Casino big win tax ?

[thunter1224]

  I am wondering how you are taxed for a large win,  while at sea in international waters ?   

[BirdTravels]

Like land based casinos, the ship prepares a W2G for all jackpots over $1199 and reports it to the IRS. 

 

 No taxes are withheld. 

 

Also, you must report to the CBP if you are carrying more than $10K out of or into the country. If you leave the ship with more than $10K in cash, check, or other monetary instrument, you have to report it when you go through customs. 

[drvmywifecrzy]

13 minutes ago, thunter1224 said:

  I am wondering how you are taxed for a large win,  while at sea in international waters ?   

 

Also be aware all wins are taxable per the IRS, not just wins over $1199.  You will only get a W2G on slot wins over $1199 and on any table win where a single bet pays odds of at least 300 to 1.  But in theory if you put a $1 in a slot machine and push the button once and get paid $10.  That is taxable per the IRS, but not reported by the casino.

[cincicruisers]

You can request a win/loss statement from the casino for the year.  It will show your net win/losses for the year counting all money spent versus how much lost. (Only for bets made while card is inserted in slot machine.

[ColeThornton]

19 minutes ago, drvmywifecrzy said:

 

Also be aware all wins are taxable per the IRS, not just wins over $1199.  You will only get a W2G on slot wins over $1199 and on any table win where a single bet pays odds of at least 300 to 1.  But in theory if you put a $1 in a slot machine and push the button once and get paid $10.  That is taxable per the IRS, but not reported by the casino.

 

That's funny  🙂

[thunter1224]

34 minutes ago, cincicruisers said:

You can request a win/loss statement from the casino for the year.  It will show your net win/losses for the year counting all money spent versus how much lost. (Only for bets made while card is inserted in slot machine.

 

I am wondering more about if you do win a large pot ..Do you pay taxes to the country that owns the ship , or your home country ... or is there NO tax in international waters ?  

[ColeThornton]

4 minutes ago, thunter1224 said:

 

I am wondering more about if you do win a large pot ..Do you pay taxes to the country that owns the ship , or your home country ... or is there NO tax in international waters ?  

 

https://www.sapling.com/10045384/pay-taxes-money-won-cruise-ship

[thunter1224]

3 minutes ago, ColeThornton said:

 

https://www.sapling.com/10045384/pay-taxes-money-won-cruise-ship

 

Thank You ..That covers it 🙂

[thunter1224]

1 hour ago, BirdTravels said:

Like land based casinos, the ship prepares a W2G for all jackpots over $1199 and reports it to the IRS. 

 

 No taxes are withheld. 

 

Also, you must report to the CBP if you are carrying more than $10K out of or into the country. If you leave the ship with more than $10K in cash, check, or other monetary instrument, you have to report it when you go through customs. 

 

There is a way around that by depositing the money into your account at an ATM .. it may take a few days to show up in your home bank ..  Not saying you won't have taxes when you get home.. but you won't have to deal with Customs .. 

Edited August 11, 2019 by thunter1224
added last part

[Birdie And Sue]

7 hours ago, ColeThornton said:

 

That's funny  🙂

 

 

It is true.  ALL gambling winnings are fully taxable as earned income.  The 1099/W2G has nothing to do with the taxability of the win, it is merely a reporting requirement of the casino.  IN most instances you can deduct the amount of losses (up to the amount of winnings) if you itemize.

[ColeThornton]

1 minute ago, Birdie And Sue said:

 

 

It is true.  ALL gambling winnings are fully taxable as earned income.  The 1099/W2G has nothing to do with the taxability of the win, it is merely a reporting requirement of the casino.  IN most instances you can deduct the amount of losses (up to the amount of winnings) if you itemize.

 

 

Oh yea, I know you are absolutely correct.  What I was chuckling about was thinking about someone who wins say $700 and the IRS doesn't know about it.  Chances of them reporting it?    🙂

[YVRBassElectric]

Befriend a Canadian - we don't pay taxes on winnings. NCL took a record of hubby's passport and we didn't have taxes withheld. On the flip side, we do have to pay taxes on duty free purchases in the US, so it probably evens out.

[canadiancruiser23]

I won a couple of jackpots no tax.. Canadian ,but in New Orleans they have an extra tax for us..

[Sand and Seas]

4 minutes ago, canadiancruiser23 said:

I won a couple of jackpots no tax.. Canadian ,but in New Orleans they have an extra tax for us..

Yes, in New Orleans they withhold Louisiana tax of I think 6%.   You can file a nicely complicated state tax form in Louisiana to get some or all of it back.  Most probably don't bother but we have done it a couple of times.

[Chefprov]

I’m thinking I have more of a chance in seeing Bigfoot on a jet ski jumping the wake of the ship,,,,, 🤔🤔🤔🤔