Backed off at Gold Coast after winning big

[aslan]

yes

Are you saying there are cases when they mail them? I have never been mailed a W2G, only presented one at the time of winning. Please share what you know.

 

[blackchipjim]

W2G's

I thought any win no matter how you won it if it was over 1199.99 is reportable. I have won alot of money under that number but winning 1205.00 triggered a w2g form before they paid. Some casinos ask if you want taxs taken out which I decline because overall losses have equaled my wins that have triggered compliance. Even Indian reservations have done the same as non-Indian casinos at least where I have played.

 

[21forme]

Are you saying there are cases when they mail them? I have never been mailed a W2G, only presented one at the time of winning. Please share what you know.

I guess it depends on casino policy. I recall getting one in the mail in Jan. several years ago from one of The Donald's casinos.

I thought any win no matter how you won it if it was over 1199.99 is reportable.

That is for machines, not table games.

 

[aslan]

I guess it depends on casino policy. I recall getting one in the mail in Jan. several years ago from one of The Donald's casinos.


That is for machines, not table games.

It defies reason why the government has any W2G reporting requirement anywhere. Does anyone ever actually pay tax on any such amounts reported? They'd have to be pretty much of a dimwit not to offset losses against wins on their return. I guess the government makes out on the one in a billion chance multimillion dollar payouts, but I think they have set the bar ($1,200) a tiny bit too low. Anyway, the tax system is supposed to be an honor system, as demonstrated by all the Presidential appointees who have been found to be, shall we say, deficient on their past tax filings. I mean, it proves it works, except for those we already know have no honor. Maybe they should change the W2G requirements to include only politicians and lawmakers and leave us little guys alone. :flame:

 

[MangoJ]

It's nice to know. In my country gambling winnings are not taxable at all. The reason is, if it were taxable, you could offset your losses with other forms of income. Since most people are losing, they rather like to keep the tax from the regular income.

 

[Billy C1]

Check your state forms

It defies reason why the government has any W2G reporting requirement anywhere. Does anyone ever actually pay tax on any such amounts reported? They'd have to be pretty much of a dimwit not to offset losses against wins on their return. I guess the government makes out on the one in a billion chance multimillion dollar payouts, but I think they have set the bar ($1,200) a tiny bit too low. Anyway, the tax system is supposed to be an honor system, as demonstrated by all the Presidential appointees who have been found to be, shall we say, deficient on their past tax filings. I mean, it proves it works, except for those we already know have no honor. Maybe they should change the W2G requirements to include only politicians and lawmakers and leave us little guys alone. :flame:

You can "wash" losses against wins on the federal income tax forms but many states will not let you do it on state forms. Isn't that nice? (like you won without putting up any money to do it!) I think it's 6 1/2% in my state of residency.
This varies by states and a few (very few) don't even have a state income tax.

BillyC1

 

[Sharky]

...and, of course, you must itemize the federal to even count losses against wins

 

[aslan]

...and, of course, you must itemize the federal to even count losses against wins

Turbo Tax does it all for you. It's the easiest way to file taxes I have been able to find, and I've tried a lot of them.

 

[aslan]

You can "wash" losses against wins on the federal income tax forms but many states will not let you do it on state forms. Isn't that nice? (like you won without putting up any money to do it!) I think it's 6 1/2% in my state of residency.
This varies by states and a few (very few) don't even have a state income tax.

BillyC1

Now that states "approve" of gambling, since nearly all of them have lotteries (I think), isn't it time that the government lets us declare gambling losses on our tax returns to their full extent. I mean, if you lose all your money gambling, you may be a sucker, or you may have a psychological addiction, but one thing you won't have is enough money to pay your tax bill. Talk about squeezing blood out of a turnip! :flame: C'mon IRS, lighten up. No ploppy or addict wants to lose all his money, and the pain of the tax man is the last thing in his mind when he's in the process of doing so. So be real, and a little compassion wouldn't hurt either. :flame:

 

[Sharky]

Turbo Tax does it all for you. It's the easiest way to file taxes I have been able to find, and I've tried a lot of them.

true, tax software can be helpful, but the point was that the irs expects those taking standard deductions to only claim wins...gambling loses must be part of their formulae for calculating the standard deduction

(note: of course, if you have any substantial win, is makes sense to itemize for this reason)

 

[aslan]

true, tax software can be helpful, but the point was that the irs expects those taking standard deductions to only claim wins...gambling loses must be part of their formulae for calculating the standard deduction

(note: of course, if you have any substantial win, is makes sense to itemize for this reason)

Correct. I have always itemized for other reasons, so the problem of W2G wins without offsetting losses never came up. You're right, there's no way out. Sucks, doesn't it? There seems to be a bias in the tax law against gamblers. You should be able to claim your net profit/loss from gambling on either a simple 1040 form (with attached schedule), or use the business form, what is it, Schedule C? But they don't seem to feel the need to treat gamblers fairly. Occupational hazard.

 

[Billy C1]

Now that states "approve" of gambling, since nearly all of them have lotteries (I think), isn't it time that the government lets us declare gambling losses on our tax returns to their full extent. I mean, if you lose all your money gambling, you may be a sucker, or you may have a psychological addiction, but one thing you won't have is enough money to pay your tax bill. Talk about squeezing blood out of a turnip! :flame: C'mon IRS, lighten up. No ploppy or addict wants to lose all his money, and the pain of the tax man is the last thing in his mind when he's in the process of doing so. So be real, and a little compassion wouldn't hurt either. :flame:

Compassion from a tax collector-----------never happen. This is a "cash cow" for states that they are not about to give up.

BillyC1

 

[blackjack avenger]

Rome Before the Fall

Government directly involved in gambling is horrible. It's a hidden tax, it negatively impacts the poor and probably greatly erodes the work ethic.

 

[Billy C1]

Government directly involved in gambling is horrible. It's a hidden tax, it negatively impacts the poor and probably greatly erodes the work ethic.

The bj dealers at my local "store" joke about knowing when the welfare checks are received and the resulting increase in players.
It's sad but true that MANY poor people drink, smoke and gamble. That's why they should get a plastic card for benefits that is negotiable for necessities only. It would take some "fine tuning" to prevent abuses but it would save all of us some tax money. Guess that would make too much sense!!!!!:laugh:

BillyC1

 

[Mewtwo]

Turbo Tax does it all for you. It's the easiest way to file taxes I have been able to find, and I've tried a lot of them.

Seconded. TurboTax has gotten me back every penny I have ever had witheld from W-2G over the course of 5-6 years.

 

[aslan]

The bj dealers at my local "store" joke about knowing when the welfare checks are received and the resulting increase in players.
It's sad but true that MANY poor people drink, smoke and gamble. That's why they should get a plastic card for benefits that is negotiable for necessities only. It would take some "fine tuning" to prevent abuses but it would save all of us some tax money. Guess that would make too much sense!!!!!:laugh:

BillyC1

Would an AP on welfare get a pass?

 

[zengrifter]

On my last day in Vegas I was playing the DD game heads up and spreading aggressively, 5-100. At TC +12, I had a $100 bet and $10 on the Lucky Ladies. Got 3 20's in a row, and the third 20 was 2 queens of hearts (I would have not been able to control myself if the dealer showed Ace, but the dealer didn't have BJ). The pit boss had to come to pay out $2000 for winning the lucky ladies bet. Then he said that I am no longer allowed to play blackjack at any Boyd Gaming casino.

Two questions -

1. Has the GC penetration really improved, and what was it?
2. Geez f**king Loueez!!! Max bet of 100 and you ONLY BET 10 on LL??

 

[alwayssplitaces]

I found a dealer with 66% pen and had it heads up. I didn't get a W2 from the pit boss, but he said that I would get one in the mail. Then I was backed off. Maybe a 1-20 spread for DD is a bit too strong, but I didn't expect much heat for a max bet of just $100. I realize my mistakes and was playing with no cover and if one watched closely, they could figure out the true count just based on the size of my bet. As I said before, the reason I only bet $10 on the Lucky Ladies is because the max payout was $10000. I got the 2 queens of hearts, the dealer was showing a 7 so I stayed, dealer had 17 and then we had to wait for the pit boss.

Since I'm a winning player, I won't have any losses to deduct my gambling wins against. I don't report my blackjack and poker winnings on my taxes, so do I have to report all of my winnings or just the big Lucky Ladies win? I mean, the government won't know that I'm a winning player. Harrah's shows that I'm a losing player because of ratholing and having other people play slots on my card. Most people don't keep any records of their wins and losses. I'm sure I'll still come out ahead after taxes if I report all my winnings from this year including the Lucky Ladies, than if I didn't win the Lucky Ladies and didn't report any gambling income. At most, I can deduct about $5 for this year's losing lottery tickets that I purchase just for entertainment. I have a day job so blackjack isn't my sole source of income, I just treat it like an investment.

 

[aslan]

I found a dealer with 66% pen and had it heads up. I didn't get a W2 from the pit boss, but he said that I would get one in the mail. Then I was backed off. Maybe a 1-20 spread for DD is a bit too strong,

Ya think!

but I didn't expect much heat for a max bet of just $100.

Nor would you on a $25 table.

I realize my mistakes and was playing with no cover and if one watched closely, they could figure out the true count just based on the size of my bet. As I said before, the reason I only bet $10 on the Lucky Ladies is because the max payout was $10000. I got the 2 queens of hearts, the dealer was showing a 7 so I stayed, dealer had 17 and then we had to wait for the pit boss.

Since I'm a winning player, I won't have any losses to deduct my gambling wins against. I don't report my blackjack and poker winnings on my taxes, so do I have to report all of my winnings or just the big Lucky Ladies win? I mean, the government won't know that I'm a winning player. Harrah's shows that I'm a losing player because of ratholing and having other people play slots on my card. Most people don't keep any records of their wins and losses.

Any casino where you played will be happy to provide you with a win/loss statement after the year end, which you can use for the purpose of corroborating your losses. Most authorities recommend that you also keep a personal record of your wins and losses. I never have, but if I was a larger gambler I certainly would.

You must itemize deductions in order to offset gambling losses against gambling winnings. You have only to declare the W2G winnings on your tax return. It is not unusual that people lose every time they play except for those instances where the IRS requires a W2G filing. Most ploppies soon lose whatever they won in these instances. So, if asked, which you won't be, just say your were behind before you won this money and you were behind after you won it.

I'm sure I'll still come out ahead after taxes if I report all my winnings from this year including the Lucky Ladies, than if I didn't win the Lucky Ladies and didn't report any gambling income. At most, I can deduct about $5 for this year's losing lottery tickets that I purchase just for entertainment. I have a day job so blackjack isn't my sole source of income, I just treat it like an investment.

 

[Craps Master]

Moral of the story: don't waste your time with LL in a count game @ the Gold Coast.