Proposed IRS Tax Reporting from Gambling Winnings

[olds442jetaway]

Believe me....They will not be happy until they have it all. Somebody has to pay for the more than half of the country that pays nothing. Speaking of which, I just heard on the news that our State now wants to tax your visits to the vet and dry cleaning among lots of other things like engineering services, accounting, and on and on. Anyone who doesn't know which party is proposing this needs to go back to school. Oh, I forgot. They control the schools too.

[olds442jetaway]

  What I find laughable in this whole thing, and I don't recall anyone bringing it up, but I could win 8k on a craps table and there would be no paperwork what so ever.

     I don't how many know this. If you cash in 10k or more in chips in a gaming day, even in small separate trips to the cage, and they know it is you, they will generate a ctr ( currency transaction report ) to the IRS. This also goes for buying chips in an amount of 10k or more in any gaming day and the rule is in the aggregate. This is all part of the Bank Secrecy Act. Most of us here won't have to worry about this, due to the large amount, but just something to be aware of.

[notes1]

folks who play VP typically know some math. so, here is how it works. if you pay lots of taxes, you get one vote. if you pay no taxes, you get one vote. as a result, if the majority pays taxes, they will want less taxes...less free stuff. but, if the majority pays no taxes, they will want more free stuff, which results in more taxes, for those who pay them.  

[notes1]

     I don't how many know this. If you cash in 10k or more in chips in a gaming day, even in small separate trips to the cage, and they know it is you, they will generate a ctr ( currency transaction report ) to the IRS. This also goes for buying chips in an amount of 10k or more in any gaming day and the rule is in the aggregate. This is all part of the Bank Secrecy Act. Most of us here won't have to worry about this, due to the large amount, but just something to be aware of.
  because no tax forms are generated for wins at table games, it is a favorite tactic of those who are looking to 'money launder', dirty drug money. buy a lot of chips with drug money, play a small amount, then cash those chips in and the money has been 'cleaned'. the government knows this, so they put more regulations on the casinos, which increases the cost to the casino, which is passed on to the rest of us. of course, the criminals also know what is going on, so they just find another way to circumvent the system.

[Tedlark]

[QUOTE=Tedlark]

  What I find laughable in this whole thing, and I don't recall anyone bringing it up, but I could win 8k on a craps table and there would be no paperwork what so ever.

     I don't how many know this. If you cash in 10k or more in chips in a gaming day, even in small separate trips to the cage, and they know it is you, they will generate a ctr ( currency transaction report ) to the IRS. This also goes for buying chips in an amount of 10k or more in any gaming day and the rule is in the aggregate. This is all part of the Bank Secrecy Act. Most of us here won't have to worry about this, due to the large amount, but just something to be aware of. [/QUOTE]


I knew that olds and that's why I chose a number under 10k.

[Tedlark]

A young woman was about to finish her first year of college. Like so many others her age, she considered herself to be very liberal, and among other liberal ideals, was very much in favor of higher taxes to support more government programs, in other words redistribution of wealth. She was deeply ashamed that her father was a rather staunch conservative, a feeling she openly expressed. Based on the lectures that she had participated in, and the occasional chat with a professor, she felt that her father had for years harbored an evil, selfish desire to keep what he thought should be his. One day she was challenging her father on his opposition to higher taxes on the rich and the need for more government programs. The self-professed objectivity proclaimed by her professors had to be the truth and she indicated so to her father. He responded by asking how she was doing in school. Taken aback, she answered rather haughtily that she had a 4.0 GPA, and let him know that it was tough to maintain, insisting that she was taking a very difficult course load and was constantly studying, which left her no time to go out and party like other people she knew. She didn't even have time for a boyfriend, and didn't really have many college friends because she spent all her time studying. Her father listened and then asked, "How is your friend Audrey doing?" She replied, "Audrey is barely getting by. All she takes are easy classes, she never studies and she barely has a 2.0 GPA. She is so popular on campus; college for her is a blast. She's always invited to all the parties and lots of times she doesn't even show up for classes because she's too hung over." Her wise father asked his daughter, "Why don't you go to the Dean's office and ask him to deduct 1.0 off your GPA and give it to your friend who only has a 2.0. That way you will both have a 3.0 GPA and certainly that would be a fair and equal distribution of GPA." The daughter, visibly shocked by her father's suggestion, angrily fired back, "That's a crazy idea, how would that be fair! I've worked really hard for my grades! I've invested a lot of time, and a lot of hard work! Audrey has done next to nothing toward her degree. She played while I worked my tail off!" The father slowly smiled, winked and said gently, "Welcome to the conservative side of the fence." If you ever wondered what side of the fence you sit on, this is a great test! If a conservative doesn't like guns, he doesn't buy one.If a liberal doesn't like guns, he wants all guns outlawed. If a conservative is a vegetarian, he doesn't eat meat.If a liberal is a vegetarian, he wants all meat products banned for everyone. If a conservative is down-and-out, he thinks about how to better his situation.A liberal wonders who is going to take care of him.. If a conservative doesn't like a talk show host, he switches channels.Liberals demand that those they don't like be shut down. If a conservative is a non-believer, he doesn't go to church.A liberal non-believer wants any mention of God and Jesus silenced. If a conservative decides he needs health care, he goes about shopping for it, or may choose a job that provides it..A liberal demands that the rest of us pay for his. If a conservative reads this, he'll forward it so his friends can have a good laugh.A liberal will delete it because he's "offended." Well, I forwarded it to you.

[notes1]

ted, i have similar emails many times, perfect description of conservative vs. progressive. it is very easy to be generous, when giving away someone else's money.  it has been recently reported that MSNBC, the most liberal of channels, that touts more government freebies, has 4 tv hosts that owe back taxes. it is acceptible to demand that others pay more, but apparantly also ok to not pay what you owe, if you are on the proper side of the cause. no different than hollywood celebrities flying in their private jets, while wanting the rest of us to ride a bike. 

[Rayser]

While watching the news of Baltimore, I couldn't help but shake my head over people being upset that the schools were closed as the kids were not being able to eat. Nothing about missing an education, just the freebies.