Whats considered a taxable winning when playing sportsbook in Las Vegas?
All gambling winnings are considered taxable income. The casinos in Las Vegas are required to have you fill out a W-2G only for your winnings over $1,200 that you won in a single wager. This is a key point to remember. You can sit and play Blackjack all day, playing $250 a hand and get really lucky and walk away from the table with $10,000 profit and no one will come running after you with this W-2G form. The first time this happened to me (it was nowhere near $10,000 profit, I just used this amount as an example), I thought for sure it was a mistake by the casino, but then I read into the rule. The way the casino looked at it, my winnings came $250 at a time and therefore never crossed the $1,200 limit, so there was no need for me to fill out the W-2G. But, this does not mean that if you are the lucky guy or gal to walk away with $10,000 profit from the Blackjack table that you are not required pay taxes on it because you are. It is up to you to report the winning to the IRS. And as s
