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Big win payouts

Discussion in 'Casino Gaming' started by hotreds, Oct 26, 2015.

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  1. hotreds

    hotreds VIP Whale

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    Say you win several thousand dollars- does the casino give you a check? I can't imagine walking around with that much cash! Wishful thinking...... And I understand the IRS is ready and waiting to take their cut as well?
     
    Will give them a try!
  2. dvandentop

    dvandentop VIP Whale

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    There is people walking around cash all day long. You could deffinately get a check if wanted
     
  3. thecarve

    thecarve Misanthrope

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    They'll give you a check if you ask for it. They'd rather you take cash or a TITO, of course. But they will do a check too.

    Unless you aren't American, they won't withhold any taxes from your jackpot on the spot. But they will file a W-2G (gambling winnings) if you hit a jackpot worth $1200 or more. If you keep track of your other gambling losses, you can use those to offset (or partially offset) your winnings when filing your federal taxes. States have different rules, though. Most allow you to offset winnings with losses. But some don't.
     
    Number 50!
  4. hotreds

    hotreds VIP Whale

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    Thanks- I guess I hope to encounter the situation!
     
    Will give them a try!
  5. sindustry

    sindustry VIP Whale

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    You can split it up as cash and check too...

    [​IMG]
     
  6. meliphilus

    meliphilus Tourist

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    I'm from Texas and if I get a hand pay in Louisiana they withhold the Louisiana portion.
     
  7. Grid

    Grid VIP Whale

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    They do that in Wisconsin as well. Really annoying since I usually have losses to offset. In Illinois I think you can choose to withhold or not. In Vegas you have no choice. You get the money with nothing withheld (if you are a US citizen).

    I have always taken an even lump in a check since I dont trust myself. The last handpay I had was for $10,365. I took a check for $10K and $365 in cash. The check did add an extra 20 minutes of my wait time.
     
  8. hotreds

    hotreds VIP Whale

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    Good info! In Ohio and Indiana the IRS takes their cut immediately
     
    Will give them a try!
  9. Riders

    Riders High-Roller

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  10. nostresshere

    nostresshere Mr. Anti Debit Card

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    Yep, cash or check.

    Biggest I have hit is 10k. I always take cash. Walking around with $4 or $5k is no big deal. I did have them hold out $3k on the $10k hit.

    By the way, Mississippi takes out 3% automatically for the state no matter where you live. You might call that "auto-gratuity". LOL!
     
  11. BayouBengal

    BayouBengal VIP Whale

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    And I assume you file Louisiana return and get it back assuming you don't work in Louisiana?
     
  12. 5Vegas5

    5Vegas5 Tourist

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    I always request all taxes taken out on hand pays in Vegas and get checks when over $10,000 net after taxes. Only exception is McCarran which doesn't allow you to have taxes withheld.
     
  13. Joe

    Joe VIP Whale

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    Currently 14 states don't allow you deduct gambling losses. The Aholes! Without doing the research, I'm guessing the majority on them have state run lotteries and Indian gaming.

    Connecticut
    Hawaii
    Illinois
    Indiana
    Kansas
    Massachusetts
    Michigan
    Minnesota
    Mississippi
    New York
    Ohio
    Washington
    West Virginia
    Wisconsin
    And then there are 7 states with no income tax.
     
    Christmas
    My wife's birthday
  14. NYNYGirl

    NYNYGirl High-Roller

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  15. engicedave

    engicedave VIP Whale

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    My largest was over $33K in Biloxi
    I got two $10K wraps of hundys
    I got one check for 10K
    and the rest in the usual breakdown of it was in hundys and 20's
     
  16. nostresshere

    nostresshere Mr. Anti Debit Card

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    I don't understand how people have trouble with TSA.

    1 - If the cash is BURIED in your carryon, they do not have time to dig it out and steal it.
    2 - You are allowed to hold it in your hand if you want, but why bother?

    Of course, if it is sitting in an open bin waiting for someone to grab it, then it can happen.

    They do not go through a bag without you standing there.
     
  17. engicedave

    engicedave VIP Whale

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    Domestically, there is no legal limit to what you can carry. Now, if you profile as a drug dealer and you have a hundred grand on you, they might ask where it came from, but also keep in mind, your ticket says "LAS" on it somewhere, right? They know why you have money and what it's for, even if they did see it in your bag.
    But also as said, they can't open or inspect your bag outside of your presence
     
  18. Chuck2009x

    Chuck2009x VIP Whale

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    Not true, they open up checked baggage all the time.
     
  19. oghuman

    oghuman High-Roller

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    I know at Caesars Palace the minimum amount that you can get a check is for $5,000 if playing VP or slots.
     
  20. shifter

    shifter Degenerate Gambler

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    I have them wire my large six figure wins home.

    But I've also taken cash for six figures.

    You put it in a bag and nobody knows it's there.

    But there's something about a wrapped brick of cash that's sexy.

    20141122_221710.jpg
     
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