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You and the IRS

Discussion in 'Online Casinos' started by jetset, Feb 2, 2008.

    Feb 2, 2008
  1. jetset

    jetset Ueber Meister CAG

    Occupation:
    Senior Partner, InfoPowa News Service
    Location:
    Earth
    Well researched article here on US tax liabilities in relation to gambling; perhaps timely with the Superbowl this Sunday:

    You must register/login in order to see the link.
     
    9 people like this.
  2. Feb 2, 2008
  3. SlotsWizard

    SlotsWizard Dormant account webmeister

    Occupation:
    I currently work for the Wizard of Odds
    Location:
    North of Antarctica
    Wow, a story from Fox News which actually benefits the general public. I guess the clich is true - there's a first time for everything.
     
    3 people like this.
  4. Feb 2, 2008
  5. hippo925

    hippo925 Dormant account

    Occupation:
    medical field
    Location:
    so cal

    Know what you mean!!! I used to watch all the news, but I couldn't, in good conscience, contintue to watch FOX news. I wonder if anyone actually still watches FOX News for information. I know some people still watch it just to reaffirm their own far right, evangelical, conservative views (which is fine....), but i tend to focus on true journalism by way of the Daily Show and the Colbert Report. :D

    Great article by the way... a nice summary of what is going on right now especially with superbowl coming up.
     
    3 people like this.
  6. Feb 2, 2008
  7. winbig

    winbig Keep winning this amount.

    Occupation:
    Bum
    Location:
    Pennsylvania
    The only things that FOX is good for are:

    1. American Dad
    2. Family Guy
    3. Simpsons
    4. A good laugh at their right-winged BS :D
     
    3 people like this.
  8. Feb 2, 2008
  9. RobWin

    RobWin closed account

    Occupation:
    Who knows?
    Location:
    A Vault!
    I heard that !!...Faux News...:puke:

    They were dumbfounded over at Fox News yesterday when they found out that Wesley Snipes got off on the fraud charge and thought that it was a real setback for the IRS...well, BOO F*****g HOO !!!

    Yea...Go Wesley...Go Wesley...:yahoo::yahoo::yahoo:
     
    1 person likes this.
  10. Feb 2, 2008
  11. winbig

    winbig Keep winning this amount.

    Occupation:
    Bum
    Location:
    Pennsylvania
    :lolup:

    I encourage anyone that hasn't seen American Dad to watch it! Talk about hilarious. If you love off the wall humor with the right-wing at the butt of the joke, then you'll love this show ;)

    The Saudi Arabia episode had to be one of the best :D You must register/login in order to see the link.
     
    1 person likes this.
  12. Feb 2, 2008
  13. RobWin

    RobWin closed account

    Occupation:
    Who knows?
    Location:
    A Vault!
    Yea Win, I agree with you about American Dad, that's one funny ass show there...got to love the satire !!
     
  14. Feb 3, 2008
  15. Mousey

    Mousey Ueber Meister Mouse CAG

    Occupation:
    Pencil Pusher
    Location:
    Up$hitCreek
    You must register/login in order to see the link.

    Can't remember if I've already seen that here or not. Anyway, here it is. LOL
     
  16. Feb 3, 2008
  17. RobWin

    RobWin closed account

    Occupation:
    Who knows?
    Location:
    A Vault!
    Oh yea, I like this part here...sounds like the Gestapo or something similar to secret state police....:mad::mad::mad:

    Jeeze...get the hell out of our personal lives !!!..:mad::mad::mad:
     
  18. Feb 5, 2008
  19. mush

    mush Experienced Member

    Occupation:
    gambler
    Location:
    not where i want to be
    thanks for the link. did anyone else notice the mention of the $5000 threshold that is normally used for purposes of reporting to the irs? i ask because i was quite confident the threshold was $3000, at least it is at the palms in vegas. i know this b/c my husband and i had the unreal experience of hitting 6 or 7 jackpots.........on the same TWO machines in a 3 or 4 day period :eek:......a couple of years ago and i think 3 of those were over $3k and we had to complete irs forms for those 3 only. its usually not that big of a deal since you can take a tax deduction for losses up to the amount of your winnings, basically cancelling each out.


    i wish i could go back to that unbelievable week in vegas. it felt like a dream b/c we couldn't lose and that is the complete opposite of our normal luck. i'm still in shock thinking back on it......:D
     
  20. Feb 5, 2008
  21. winbig

    winbig Keep winning this amount.

    Occupation:
    Bum
    Location:
    Pennsylvania
    That's why I love table games. Unless you're betting 5 figures a hand, you're safe.
     
  22. Feb 5, 2008
  23. mush

    mush Experienced Member

    Occupation:
    gambler
    Location:
    not where i want to be
    my thoughts exactly. that was actually the first time i've ever really played slots b/c i've always felt like they were just money eaters, but my husband loves them and has decent luck with them. i'm a 3 card poker/blackjack player myself, but that trip converted me....at least a little. pretty hard not to be converted when you are just wasting time waiting to check in and your husband comes up and tells you he just won $1500 on a slot while i've just given about half that amount to the 3 card table i'm sitting at.....even harder when he walks in the room with $4k in cash later that night and it came out of the same machine........and then this insanity continues for several more days. my game is still 3 card, but i definitely give the slots more love now than i did before. lol
     
  24. Feb 5, 2008
  25. winbig

    winbig Keep winning this amount.

    Occupation:
    Bum
    Location:
    Pennsylvania
    Sounds like my last run in Vegas back in December...I couldn't lose that week and took home over $5K. One night was very memorable. I was at the craps table, and had about a foot long section filled completely with green chips..:eek: The other row was filled with the overflow of green, along with mixed red/white chips :D When I left the table, I had over $3K.

    btw, a bunch of us are getting together in Vegas from May 23rd-30th (or anytime during that period if you can't make it the whole week. Feel free to join! :D

    http://www.casinomeister.com/forums...-casinos/21896-cm-get-together-may-vegas.html
     
    1 person likes this.
  26. Feb 5, 2008
  27. RobWin

    RobWin closed account

    Occupation:
    Who knows?
    Location:
    A Vault!
    Actually mush the threshold at most casinos in the US is $1,200.00 and above for slot jackpots where they will issue you a W-2G Form...that's why if you notice you will see a lot of the $1 and lower denomination slot machines that have a maximum jackpot payout of $1,199.00...
     
  28. Feb 5, 2008
  29. winbig

    winbig Keep winning this amount.

    Occupation:
    Bum
    Location:
    Pennsylvania
    Except LV....They'd be up to their eyeballs trying to give out 1099's to the high limit slots players if the limit was $1200 :D
     
  30. Feb 5, 2008
  31. RobWin

    RobWin closed account

    Occupation:
    Who knows?
    Location:
    A Vault!
    I'll look it up again but LV would have just changed this since I was out there in Aug. 07 if that is the case...I won the first one for $1,250.00 and they issued me a W-2G Form to sign...

    I had to change that to a W-2G form after I went back and looked at it...
     
  32. Feb 5, 2008
  33. mush

    mush Experienced Member

    Occupation:
    gambler
    Location:
    not where i want to be

    i just may do that. i've always been a lurker here for some reason and not a poster. not sure why b/c i visit the site everyday. i guess i'm usually too busy trying to absorb a little of the ridiculous amount of knowledge you guys have and don't really feel qualified to comment on most topics. LOL

    thanks for the info. i'm going to check that thread out b/c we were already planning a vegas trip sometime this spring..........even though i would love to jump on a plane tonight and head that way.......i love that place....:D
     
    2 people like this.
  34. Feb 5, 2008
  35. winbig

    winbig Keep winning this amount.

    Occupation:
    Bum
    Location:
    Pennsylvania
    Here you go, direct from the horse's mouth:

    You must register/login in order to see the link., under the "Reportable Gambling Winnings" heading.
     
    1 person likes this.
  36. Feb 5, 2008
  37. RobWin

    RobWin closed account

    Occupation:
    Who knows?
    Location:
    A Vault!
    Here's a cool little link about Vegas Jackpot Winnings:

    You must register/login in order to see the link.
     
  38. Feb 5, 2008
  39. winbig

    winbig Keep winning this amount.

    Occupation:
    Bum
    Location:
    Pennsylvania
    GD double posts.
     

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