winning and taxes

[mschaching]

Haven't been lucky enough  (yet) to have this dilema BUT if you are on a winning streak and you win  that magic amount that requires you to get a W? form, should you cash out when you are getting close, pocket the ticket and continue on.  If you cash out a few winning tickets and they add up to "that amount" wouldn't you be better off cahing them seperate or having someone else cah them for you... Any thoughts, advice.  By the what is "the amount" that you would get taxed on??
 
 

[damule]

     Any "single win" of over $1200 or more will require the casino to record the win and give you a W-2G form which the recipient is then required to claim as taxable income that year. When a "hit" of $1200 or more occurs, the machine will lock up and a slot attendant will come to collect your identification and then will issue the W-2G and hand pay the winnings.
 
     Also you can have total winnings during a session(s) totaling more than $1200 and will not get a W-2G, it is only required on a single win. For instance if you're playing 50-cent, single line, 5-coin and hit a royal for $2000 you will get a W-2G. But if you are playing 25-cent, single line, 5-coin in and hit 2 royals for $1000/each you will not receive any W-2Gs.

[wilcoxfun]

I like to have to pay some taxes!  This year has been LOST LOST LOST!  I think I am going to bring my special lucky charms with me.  Of course, most of the time I eat those before I get there.

[spxChrome]

Also you can cash tickets totalling over $1200 at the cage.  I cashed $3600 in tickets one time at the cage they asked to see my players card but thats it.
 
And if say you have $900 in the machine and you hit $400 quad dueces or something some machines will pay you in a $400 ticket automatically.
 
And yes this year has been horrible.  I normally have 4 or 5 Royal by now and have not hit one yet.  All 4 casinos I visit have seen record Jackpots for the $1 progressive.  On got up to over $12K.  These machines word hit around $5.3k to $5.6k like clockwork but not in 2009.

[shadowman]

I've cashed in tickets over $3000. Not a problem. As already mentioned machines are required by every state I've played in to hand pay on single hand W2G events ($1200).

[royal flush]

the reason they would ask for id or players card when you cash a large amount on machine vouchers is to send you comp offers

[spxChrome]

I think they were checking against the machine the ticket came from to make sure I didn't print them at home or something.