Aria Sky Suite 1/3 - 1/5

Went to Aria with 2 friends last Friday. My friend is a big roller. Got picked up in a limo and stayed in the 2 bedroom Sky Suite.

Day 1

We got there, ate and checked in. We went to Club Haze and got 6 bottles for $6k. Partied it up and don't remember too much. Brought some girls to the hotel. The club was not that great.

Day 2

It was time to gamble. Ate a burger and that's it. Played baccarat in the high stakes room. Won $11k total.

Rating
Avg. bet: $372
Hours played: 7 (more like 10-12 hours, but 1 shoe = 1 hour).
Theoretical: $2k
TC earned: ~66k
EC earned: ~$93

Friend 2
I think he won $1-2k

Friend 3 (the boss)
He lost over $20k in craps. He almost hit ~$50k 3 times with the bonus bet of $1100

My friend payed for the room. I was wondering if I could use my comps to help pay for the room. 40% is about $800 in comps. We didn't eat much so we did not charge anything to the room.

Another question, I cashed $15k in chips, $4k was my buy in. They took my social security when I cashed out. I thought you don't pay taxes on winnings from table games. Is this true?

 

You pay taxes on all winning. They just don't automatically withhold like they do on some slot jackpots. You are supposed to self report

 

Ouch. Pay taxes on the winnings from your losses

How much are taxes?

 

Ssn is required for any transaction over $10k due to federal law.

 

You can itemize the losses on your tax return to offset the winnings. Just make sure you have the losses documented well. They are taxed at the same federal and state tax level you qualify for based on income. The winnings are considered income though, so they could bump you in to the next bracket if you're close.

 

What documents are needed? Is it the documents the casino sends you at the end of the year?

 

It is ordinary income. So whatever your tax rate is, that's what you pay on your winnings

 

https://www.vegasmessageboard.com/forums/showthread.php?t=88393

 

I don't think it is reported like a w2g. I think they just have to document the over $10k transaction. Someone correct me if I am wrong.

 

This is what I've heard too. That's it just a formality anything over 10k to require SS. For money laundering purposes.

 

In this case the SSN requirement is not specifically for IRS and more for suspicious activity report and is federally required. The information does not go directly to the IRS, but that does not mean they won't ultimately see it.

As others have said, all gambling winnings are legally required to be reported on your taxes. That includes table games and even slot machine winnings below the $1200 trigger. You'll want to discuss with an accountant and they can be more specific for your state.

 

Thanks for the help. Has anyone never filed your winnings even though it is illegal?

I lost about 6k in 2012-2013 and about 5k in 2013-2014. Can I claim these losses even though I won in 2014-2015?

 

I'm gonna go out on a limb here and say that happens most of the time.

 

Losses have to be documented in the year that you use them against the winnings.

Short answer, no.

See this previously mentioned thread for a good description on casinos and taxes.

 

Should have charged Haze to your room. Likely at least some of the bill would have been comped.

 

I was trying to tell me friend, but he doesn't like to charge stuff to the room. Not sure why. I think he just doesn't understand even though I explained it 10 times.

 

I had a W2G in 1996(?) for a straight flush on Let it Ride for $5000, and didn't put that in my original tax return that year. At that time I was still a college student with a low paying job, filed the EZ form over the phone. A couple of years later I got a notice from the IRS with the simple offer to pay taxes on $2000 of the original amount, and I promptly paid it off in that years return. By then I was using my degree, and income was significantly higher, so at the end of the day I likely paid a similar amount in tax for their reduced offer.

 

I got a little chuckle out of this. I think the better question would actually be the opposite of that.

Others have stated it as well. They took your SSN for a CTR(Cash transation report). These are filed at 10k+. They have nothing to do with taxes and are in place to track illegal activity dealing with cash.



This is one of those taxes where it just feels like the government wants it both ways. If I make money, I have to pay a tax, but if I lose money, I don't get to pay less. I can gamble money on the stock market and deduct losses.

I don't think I've ever had a net positive year, so I've never had to make the choice.

 

Very hard to understand why--someone like this absolutely needs to charge EVERYTHING to the room.