Hey, quick question?
If you win over 10k in Roulette:
1. Can you walk out the door with the chips?
2. Can you donate the chips to a non profit?
3. How would the non-profit cash them in?
let me answer a question with a question, how would you win 10k on roulette in one night in the first place? :twisted:
Quote from: Chance on Aug 07, 09:55 AM 2019
Hey, quick question?
If you win over 10k in Roulette:
1. Can you walk out the door with the chips?
2. Can you donate the chips to a non profit?
3. How would the non-profit cash them in?
Seems like unnecessary steps
Unless you own the non profit and don’t want to pay taxes on the winnings >:D
Just cash the chips in. Then donate the money
Quote from: Sparks on Aug 07, 10:12 AM 2019
let me answer a question with a question, how would you win 10k on roulette in one night in the first place? :twisted:
At my local casino people win thousands on airball. Some people throw thousands at the table that’s nothing for them
It’s all relative.
Quote from: Chance on Aug 07, 09:55 AM 20191. Can you walk out the door with the chips?
Not legally in most jurisdictions.
Quote from: Chance on Aug 07, 09:55 AM 2019
2. Can you donate the chips to a non profit?
Yes if you hand them over inside the casino.
Quote from: Chance on Aug 07, 09:55 AM 20193. How would the non-profit cash them in?
At the cashier.
Quote from: RouletteGhost on Aug 07, 10:36 AM 2019Just cash the chips in. Then donate the money
I dont see why this isnt the obvious option.
Perhaps i should of said this at the beginning........if I'm going to donate i do not want the tax liability to come back to me. If i cash out the chips then i have to pay the taxes that the casino reports. If the non profit cashes the chips in for cash..........i was unclear at what point the chips were considered taxable at the point of winning or when turned into cash.
Ah ok, if the charity is tax deductible then you claim it as a deduction. Otherwise you would pay the tax. Or you could ask to be paid via cheque in the charity's name. Whether or not the casino allowed that is something you'd need to ask them. I don't see why it would matter to them provided they met the ID reporting requirements.
So if they cut a check in the charities name.... my name and tax obligation stays out of it...I'll ask the cashier, thanks. I like your slogan about how to win by the way........no other way to play.
I’d like to put vinyl siding on my house
So you can donate half to me
It’s a good cause
Ha, I'll let you know Ghost.