Cashback is a gray IRS area. (As are the related "free play" and bouncback
or other coupons). One thing to remember is that if you cash out more than
$1200 at one time in cashback, you may receive a W2G, and the IRS then
certainly will want you to report the entire amount of cashback as part of
"gambling income", or explain the descrepancy.
Also, if you cash out a very large amount of cash, especially at a small
casino, the casino may notice you and wonder why you are receiving so much cash.
I've heard of people being barred after cashing out large amounts.
Therefore - the better part of valor is to cash out your cash as you go
along....don't let it accumulate.
Also, should a casino fold or change hands, you'll have your money.
The same might be good advice for comps. Otherwise you may find them
disappear, especially if you let them sit for longer than 6 months in your account
without playing.
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