Watching Tilt last night got my thinking again about something I've been wondering for a long time. When you win a certain amount on a slot of VP machine you need to fill out the tax form on site if you win over a certain amount. Some states as little as $1200 from my experience.
How does this work with poker? Since many high states players buy in for $5000 chips and higher I would assume that they wouldn't need to fill the tax form everytime they cashin at the end of a session. I guess the same question would go for blackjack and other table games.
If there is a limit where they would have you "sign out" what would stop a player from just cashing in the chips in amounts smaller then that limit.
Thanks in advance.
How does this work with poker? Since many high states players buy in for $5000 chips and higher I would assume that they wouldn't need to fill the tax form everytime they cashin at the end of a session. I guess the same question would go for blackjack and other table games.
If there is a limit where they would have you "sign out" what would stop a player from just cashing in the chips in amounts smaller then that limit.
Thanks in advance.