casinos who tax winnings on blackjack

[Dog Hand]

<snip>day 1...net loss 1000
day 2...net win 1000
Tax payable when I cash in after 2 days is nil, because 2-day play was level, but if I cash in after each day's play then I will have to pay tax on the 2nd day's play because I have won 1000.<snip>

2Bornot2B,

That's you answer in a nutshell: never cash out until you're ready to leave for a long enough time that you'll lose "credit" for all your buy ins. Does the casino keep track of your buy ins for a year, a month, a week, or only on consecutive days? Once you know this, you'll know how long your "session" should be.

As your example shows, cashing out "early" leads to increased tax liability.

Hope this helps!

Dog Hand

[G Man]

This is weird....
Can you tell us which country (casino) is so good on tracking player's bet that they are always "spot on" on your wins and losses ?
Casinos are FULL of looser, give one half the price of the taxes so he can cash out your chips and still remain with no taxable profit.

[2Bornot2B]

This is weird....
Can you tell us which country (casino) is so good on tracking player's bet that they are always "spot on" on your wins and losses ?
Casinos are FULL of looser, give one half the price of the taxes so he can cash out your chips and still remain with no taxable profit.

Belarus casinos are a case in point, taxing winnings at 4%...but there are other casinos around the world who also tax, but at varying rates.
I don't understand your second sentence,"Casinos are FULL of looser...." Could you please clarify?

[2Bornot2B]

2Bornot2B,

That's you answer in a nutshell: never cash out until you're ready to leave for a long enough time that you'll lose "credit" for all your buy ins. Does the casino keep track of your buy ins for a year, a month, a week, or only on consecutive days? Once you know this, you'll know how long your "session" should be.

As your example shows, cashing out "early" leads to increased tax liability.

Hope this helps!

Dog Hand

The casino tracks winnings on all of my play so they know on any given day what is my accumulated win. My plan is to hold the chips and play with the chips...not cash...every day until I leave (as did the Czech team). But I need to know the optimum length of time (or bets) to hold the chips before cashing in. Would it be if and only if I have achieved total win expectation for that number of bets?

In one particular casino the tax is 4% of winnings on any winning session (day), but I know of other casinos levying taxes at 1-5%.

[Gronbog]

My plan is to hold the chips and play with the chips...not cash...every day until I leave (as did the Czech team). But I need to know the optimum length of time (or bets) to hold the chips before cashing in

Here is my logic. I'm interested in what others think about this. What you want to avoid is cashing in a loss after cashing in a win. You will end up taxed on money you actually lost or taxed twice on that money if you later make a comeback.

Therefore the optimal time to cash is at the end of your trip which would eliminate that possibility. You will be taxed once and only on the amount you actually won.

The next best interval is after you reach each new high point. This eliminates the possibility of being taxed twice and will limit the possibility of being taxed on money lost to the amount lost after your final high point. Note that your initial high point is zero. If you hit a new high for a significant amount close to the end of your trip, you might want to consider ending your play. The last thing you want with this strategy is to end up significantly down from your final high point.

[2Bornot2B]

Here is my logic. I'm interested in what others think about this. What you want to avoid is cashing in a loss after cashing in a win. You will end up taxed on money you actually lost or taxed twice on that money if you later make a comeback.

Therefore the optimal time to cash is at the end of your trip which would eliminate that possibility. You will be taxed once and only on the amount you actually won.

The next best interval is after you reach each new high point. This eliminates the possibility of being taxed twice and will limit the possibility of being taxed on money lost to the amount lost after your final high point. Note that your initial high point is zero. If you hit a new high for a significant amount close to the end of your trip, you might want to consider ending your play. The last thing you want with this strategy is to end up significantly down from your final high point.

Yes, I can see your reasoning...but essentially I am looking for the optimum times to cash in...is it after winning the equivalent of 10 max bets...or 20 max bets...or what?? I really think I need to find someone to sim it and maybe plot a graph...I can't see how I can calculate it using straight maths.

But thanks to all of you for engaging in my dilemma...