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Report tax

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Hello, everyone, my USA friend won 50k from gambling and casino will not report to IRS because he cashed out daily. Just like you go to a cashino win and pick up the money right away. can the IRS figure out his gambling income if he deposit 30k to his bank account? Any current and former accountants or tax professionals here? Thank you.

Just keep it in cash, then he can fritter it away on wine,women,and song,

easy come,easy go.

regards Worgeordie

Not sure what you mean by he cashed out daily. If the casino has his details his income will be reported.

Most people use the players cards for perks. In Nevada if you win more than $1199 in a slot machine and can't produce a foreign passport they take 30 percent right there. A bummer.

 

He should not put the money into the bank, since he is required to report his bank account information annually to the US. It's all too possible that the Financial Crimes Enforcement Network or his bank may pass this information on to the IRS.  https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar

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