to  money laundering laws, an amount received in cash of over $10,000 is reported to the government.