Vegas Gambling Question???

[TLove]

At what point does the casino take the government portion out of your winnings on a Sports Wager...

Say you place an $1100 bet to win $1000. Does the book take the federal taxes out of the winnings when they pay you. Or do they have you sign something that says you won over a certain amount of money?

A couple of people have asked me that question????
I thought it was anything over $600 and you had to fill out a form so they could send you a 1099G......

 

[fletcher]

far from that keep winnings under 10,000 at a time.

nothing gets filled in on 1000-2000$ bets they have a board and write down man dark hair 5'10 250 bet 2000 thats it. and you can bet the world with out filling out anything its when you collect. then you find some sap have 3 guys with you tell him you pay him 500 to cash a big ticket they will jump in a heart beat he gives the info dl ss number picks the cash signs his name and he mad e 500 fast and you have 9500 and the guy won't be at that address in a month anyway and he won't rip you off because you have him covered and that 500 is 50,000 to him anyway happens all the time.vp and slots are 1200 then you get the fourm but thats ok you keep all your casino cash atm tickets that you take money out with and you write that off against winnings in vp and slots because you will never be in the black over all if you track your money i write off losing tickets against winners to what i claim a way around it all.

 

[ferdville]

Some casinos will even give you a book to keep track of wins/ losses. So, if you go to the cage and buy $2,000 in chips, they'll validate it. As fletcher said, there are so many ways to document money going in without actually losing it. This information is about 2 years old, so things might have changed.