cashing out?

Discussion in 'Advanced Craps' started by lucky4688, Feb 11, 2010.

  1. lucky4688, Feb 11, 2010

    lucky4688

    lucky4688 Member

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    Can anyone please confirm or deny these facts.

    It is in relation to having to fill out documentation when cashing out. I've heard all kinds of different answers and im still unsure of what the truth is. It may vary from casino to casino or state to state. But here is what i have been told.

    Any slot machine win or jackpot of $1200 or more requires tax forms to be filled out.

    Also, I was told for table games, any bet that is won that pays 300 to 1 or more requires a tax form.

    Also, any cash out of $10, 000 or more requires a CTR (cash transaction reciept) for to be filled out, but is not taxable.

    So for example, i could win 9, 000 at the table games and cash in at the cashier and still not have to fill out any forms. Because the 9,000 was won over time and is not a jackpot.

    But if i hit the six number fire, than i have to fill out tax forms on the winnings for that fire bet.

    Any help would be awesome, i've been unsure of this answer for a long time, and would like to know the truth. Thanks
     
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