Casino Winnings?

[joandian]

I won about $7000 on the slots and Black Jack over the 2 weeks we cruised on Celebrity a few years ago. The biggest win was $1500 and I didn't receive any forms nor did I declare it to the IRS.

[Ambiverol]

According to US Tax Code it doesn't matter if you win $1 on a scratch ticket or $1M on a lotto ticket,,,, YOU are required (by law) to claim this as "Earned Income" on your annual tax return form (1040A).

This includes winning $0.50 on a slot machine on a cruise ship in the middle of the Caribbean. (you can offset these winning by writing off any and all gambling losses up to the amount of posted winnings)

 

For example. Let's say you had a reported winning (W2G or 1099G) for $2000. Now, you gather your Win/Loss Statements from all places where you played for that year and you can show $2500 in losses. You will report that loss also. Now, there will be no taxable winnings since you were able to offset these winnings with documented losses.

 

Now, what each of us do in reality is a different story.

 

As a side note regarding gambling.

A SLOT Machine jackpot of over $1199 will be reported as winnings to the IRS and to the winner by providing a W2G or a 1099G.

A non jackpot payout, but where the casino operator has to come pay out in cash can also be reported.

The above is true and accurate from personal experience from both a land based Vegas casino and from my experience on a couple of different incidences aboard a couple of different Carnival cruise ships.

 

I agree with most of this. You put it well. I'll add:

 

Since this is a Royal Carib. thread:

-Royal does not issue W2-G's or any other tax form for gambling (land based casinos and some other cruise lines do after meeting the criteria described by the post above). This technically has no effect on your obligation to report the winnings, but the IRS will not have a heads up about it.

-Royal will not do anything special with cash transactions over 10K

-Royal does not issue checks. If you win 100K, they give you 100K cash.

 

It is up to the individual to do the "right thing" and:

-Report any cash over 10K to US Customs on arrival

-Report any wins to IRS on annual taxes (offset by losses)

 

The IRS is satisfied with a gambling diary/ledger. Win-loss statements can be used as supporting documents, but, surprisingly, a simple notepad with handwritten notes is adequate. It can also be supported by losing tickets, atm/cash advance receipts, bank statements, etc.

 

On a cruise ship, by design, it is difficult to win an obscene amount of money on slots. They just don't offer massive jackpots. Royal does however have decent blackjack rules. So, someone who is used to playing large stakes on land can easily win (or lose!) large amounts at sea.

[nelblu]

Just interested in knowing the most you've ever won on board? How much you were taxed? What were you playing? [emoji383] [emoji456] [emoji568]

 

No taxes collected and no 1099misc. issued. Your conscience and patriotic duty if you want to report any sizeable winnings.

[Ladysilver]

I won $90 one night and $75 the next day on a nickle slot machine on the Navigator. Since the only time I get a chance to play is on a cruise ship, I was as happy as a bug in a rug! :D

[ocav]

-Royal does not issue checks. If you win 100K, they give you 100K cash.

 

 

What about when they don't have $100,000 onboard? Surely they have to find some way to get that money to the pax?

[Ambiverol]

What about when they don't have $100,000 onboard? Surely they have to find some way to get that money to the pax?

 

They have it.

[nelblu]

What about when they don't have $100,000 onboard? Surely they have to find some way to get that money to the pax?

 

You get lots of chips. LOL

[kmjjdj99]

I won $9000 on a $5 slot with no taxes collected.

 

Sent from my XT907 using Forums mobile app

[canuckcruiselover]

 

U.S. players do not have any taxes withheld on winnings by the casino. But foreign visitors may, although they do eventually get it back.

 

.

 

No-one receives a W-2G form from Royal Caribbean wins.

[Cruzin-K]

I won a key chain once :D

[nelblu]

Won $600. one night and $300 the next night on Carnival. No taxes. If you play at casinos in Ohio there is no such thing as counting your loses when you win $1,200. Governor stopped that as soon as he was in office.

 

That may be at your state level, but not on the Fed.

[leisuretraveler223]

No-one receives a W-2G form from Royal Caribbean wins.

 

Read the entire post. That was with regards to land based. U.S. casinos.

[lenquixote66]

Just interested in knowing the most you've ever won on board? How much you were taxed? What were you playing? [emoji383] [emoji456] [emoji568]

 

 

In 20 years of cruising I have yet to lose on a cruise .I spend considerable time in casinos and 99% of the time I play slots. The most I ever won on a cruise was about $400.00.

[Daghis]

No-one receives a W-2G form from Royal Caribbean wins.

 

Read the entire post. That was with regards to land based. U.S. casinos.

 

Some cruise ship casinos do issue W-2Gs, though. Royal Caribbean doesn't, but Norwegian does.

[ksuds]

I worked with a lady about 10-15 years ago that won the second largest jackpot ever on a cruise ship. It was the Carnival Glory and the amount was somewhere around 314,000. It made the Florida news before the ship ever got back to port. I'm sure you can still google it and read the article. It's a good story about how she quit her job to go on a cruise and then won.

 

Of course we couldn't wait to hear from her. She said that in large jackpots, the cruise line will not pay you out in full. Don't know what the cut off is in order to receive a lump sum payment. But they would only pay her around 40,000 per year until paid off. Of course, the taxes were all handled during that transition period.

[nelblu]

According to US Tax Code it doesn't matter if you win $1 on a scratch ticket or $1M on a lotto ticket,,,, YOU are required (by law) to claim this as "Earned Income" on your annual tax return form (1040A).

This includes winning $0.50 on a slot machine on a cruise ship in the middle of the Caribbean. (you can offset these winning by writing off any and all gambling losses up to the amount of posted winnings)

 

For example. Let's say you had a reported winning (W2G or 1099G) for $2000. Now, you gather your Win/Loss Statements from all places where you played for that year and you can show $2500 in losses. You will report that loss also. Now, there will be no taxable winnings since you were able to offset these winnings with documented losses.

 

Now, what each of us do in reality is a different story.

 

As a side note regarding gambling.

 

A SLOT Machine jackpot of over $1199 will be reported as winnings to the IRS and to the winner by providing a W2G or a 1099G.

A non jackpot payout, but where the casino operator has to come pay out in cash can also be reported.

The above is true and accurate from personal experience from both a land based Vegas casino and from my experience on a couple of different incidences aboard a couple of different Carnival cruise ships.

 

The $1,200 applies to slots, but not to table games. Any winnings on table games is voluntary.

[sdear]

I walked up to a video poker machine on Radiance, put 2 twenty dollar bills in it. On the second spin I hit a royal flush for 4000.00. They gave me the cash and no forms to fill out.

 

Took it to the cabin and showed my husband, and he locked it in the safe and changed the combination on me ! :eek::D