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NJ caesarscasino.com taxable win

Discussion in 'America the Beautiful' started by dcpam39, Jul 8, 2014.

    Jul 8, 2014
  1. dcpam39

    dcpam39 Senior Member PABnononaccred MM

    Occupation:
    retired
    Location:
    East Coast
    I won $4000, Sunday, June 29th on a video poker hand, which required a W2-g. Immediately a pop-up message congratulated me and said that the tax office would contact me regarding next steps. The tax office is available Monday -Friday-business days.


    After my win, before I could take a screenshot, the $4000 was immediately removed from my balance, and I received an email indicating same.

    Monday, I received a secure email with the w2-g attached. I also received a request for a copy of my bank statement or a voided check, as I requested a bank transfer. in addition I had to upload a form of government id.
    Once my documents were approved, my money was placed back into my account, and I submitted my withdrawal request.

    Tuesday, July 1, I received an email that stated my monies had been transferred to my bank account. I received my withdrawal today, July 7th; probably would have received Friday, but the 4th was a bank holiday.

    (I also could have driven to Atlantic City and received my cash on the 1st of july, as an option).

    All in all-after the initial disappearing act, it was a very pleasant experience.
     
    6 people like this.
  2. Jul 8, 2014
  3. bigjohn

    bigjohn Meister Member MM PABnoaccred

    Occupation:
    Swimming Pool Serviceman
    Location:
    Northeast Coastal USA
    :yahoo:Congratulations on a nice win!!:cheers:

    It's good to hear that you had no problems in the end and I am glad there is another CM member enjoying this stuff besides me. It was getting pretty lonely being the only one touting these places.

    I would encourage you to try them all. I am a regular at 3 of our on-line casinos and I love the peace of mind that comes with regulation.

    This is a big chance, a test if you will, for all US players so tell everybody who will listen to support these establishments and keep your fingers crossed for the rest of our Countrymen (and Countrywoman, lol).
     
    2 people like this.
  4. Jul 8, 2014
  5. Jasminebed

    Jasminebed Closer to 100 than Birth

    Occupation:
    Not in workforce
    Location:
    Ontario
    Well done Pam. Did they withhold the taxes when they paid you?
     
  6. Jul 8, 2014
  7. dcpam39

    dcpam39 Senior Member PABnononaccred MM

    Occupation:
    retired
    Location:
    East Coast
    No, they did not withhold any taxes.
     
    1 person likes this.
  8. Jul 8, 2014
  9. slotplayer

    slotplayer Senior Member webmeister

    Occupation:
    webmaster
    Location:
    USA
    That's America for you. This is how its supposed to be done. No games.
     
  10. Jul 30, 2014
  11. NetEntFollower

    NetEntFollower Dormant account webby

    Occupation:
    Technical Manager
    Location:
    Europe
    It's not the fact that it's America, it's the business. Caesars is huge.

    Here are some links:
    You must register/login in order to see the link.
    You must register/login in order to see the link.

    When you have such an established business, of course you don't mess around.
     
  12. Jul 30, 2014
  13. slotplayer

    slotplayer Senior Member webmeister

    Occupation:
    webmaster
    Location:
    USA
    there is no connection between the size of the business and operating with integrity.
     
  14. Aug 4, 2014
  15. NetEntFollower

    NetEntFollower Dormant account webby

    Occupation:
    Technical Manager
    Location:
    Europe
    You think running a business that's specifically made to take people's money operates on the premise of integrity?
     
  16. Aug 4, 2014
  17. Refilliates Casinos

    Refilliates Casinos Dormant account webby

    Occupation:
    Refilliates Brands Casino Manager
    Location:
    Rival Powered
    My question is this: What about the losses generated in accumulating the taxable win? Surely if you have to pay taxes on wins, then you should be able to deduct losses first? I.e. pay taxes on the profitable portion only?

    In land-based casinos here, any win over ($2,500) is automatically reported by the casino to Tax Authority. The tax authority then expect you, as a tax payer, to declare those winnings in your annual tax return. However, that does not seem fair as you may have spent $3,500 to generate that win.

    Hope I am making sense here? If winnings are taxable, then losses should surely be deductible no?

    Just my thoughts - would love to hear more opinions :)

    Regards,
    Dieter
     
  18. Aug 4, 2014
  19. dcpam39

    dcpam39 Senior Member PABnononaccred MM

    Occupation:
    retired
    Location:
    East Coast
    Losses are deductible, up to the amount of your winnings. At the end of the year, it should be fairly easy to receive a statement from the nj-online casinos to document the deduction.
     
  20. Aug 4, 2014
  21. vinylweatherman

    vinylweatherman You type well loads CAG MM

    Occupation:
    STILL At Leisure
    Location:
    United Kingdom
    Given that the house always wins, this seems a pointless exercise for the government as players who do their returns PROPERLY should, on the whole, be able to find losses to cover their reportable wins and pay no tax. Those who are not so thorough are the ones who will pay taxes on their gross big payout(s), even though they have a net loss. The UK system is better, tax is levied on the profits or turnover of the operator, the customer doesn't have to worry about tax returns.

    The UK system (for online casinos) looks set to levy a 15% tax on the operator's annual winnings, but players don't have to worry about keeping records and filling in wins and losses on a tax form. The government still gets the tax, but the customer does not have an over complicated procedure imposed on them just because they have decided to have a flutter at the casino.
     
  22. Aug 5, 2014
  23. slotplayer

    slotplayer Senior Member webmeister

    Occupation:
    webmaster
    Location:
    USA
    I was refering to how seamless the proceedure was. It would be nice to see how the wd would be with a non-taxable amount, see if they drag their feet like online casino do so the player blows it back.

    I can tell you that state lottery here really scrutinizes who they give a license to sell their lotto products.
     
  24. Aug 5, 2014
  25. slotplayer

    slotplayer Senior Member webmeister

    Occupation:
    webmaster
    Location:
    USA
    Here its any "single win" that awards a payment of over $1200 but you can accumulate as much as you want with a series of good spins.

    Losses up to winnings are deductable on the federal tax return, so its a wash basically.

    states vary, but here in my state of Massachusetts I have to pay 5.25% on any reported taxable jackpots. Losses are not deductable, so if you blow it back you're on the hook for the 5.25%.

    We only have lotto games here (keno, scratch offs, etc..) here so far, no casinos yet, so for the state run lottery $600 or more is a taxable win, you can deduct the "cost of the ticket" only.

    However, a couple of years ago I called the Mass Revenue Department and told them that I put $100 in the slot machine to win a jackpot and they said I could deduct it as the "cost of the ticket", so that's what I do.

    I paid the state a boat load of tax money last year as I won a bunch of jackpots at the land casino. What happens is churn, you win
    a jackpot and then use a portion (or all of) that to perhaps win another and so on, however you end up paying 5.25% tax on all the jackpots whether you leave the building with them or not.

    So now if I win a jackpot I have the cashier take out a boat load in state and federal taxes. Since I'm self-employed it helps cover my tax liablilty.
     

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