https://www.lasvegasadvisor.com/frugal-vegas/gambling-taxes/ A Las Vegas Advisor Blog from the "Queen of Comps" Sat, 25 Apr 2020 20:14:31 +0000 hourly 1 https://wordpress.org/?v=4.7.4 https://www.lasvegasadvisor.com/frugal-vegas/gambling-taxes/comment-page-1/#comment-71475 Mon, 16 Apr 2018 19:18:39 +0000 https://www.lasvegasadvisor.com/frugal-vegas/?p=34292#comment-71475 Insofar as W2-Gs are concerned, the day has not yet arrived when the IRS will require that every casino generate win-loss statements for every player and send them to the IRS, in the way that 1099s are generated for other miscellaneous income. Therefore, your non-W2-G gambling income is essentially invisible. While I don’t doubt that there are some stalwart souls who nonetheless report and pay taxes on such income, most don’t. And while I don’t think we’ll ever see any “gambling tax guide” recommend that you keep your gambling income under the radar by never getting a W2-G, it is a good way to not get taxed–and given the grossly unfair way gambling income is taxed, I personally have no moral compunctions keeping it invisible (and not reporting it) for those years wherein I show a profit.

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