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Paperwork the casino gives you when you win

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  1. #1

    Default Paperwork the casino gives you when you win

    Let's say I sit down to play with $2,000 and win another $10,000. (I've never been to a casino...but, still.) When I go to cash out, I'll have to fill out a currency transaction report, because it's at least $10,000 in cash, and I'll need a W-2G for my tax return. I don't want to pay taxes on the $2,000 with which I came into the casino, because it's after-tax money and shouldn't be included on the W-2G. And I don't want the Treasury Dept. to think I obtained $12,000 in cash when $2,000 of it was mine to begin with.

    Is it possible to keep that that $2,000 off the forms? Do I get a receipt from the cage when I first buy chips so I can prove the original $2,000 was mine? How does it work?
  2. #2
    IANAL, i'm also not that smart. i've also never walked away from a cash table with over $10,000. however, i don't think casinos require forms at the cage for cash or pit play. in other words, if you buy-in for $5,000 and cash out $50,000 they won't require you to sign anything or send you a w2g at year end. they just pay you out. pit and cash play are on you to report yourself.

    i believe the forms and stuff are only used when a player wins something like $1200+ as a cash prize in one lump sum. so that would be a tournament cash, high hand jackpot, hitting a jackpot on slots, etc.

    again, i could be wrong and some casinos may be different but that's how i think it works anyway.

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