tibby98

How much is the cash out limit before you have to lose 30% of it to tax??

Is this a different cash out limit for table game and slot machine and poker??

Does the cash out limit vary from state to state or casino to casino??

Something that always made me wonder. Are there ways to get around the tax by only cashing in a little bit at a time?

i8acobra

There is no limit. State income taxes are up to you to figure out since they're all different. The IRS however, requires you to pay taxes on ALL money you win at the casino. Anything you win over what you lose is income and must be claimed. Even though this is the law, the IRS has no way of knowing what you've won. unless you win over the "minimum reportable" amount. The minimum reportable amount is $1,200. When you have a win equal to or greater than $1200, you will be issued a W-2G form. This form lists your name, address and social security number. The casinos are not required to take out withholding tax on jackpots under $5,000 as long you supply your social security number. If you don’t provide your social security number the casinos will withhold 30 percent on smaller jackpots. You can deduct your losses from your winnings, but you need documentation of your losses. Things like ATM receipts from the ATM on the casino floor, receipts for markers, or even just a daily logbook.