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The 10k threshold you refer to is the minimum amount cashed in or out in a day to trigger certain reporting requirements. With slots, VP or other machine games, any individual payout of $1200 or more triggers a W-2G, an additional reporting hassle.
To add to what Moo said, if you are not a professional your gambling losses for the year cannot be deducted beyond the extent of your winnings, or, to put it more simply, gambling cannot reduce your non-gambling AGI for a tax year, nor can you count previous years' losses against future years' winnings. A major advantage of incorporating as a professional is the ability to count losses from a given year against subsequent years if you were negative for the full year. It also makes it much harder to the IRS to refuse your deductions of business expenses like hotel stays and gas.
"Wait a minute. How do you beat someone to death with their own skull? That doesn't seem physically possible." "That's what Jimmy kept screaming: 'This doesn't seem physically possible!'"
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