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Poker Games with Money
Jacket Pocket
One possibility is to take the cash immediately to the casino cage. Some casinos have safe deposit boxes; with others you can just deposit it as in a bank and get a receipt to draw on it later. A security guard will escort you if you ask. If you're staying in the hotel, you can also take your cash to the registration desk and ask them to put it in the safe. In this case, put the Poker money in an envelope, seal the envelope, and sign your name on it. That way, anyone watching when you pick it up just sees an envelope instead of a stack of cash.
If you don't want to leave the money in the casino, ask a security guard to escort you to your car or to a taxi. Some security guards may not be allowed to accept tips, but it wouldn't hurt to offer if you're so inclined.
As it should be anytime you're in or near a crowd of people, never carry a large amount of cash in your wallet in a back trouser pocket, a jacket pocket (even an inside jacket pocket), or a purse. Those are the easiest targets for pickpockets. Most high-stakes players carry their bankroll in a front trouser pocket, rolled up with a rubber band. It's also a good idea to keep your wallet in a front trouser pocket. Ladies should not carry a handbag without a shoulder strap. Even if your wallet or purse holds little cash, you don't want the inconvenience of losing your identification and credit cards. And never, never put your purse down between machines. Not only is there a chance you might forget it, but also, you're giving someone on the other side of the machine a golden opportunity to reach across and snatch it away.
This is not to imply that there are more pickpockets and thieves in Las Vegas or Atlantic City or UK Poker than in other cities. However, there are more people carrying around large amounts of cash, and more crowds with people bumping into one another, making any gambling center a good shopping ground for such people. Why take unnecessary chances?
IRS Reports and Tax Records
The casino is required by IRS regulations to file a form W-2G report whenever they pay a slot jackpot of $1,200 or more. This, of course, requires identification, your social security number and your signature in order to collect the payoff. This obviously is the reason for the jackpots on no progressives being increased to 4,700 coins ($1,175 on a 25ยข machine). There are even some machines with jackpots up to 4,796 coins ($1,199), coming even closer to the $1,200 threshold.
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| Learn Every Hand
This hand with Glenna illustrates that we can learn something from every hand we play. When we stay alert, when we watch patterns and habits, we can indeed learn something every hand. Some good players keep a written log or journal of what regular and/or dominant players do in certain situations. That way they can refresh themselves about how a certain person plays. They can also note when one of them, like Glenna, makes a change and does something different.
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On very large jackpots, or if you are not a U.S. citizen, the casino may be required to withhold part of the money for income tax. Of course you are required by law to report all gambling wins on your tax return. However, as of this writing, if you itemize you can deduct documented gambling losses (up to the amount of gambling wins), so you should keep an accurate log of all gains and losses.
With such a log, you may be able to document losses equal to the gains.
We have been told that the log should document each playing session with the following information:
Date and time,
Casino name and location,
The name(s) of anyone with you,
The game type, machine number and denomination,
The amount of win or loss.
Supporting documentation, such as appropriately dated airline tickets, hotel bills, cancelled checks, ATM receipts, restaurant receipts and casino records can also be helpful in case of an audit.
This should not be construed as tax advice. We are not in the business of giving legal advice, nor are we licensed to do so. Besides, tax laws and/or IRS regulations may change between the time this is published and the time you read it. The best policy is to consult an accountant or tax attorney for information on your tax liability and how best to keep records to document your wins and losses.
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