How Much State & Federal Tax Is Withheld on Casino Winnings? If you are lucky enough to win when you go to the casino, you will not necessarily have to report the winnings on your tax returns. The table games like roulette, blackjack and craps would all fall under Class III as would the slot machines and video poker games you’d find in any Las Vegas casino. As far as it concerns slot machines, these are the RNG based games that we’ve described in the previous content in this section. $1,200 or more at a slot machine or bingo game. It only means that you do not have to fill out Form W2-G for these particular table-based games. I don’t file a 1040 cause I don’ Have enough income. I did win $2,000 on a casino slot machine but only got $1400 because they took out zillion the taxes at the time they paid. Do I have to. Do you have to report table game winnings to the irs when gambling in Las Vagas? This needs to include time, date, casino name & address, table or slot machine number, name of game, amount wagered, amount won and amount lost. Also there you can find rules and stratagys for casino games including poker, blackjack.

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Yes, they are taxable. You are on the honor system to report the income. The casinos will not report any winnings to the IRS. It isn’t just on-line casinos, ANY net gambling winnings are taxable, regardless of where or how they were won.

Whether to cash out it all out at once is your decision. Assuming you are a U.S. citizen you are obligated to declare the income on your next tax return. If you don’t you could be charged with tax evasion. However this sort of thing is largely on the honor system. You are also allowed to deduct any gambling losses in the same year against your winnings.

Zero. You can not deduct a net loss at all. However if you have some W2G forms (generally given on wins of $1200 or more in slots, video poker, and keno) then you can deduct other losses against these wins. You should keep documentation for any losses you claim. You may be thinking of deducting losses on stocks. There you can deduct up to $3000 a year, and can carry over amounts larger than that to the next year. I’m still carrying over losses from the tech crash in 2000.

W2G forms are definitely something to think about when playing video poker at the larger bet amounts. Although you are obligated to pay taxes on your net win at the end of the year regardless of how many W2G forms you have, a payout of $1200 or more will necessitate a wait and obligate you to tip the person paying you. In less classy casinos a hand pay will also cause the tip vultures to start hovering around you. To avoid all of this sometimes the player should consider deviating from optimal strategy. For example with AAA88 in 10/7 double bonus the odds marginally favor keeping the aces only. However in a $2 to $10 game hitting four aces will pay over $1200, necessitating a W2G form, while a full house will stay under the limit. Considering the tax implications keeping the full house is the better play.

To answer your question I’ll assume a four of a kind pays 25 times the bet. Then a four of kind on the deal in a $0.20 50-play game will pay $0.20 * 5 * 50 * 25 = $1250. You will get a four of a kind on the deal once every 4165 hands, on average. If you were to drop the number of hands to 47 the win for a four of a kind on the deal would be 47 * $0.20 * 5 * 25 = $1175, staying under the W2G threshold.

I believe the policy at most casinos is that for large transactions you can have the funds any way you want. Before you consider laundering money by turning cash into checks be aware that casinos ask for a Social Security number and make a record of any transaction involving $10,000 or more.

You are subject to tax for any gambling winnings. However table games players are basically on the honor system. An exception that a W2G form is generated if a win is 300 for 1 or more odds and is over $600. That is usually only an issue with progressive jackpots. Also, if there is a cash transaction of $10,000 or over the casino is obligated to fill out a CTR, which stands for Cash Transaction Report. Yet these are nothing to worry about, and I think many big bettors are overly paranoid about them.

Only single wins of $1,200 or over are subject to withholding. If you won over $1,200 in small wins you would not be subject. When you press the cash out button the machine doesn’t know your citizenship and will just print a voucher for whatever you had. Any $1,200 or over win will always lock up the machine until an employee unlocks it. On high denomination games, usually starting at $10 or $25, the casino may keep a log of all your taxable wins. On a $500 machine, I’m sure they would have somebody standing right next to the machine do the paperwork. When you are done they will give you a single W2G form for the sum, and in your case subtract the withholding from that.

The W2-G is based on the gross win, not the net win. So, yes, if the player got a $5000 push on a Red, White, & Blue, he would get a W2-G.

Cliff from Aiea

In the U.S., any gambling winnings of any kind and any amount are taxable. However, with table games, it is on the honor system to report.

I forwarded this one to Brian, who is a former gaming regulator, and currently a casino manager. Here is what he said,

The casino would not know that someone was in the country illegally. If he had a valid passport, the jackpot would be honored. The illegal may not know this, be scared or they may not have a valid ID to show. Whenever someone wins $1,200 or more, ID is required for tax purposes. If someone doesn’t have his ID, the jackpot would be held in the cage waiting for them to claim it. In most cases, the person has legitimately forgotten their ID; however, sometimes you run into a problem, such as a minor who was gaming. If he doesn’t claim it, the money has to be added back into revenue because the deduction (jackpot) was never paid or there are abandoned property rules that prevail. Also, like the U.S., most countries tax worldwide income. To that end, the U.S. has tax treaties with several countries to withhold or notify the respective governments of monies won in the U.S. so Uncle Sam always gets his cut.

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This is getting out of my area, but I'll try to help. The IRS web site says that for this purpose, the U.S. has tax treaties with the following countries: Austria, Czech Republic, Denmark, Finland, France, Germany, Hungary, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, Netherlands, Russian Federation, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Tunisia, Turkey, Ukraine, and the United Kingdom. Note that New Zealand is not on the list.

If you are a resident of one of the listed countries, and you hit a jackpot of $1,200 or more, then you should ask to fill out a form W8BEN. That should reduce, or in most cases, eliminate the withholding.

Even if you are not from one of the listed countries, or don’t fill out the form, you can still get the withholding back by filling out form 1040NR, or the simplified version the 1040NR-EZ.

My own tax accountant is Marissa Chien EA, author of Tax Help for Gamblers. She does an outstanding job, but some might consider her expensive. For a 1040NR she says she charges about $1,000. She adds this form is usually incorrectly filled out by most others. Her e-mail is .

IRS PDF’s:

• 1040NR-EZ instructions (PDF)
• 1040NR-EZ form (PDF)
• 1040NR instructions (PDF)
• 1040NR form (PDF)
• W8BEN instructions (PDF)
• W8BEN form (PDF)

Marissa is on Twitter at @taxpro4gamblers, where she occasionally answers tax questions to followers.

Title 31 is a regulation stating that the casino should make a record of cash transactions of over $10,000 by a single player in a single day. In such cases, a CTR must be filled out, which stands for Cash Transaction Report. This includes making multiple transactions, adding up to over $10,000. If you cash chips close to, but under, $10,000, the cage will likely want to make a note of it, in case you come back later that day, and go over the $10,000 daily limit.

My advice is to give them what they ask for. You have a lot more to fear by looking like you are avoiding CTRs than the CTRs themselves. In fact, I think there is nothing to fear from a legitimate CTR; the casinos generate lots of them. Personally, I have generated hundreds, to no known detriment. However, it raises lots of attention when you look like you are going out of your way to avoid them. I know one person who was rebuffed when he tried to cash in chips, because he had too many previous redemptions of just under $10,000. So, that is my two cents. Better suited to answer this is 'Brian,' a current Las Vegas casino manager, and former regulator, whom I like to turn to for procedural questions like this.

In a nutshell, Title 31 is the U.S. Department of Treasury Code designed to prevent money laundering. It requires that certain large cash transactions be reported to the Government. These are filed on FinCEN Form 103 “Currency Transaction Reports by Casinos” (FinCEN is the Financial Crimes Enforcement Network). Casinos are required to report all currency transactions in excess of $10K in a single day. The “day” doesn't follow the clock − a casino picks their day (e.g., 3 a.m. to 2:59 a.m.).

All Financial Institutions comply with Title 31. Casinos are considered financial institutions because of the types of transactions they perform, which are similar to those of a bank (e.g., check cashing, wires, loans, cash exchanges). Unlike traditional financial institutions, casinos conduct a great deal of transactions with unknown patrons. When you set up your checking account at the bank, you give them all of the necessary information needed to fill out CTRs. However, when cashing chips at the cage, the only way the casino can get this information is to ask. Casinos have to get all of the necessary information to fill out a CTR before the patron crosses the $10,000 threshold. Since the fines for non-compliance are hefty, they make a diligent effort to comply.

Casinos are apprehensive to give patrons too much information on Title 31 for fear of inadvertently breaking the law. Casinos are specifically precluded from aiding patrons in structuring transactions in such a manner as to allow them to skirt the requirements. When you ask questions, they prefer to point to a preprinted informational card and don’t like to discuss the matter for fear of divulging inappropriate information.

Circumventing Title 31 is relatively easy for undocumented transactions (e.g., chip buys, chip redemptions, etc.), but why would you want to? If the casino has reason to believe that you are purposefully conducting your transactions in an effort to avoid the reporting requirements of Title 31, they'll fill out a Suspicious Activity Report by Casinos form (aka SARC). If a casino learns that you exceeded the $10K threshold and they didn't get the required information, they will bar you from gaming until they get it. — Brian

Here is what the bill says:

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In the case of a taxpayer other than a corporation, there is hereby imposed (in addition to any other tax imposed by this subtitle) a tax equal to 5.4 percent of so much of the modified adjusted gross income of the taxpayer as exceeds $1,000,000. -- Section 59C(a) page 337 H.R. 3962 (PDF — 3270 KB) or CNN.com

The surcharge would be applied before the gambler could deduct any offsetting losses. I verified this with Marissa Chien, co-author of Tax Help for Gamblers. For high-level slot players, it is not difficult to rack up W2-G forms in the millions per year. Most of these players will still have a net loss on an annual basis. Past the million point in gross income, the player will pay a 5.4% tax on any win of $1,200 or more, even if there is a net loss for the year. This is just my opinion, but I think that isn’t fair. If we must tax gambling winnings (which they don’t in Canada), it should be on the net, not the gross winnings, on an annual basis. Should this become law, it will ruin high-level slot play in this country.
Marissa is on Twitter at @taxpro4gamblers, where she occasionally answers tax questions to followers.

According to page 12 of IRS publication 529 (PDF), the minimum a gambling log should include is:

• Date and type of wager or wagering activity.
• The name and address or location of the gambling establishment.
• Names of other persons present during the gambling activity.
• Amount won or lost.

In addition, you should keep other documentation, such as W2-G forms and losing tickets. Personally, I keep my log in Excel and always retain W2-G forms and losing sports tickets. The book Tax Help for Gamblers by Jean Scott & Marissa Chien has a whole chapter on this topic.

This question was raised and discussed in the forum of my companion site Wizard of Vegas.
Marissa is on Twitter at @taxpro4gamblers, where she occasionally answers tax questions to followers.

I’m told that said provision (section 59C) was dropped from the final bill. That is the good news. The bad news is there is a new Medicare tax on unearned income above $250,000 for a married couple, starting in 2013. It looks like this may apply to gambling winnings before itemizing any gambling losses. Please ask me about this again in about two years for a status report.

This question was raised and discussed in the forum of my companion site Wizard of Vegas.

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gambler

That is quite the difficult and controversial question. Before I answer, let me say that tax law is not my area of expertise, so you should consult a tax professional about your personal situation. Another better source than me about this is Tax Help for Gamblers by Jean Scott & Marissa Chien. Chapter three deals with this topic.

The general rule of thumb is that earnings are taxable and gifts are not. So a no-obligation comp would not be taxable. Anything that was given to you based on points, a drawing, a tournament, or earned some other way would be taxable. Granted this is not going to cover every situation, and some situations can be in a gray area. If you’re in doubt, consult a tax professional.

This question was raised and discussed in the forum of my companion site Wizard of Vegas.

First, you'll have to produce photo identification, or the casino will hold onto the money until you do. If you show identification but decline to produce or declare a valid social security or other tax identification number, then 25% to 30% will be withheld depending on whether the jackpot is more or less than $5,000, and whether you are from the United States or a foreign country with a reciprocal tax treaty.
As of 2011, such countries were Armenia, Australia, Austria, Azerbaijan, Bangladesh, Barbados, Belarus, Belgium, Bulgaria, Canada, China, Cyprus, Denmark, Egypt, Estonia, Finland, France, Georgia, Germany, Greece, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Jamaica, Japan, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Luxembourg, Mexico, Moldova, Morocco, New Zealand, Norway, Pakistan, Philippines, Poland, Portugal, Romania, Russia, Russia, Slovakia, Slovenia, South Africa, South Korea, Spain, Sri Lanka, Sweden, Switzerland, Tajikistan, Thailand, The Czech Republic, The Netherlands, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Ukraine, United Kingdom, Uzbekistan and Venezuela.
I've been trying to figure out the rules exactly, but it is giving me a headache. Please refer to IRS rules for issuing a W2G form for more information.
My thanks to Marissa Chien, co-author of Tax Help for Gamblers , and MathExtremist for their help with this question.
This question is discussed in my forum at Wizard of Vegas.

Las Vegas — the “Sin City” that can blind you with its sparkling architecture and make you fall in love with the 24/7 service of almost anything you can imagine.

One of the most popular places to visit either before your wedding or for the wedding, Las Vegas certainly is on everyone’s bucket list.

Yet the main reason that brings people from different parts of the world to this fabulous city is definitely the vast number of hotels and casinos offering entertainment games on the highest possible level.

Although they are mainly created for the wealthy part of the population, no one will forbid you to enter a casino with a little less money. However, in that case, you should probably do quick research to learn all about the best establishments for your financial status.

The information you should look for doesn’t include only the cheapest accommodation or places to eat, but also which casino is most likely to return the money you have decided to play with.

This text will mainly be based on the game of slots — one of the most popular games in casinos for both novices and regulars, so if you are interested in finding out where you can find the best slots in Vegas, you can start taking notes.

So which casino has the loosest slots in Vegas?

Before we provide you with a list of the best casinos for slots in Las Vegas, we would like to clarify a few things. A loose slot in one casino can be programmed at a payback of 99%, while the same slot in another casino will be programmed at 90% payback. The programming is not universal and almost always differs from one casino to another.

Also, do not expect that you will win every round with a loose slot. Though it might happen, it usually takes some time to get your winnings, even with the loosest slot that exists.

Now let’s get back to business. We have the NGCB reports, but they don’t examine casinos one by one. They do, however, break it with regards to geographical location. But don’t worry, we analysed it for you and organised the list of the casinos that you can follow to find your best slot game ever.

When it comes to the casino that has the loosest slots in Vegas the only evidence we could find was the table ranks of Las Vegas casinos according to the looseness of their video slot machines. Great canadian casino richmond bc canada. The returns are based on sampling only five different types of machines, although the information is dated and goes back more than two years.

The table includes seventy-one casinos in Las Vegas listed according to the loosest slots and we list some of the most renowned casinos and the RTP % of sampled slots indicated.

While you are here have a look at real money slots section if you are looking to play the same Vegas slots for real money on your phone or on your computer.

Without further ado, find the list of casinos that has the loosest slots in Vegas below:

#1 Mandalay Bay

Not only that it offers over 1,200 machines, but it also gives you the opportunity to collect points when playing your favourite slots and use them for shopping later on.

RTP%: 88.87%
Location: 3950 S Las Vegas Blvd, Las Vegas, NV 89119
Find it online:https://mandalaybay.mgmresorts.com

#2 Bellagio

This hotel and casino offers a variety of slot machines to choose from and often organizes a number of high-paying slot tournaments.

The casino provides more than 2,300 reels, video reels and video poker games, as well as progressives and jackpots.

RTP%: ??
Location: 3600 Las Vegas Blvd S, Las Vegas, NV 89109, USA
Find it online:https://bellagio.mgmresorts.com

#3 Golden Nugget Las Vegas

Features the latest slot games that are highly requested by customers, and has a vast amount of slot machines starting from just one cent.

RTP%: 90.85%
Location: 129 Fremont Street, Las Vegas, NV 89101
Find it online:https://www.goldennugget.com/las-vegas

#4 Luxor Las Vegas

You can choose among hundreds of slots with denominations starting from $0.01 up to $100. Some of the loosest slots are definitely here since they still own the traditional “reel” machines, apart from the latest video slots.

RTP%: 91.92%
Location: 3900 S. Las Vegas Blvd, Las Vegas, NV 89119
Find it online:https://luxor.mgmresorts.com

#5 El Cortez

Even though it’s not a part of the Strip squad, this fellow promises 40% looser slots and still features both ticket and coin-operated machines.

RTP%: ??
Location: 600 E Fremont St, Las Vegas, NV 89101
Find it online:https://elcortezhotelcasino.com

#6 The Venetian Las Vegas

Its location on Las Vegas Boulevard South allows players to be a part of the gambling elite. It is one of the largest hotels in the world and also one of the best on the Strip.

Here you will find more than 1,000 slot machines placed on two premier floors, and at least one of them has to be quite loose.

RTP%: 86.66%
Location: 3355 S Las Vegas Blvd, Las Vegas, NV 89109
Find it online:https://www.venetian.com

#7 MGM Grand Las Vegas

The casino possesses a great selection of progressive slots that have turned out to be lucky. Namely, some of the largest jackpots have been paid by this operator.

RTP%: 89.81%
Location: 3799 S Las Vegas Blvd, Las Vegas, NV 89109
Find it online:https://mgmgrand.mgmresorts.com

#8 Treasure Island Hotel and Casino

The casino floor is not as big as others, but this is what players sometimes need in order to be able to move from one slot to another without waiting in line for too long. They also offer a lot of different prizes including playing free slots.

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RTP%: 89.32%
Location: 3300 S Las Vegas Blvd, Las Vegas, NV 89109
Find it online:https://www.treasureisland.com

#9 Harrah’s Las Vegas

The casino that still has some old-fashioned 3-reel slots promises payouts up to 98% and great progressives on popular games.

RTP%: 89.32%
Location: 3475 S Las Vegas Blvd, Las Vegas, NV 89109
Find it online:https://www.caesars.com/harrahs-las-vegas

#10 Aria Resort and Casino

Last but not least, this casino has been awarded the Best Casino for Slots by CNN Travel. If you take that into consideration, there’s no further explanation necessary.

RTP%: ??
Location: 3730 S Las Vegas Blvd, Las Vegas, NV 89158
Find it online:https://aria.mgmresorts.com

A Few Other Casinos

• Airport in 71st place 85.02%,
• Mermaids 88.26%
• La Bayou 88.26%
• Rio 88.72%
• Mirage 89.03%
• Stardust 89.97%
• Silverton 90.57%
• Tropicana 90.71%
• Hilton 91.40%
• Boulder Station 91.55%
• Hard Rock 92.47%
• Slots a Fun 92.65%

How Do the Slots Work?

There is no surprise that all the casinos in the world usually have a lot of slots filling up every corner of the room. Players like slots since they bring a lot of excitement and are very easy to use.

They do not demand a particular skill or knowledge and have no complicated rules. Also, they require minimal investment in order to let you play, so you can keep yourself amused for a longer period of time.

In case you have wondered how slots work, the explanation is very simple. You put in the amount you want to play with, and after the machine registers it, you are good to go.

The game is pretty easy — just pull the arm or activate it with a lever or a button, depending on the machine type.

This will trigger the reels which hold different symbols to start spinning. Eventually, they will come to a halt, and you will get a combination of symbols that give a certain payout depending on how the pictures got lined up.

Now, the important thing to remember is that the house, a.k.a. the casino, always has the edge regardless of the type of game you play. It doesn’t matter if it is the good old dollar slot or a multi-reel penny machine, it is designed in a way that will always keep at least 2% of your money.

However, there is something you can do to give your winnings a little push: choose the loosest slots in the casino.

What Is the Loose Slot?

To put it simply, it is the reason why so many players decide to put their money in this machine. Every slot machine gives a different percentage of payout, meaning that some give more than others. Therefore, all players have the same goal: finding the slot machine that pays more than the rest.

That is where the term loose slot comes into the picture. It is used to describe a slot machine that pays the highest percentage and does that frequently. Another term used for such slot machines is hot slots.

Another belief is that these loose slots also have the lowest edge. In other words, if some other slots always keep 5% of your financial input, these will keep less.

Of course, these findings can make you immediately pack your bags and fly to Vegas to earn some money, but then the reason poses a question: How to find the loosest slots in Vegas?

Can Slots Be Loose After All?

You might be surprised, but the answer to this question is a big yes. Moreover, there are some tips and tricks that can help you find them in Las Vegas, and they are listed below.

First things first, there are some basic rules that can be applied in case you have never heard of loose slots before. One of them is that the more active a bank of slots is, the higher the chances are to get your money back. Usually, regular customers know which slots are the loosest, so it could be useful to first order a drink and just look around for some time.

Another saying you can often hear from the regulars is that the higher slot denomination brings higher and more frequent payouts. This basically means that a 100$ machine will, in the end, pay more than a penny-slot.

Then we have some new findings regarding the specific brands or slot games that carry the name of a famous movie. Those are said to pay quite less since the casino is also paying a fee for using the already patented product. Furthermore, the older machines are highly likely to pay more because they have already returned the money a casino invested in them.

Apart from these standard stories, there is something more convincing that can help you in your quest. Namely, all the casinos in Las Vegas have to report their revenue to the Nevada Gaming Control Board. This also includes information about the slot hold percentage. The Board then reports the statistics regarding their casino industry in which we can find our answer.

Firsthand Information

To make this guide completely real, we wanted to incorporate the response of the people who have visited Las Vegas and played slots at some of the best casinos in the world. We have checked the Trip Advisor and found some answers that support the casinos on our list.

Regarding the Mandalay Bay there are some good reviews:

My best luck on the strip over all has to be Mandalay Bay. In maybe a dozen stays, I’ve never walked away down more than a few hundred bucks, which is a win to me for 3 or 4 days of fun.

On the other hand, for somebody else, something different might work:

I think the term loosest is kinda relative. For me, I have had the best action on the strip for slots at Bellagio and Paris. I have also had some nice handpays at Aria.

Of course, some people put their trust in the casinos which are located outside the Strip, and had a good experience there:

I love this question! It is always fun to hear where people have had the most luck while in Vegas! I always stay on the strip when I’m in Vegas, but I never do any good playing there. I tend to play more downtown, or any local casino I can find. They are so much better! I love most casinos on Boulder Highway, and I love Southpoint and Silverton. But anyway…my biggest win on the strip was at Excalibur, but other than that one big win, I don’t think I’ve ever done any good there. I usually can play a while and don’t lose too bad at Harrah’s and Wynn. The worst in my opinion is Flamingo. I can’t win a dang thing there, and never have. All the others have been pretty much the same, win some, lose more….you know how it goes.

There are gamblers who believe that a person can have a dose of luck within themselves and that it has nothing to do with casinos or machines. However, from those that lose frequently, you can hear that there’s no such thing as luck and that the payouts are planned ahead.

Whichever belief you hold, only one is certain, and it is hidden in the name of casino games. They are not randomly called games of chance, and this is something you should always have in mind no matter if you find yourself in Las Vegas or any other gambling kingdom in the world.