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Thread: Taxes when cashing out chips

  1. #1 Taxes when cashing out chips 
    RX Member dbear52's Avatar
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    Does anyone know when cashing out a large amount of chips if you have to pay taxes on it?

    I just recently won $8,000 in BJ and when I went to cash in they asked for my players card.. I said I didnt have one so they asked for my drivers License or Social Security Number so I walked away.

    I went another day cashed in 3k worth they asked me the same thing so i gave them my drivers license. I asked if I have to pay taxes end of the year and they said absolutely not.. it was just a way for them to track what goes in and out.


    Is this true?
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  2. #2  
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    I personally prefer different online casinos like https://yoyocasino.com/en/ for example. There are no such issues and you get more when you win. What are your thoughts on online gambling? I recommend you to try it out too...
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  3. #3  
    RX Member dbear52's Avatar
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    My opinion is that I really don't trust online casinos. Odds arent as good and can be rigged completely against you.
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  4. #4  
    RX Senior Bruins4Life's Avatar
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    Quote Originally Posted by dbear52 View Post
    Does anyone know when cashing out a large amount of chips if you have to pay taxes on it?

    I just recently won $8,000 in BJ and when I went to cash in they asked for my players card.. I said I didnt have one so they asked for my drivers License or Social Security Number so I walked away.

    I went another day cashed in 3k worth they asked me the same thing so i gave them my drivers license. I asked if I have to pay taxes end of the year and they said absolutely not.. it was just a way for them to track what goes in and out.


    Is this true?
    Not true. The chips are what keeps track of things going in and out.

    In Canada we only need to show ID if cashing out 10k or more. You can win 100k and cash out without any taxes.
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