i know the cards keep track of slot play, but how about table games such as blackjack? comps are great, but i don't want my table play forwarded to the gov't without my knowing first. are the cards worth it to play with?
2007-09-13 04:51:29 · 6 answers · asked by Ripcity-zen 2 in Travel ➔ United States ➔ Las Vegas
Player's cards are not just for whales or high rollers like the previous message indicated. Your play is tracked everytime you use the card. It is helpful for those that do gamble on a regular basis because you can get a Win/Loss Statement at the end for the year for your tax purposes. The only time anything is reported to the casino is if you win a hand-pay jackpot over $1199. At that time, you fill out the necessary tax information. I am not a high roller, but I do get more than just a free room and a free meal by using my card. Since you really don't earn much at the tables, I would not bother to use my player's card there especially if you don't want to get a win/loss statement at the end of the year.
2007-09-13 06:27:39 · answer #1 · answered by philly_romantic 6 · 1⤊ 1⤋
The player's cards are also used to keep track of table games. You give the card to the dealer when you start, and the pit boss keeps track of when you sat down, when you left, and your average bet (ok, it's a guess)
There are certain thresholds that need to be met before the IRS gets involved. They don't have the accountants to keep track of every $5 bet that everyone in Vegas plays.
Slots: Any win of $1200 or more on a single pull.
Keno: Any win of $600 or more
Tables: Generally not reported
Except for the "war on drugs" laws:
Any time $10,000 changes hands (not just in a casino, but also includes paying cash to buy a new car), the IRS must be notified.
Any time $3,000 changes hands, records must be kept.
Also, here's a rule the IRS has that not too many know about: If you declare winnings as income on the front of your 1040 (say you hit a jackpot), then you can also deduct losses on Schedule A (Itemized Deductions), but no more than what you declared on the front.
2007-09-13 09:50:09 · answer #2 · answered by Anonymous · 3⤊ 1⤋
According to a pit boss at the Palms via the Travel Channel, table games are not taxable in the state of Nevada, EXCEPT for Pai Gow Poker. ALL of the machines are taxable. Meaning, let's say you win a hundred grand at blackjack, when you cash out, you do not have to fill out the tax form. (Slot jackpots under $1200 are not taxable either, FYI)
2007-09-13 11:46:52 · answer #3 · answered by zippythejessi 7 · 1⤊ 0⤋
No, they do no longer deliver somebody to bounce you or decrease your arms off. Bugsy isn't working any casinos anymore. this is unlawful. it is likewise no longer unlawful to count extensive variety playing cards. in spite of if, no count in case you're prevailing or dropping, the on line casino has the best to place you out in case you'e counting playing cards. that's, after all, inner maximum sources. they are going to the two ask you to bypass away the table or the on line casino altogether. in addition they are going to in all threat have surveillance take a image of you and submit it in each and all of the pits, besides as share it with the different casinos interior the section, with the information which you're a card-counter.
2016-10-04 12:21:13 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Player's cards are just a way to help get "comps" to people who play. It used to be a human thing...a dealer or other employee would give you small tokes such as free meals, shows, etc.
The card now helps get the comps to those who play.
It does not get reported to the IRS. The IRS is only interested in large wins..over $1199.00, not how much you play, which is what the card does.
2007-09-13 08:24:38 · answer #5 · answered by Anonymous · 2⤊ 2⤋
Usually player cards do nothing really but force you to play at that casino, they may dish out to you a free meal once and awhile but they are not worth using unless you are practically a whale or you blow over 3 grand when you play.
Basically those cards reward you for being a loser and encourage you to play the lowest payout games in the whole casino, slots. If the card shows that you consistently win, dont be suprised if a floor manager comes up to you and tells you that we no longer want your action here.
So if you used a player card and won over 2 grand then I think the casino must report it.
2007-09-13 04:57:41 · answer #6 · answered by Anonymous · 0⤊ 5⤋