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BLACKJACK AND TAXES:
Strategies to Help You Keep
More of What You Win
By Basil Nestor
Basil Nestor is author of "The Smarter Bet Guide to Craps," "The Smarter Bet Guide to Blackjack," and other comprehensive gambling guides. Got a question? Visit
SmarterBet.com and drop him a line.Congratulations! Sooner or later, you’re going to be a big winner. This isn’t just cheerful optimism; it’s a practical truth. If you play long enough, even if you lose a lot along the way, at some point you will hit an amazing streak and smack a big win. It’s mathematically inevitable.
This windfall might be a giant profit or a just a tidy sum that erases a fraction of your aggregate losses, but either way, you want to keep the money. You don’t want it siphoned off by the taxman.
Taxes? Yes, you must pay taxes on your gambling income. And if you don’t plan carefully, you may have to pay taxes even if you’re a net loser! Yikes! So don’t ignore the issue. Prepare now.
The Taxman Cometh
It’s simple. You win money; you owe Uncle Sam. You lose money; that’s your problem.
There is no low-threshold limit on taxable winnings. Theoretically, you owe tax on every profitable bet, even if your income is only one lone dollar. Of course, practically speaking, the U.S. Internal Revenue Service won’t come after you for every humble dollar. But if you’re a regular casino player, inevitably, you leave a paper trail that may detail substantial winnings even if you are a net loser. And the IRS will want a share of those paper profits.
So let’s begin with the specifics of the paper trail, and then we’ll cover tactics to help save you money on your tax bill.
By law, casinos in the United States use IRS form...
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