Atlantis casino winning?

[nikkyluvsmickey]

We are getting off the ship in nassau to gamble a little and my question is if we actually manage to wi n how does paying taxes in the bahams work?

 

[dcassetta]

We are getting off the ship in nassau to gamble a little and my question is if we actually manage to wi n how does paying taxes in the bahams work?

The Bahamas do not collect taxes on gambling from players. They tax the casino operators. You would need to ask your tax advisor on what your liability would be here in the United States. Remember, if you were to win more than $10,000, make sure and declare that coming through customs. If you were to have that much cash, and not declare, the customs officers would become very, very interested in you.

 

[MUN]

The Bahamas do not collect taxes on gambling from players. They tax the casino operators. You would need to ask your tax advisor on what your liability would be here in the United States. Remember, if you were to win more than $10,000, make sure and declare that coming through customs. If you were to have that much cash, and not declare, the customs officers would become very, very interested in you.

How would the customs officer know?

 

[dcassetta]

How would the customs officer know?

I guess they might not. But they can and do search luggage. And if you're found with more than $10,000 in undeclared cash that could turn into a very uncomfortable conversation.

 

[Trera]

Just buy a few things to get your cash just below the 10,000 cut off.

 

[nikkyluvsmickey]

Just buy a few things to get your cash just below the 10,000 cut off.

Lol..i wasnt really thinking that high more like grand

 

[T & R]

The IRS is going to tell you to report all income, regardless of where you received it ("other income" line 21 on your 1040). That being said, you can enter the U.S. with up to $10k in undeclared cash. That's $10K total for all in your travel group, not $10k each. You can't carry $6k and then your husband carry $5k, that would be over the $10k limit. If you're found with more than $10k in undeclared cash, customs can confiscate all of it. If you're just talking about $1000, then that would be under the $1200 limit that requires reporting to the IRS under the gambling winnings rules. Believe it or not, it actually depends on what game you are playing, there are different reporting limits for slot machines, poker, horse track betting, etc.

 

[FigmentSpark]

The reason for the $10K cut-off is because of money laundering and other illegal activities. For most of us, it sounds harmless to have won a little extra money, because we aren't 'bad guys'. But to the people protecting the country from bad guys, that extra bit becomes very important to declare.