I Won $1000 at the Casino!

Well, it’s more like $930 once you take what I paid before that, but anyway, that’s a lot of money. I decided that, now that I’m 21, I really should go to the casino for the first time in my life (well, second, but I was 10 when we went to Vegas) once during the winter break. So I tootled on down to Sandia Casino, got some quarters, and eventually settled down–after a lot of looking around and blowing about 30 bucks in the slots–to play some three-hand video poker. Eventually, I got the 10, jack, queen, and king of spades, so of course I held on to all of them, hoping to get at least something if not a royal flush. I got the ace of spades on the bottom hand, blinked a couple times to make sure that I was seeing things correctly, then realized it was true, did the math on what 4000 quarters is equal to, and cashed it out and went home. I haven’t told my parents yet–I figure it can wait until dinner. I’m thinking of bringing it up by asking Dad how I report a thousand dollars of gambling winnings on my taxes.

So, I’m not quite sure how to do it, and the casino didn’t use a W-2G, but I figure if I report it on the 1040 I’ll probably be okay. I’m looking at the IRS website right now to figure out how to report.

And now I’ve got to figure out what to do with it. I’m trying to decide if I should put most of it in my IRA or if I should buy a $500 CD.

The casino only has to report it to the IRS if it’s over $1200, so no W-2G from them. So it’s up to you to report it. The best way, of course, is to offset it with gambling losses, but hey, if you’re $1,000 ahead from your first visit, maybe you should just end your gambling career right now!

Last spring Papa Tiger and I won $5,000 by each winning a (free entry) slot tournament two weeks back to back. Fabulous feeling, isn’t it?

And if you just turned 21, put it in your IRA – you’ll be able to retire comfortably on it if you invest it at this young age!!!


You’ve already beaten the odds. Replace your spent cash, and put the rest in a savings account, leave it there for a hedge, and be glad you made some cash on the house, you won’t be that lucky the next time, i can guar-un-tee that…

Last Christmas, my mom and sister and I went out to the local Indian casino, and my sister hit a $1000 jackpot on a slot machine, after putting about $5 in. This year, mom and grandparents went out for a couple hours, and mom hit a $6000 jackpot. Maybe it’ll be my turn next year :wink: