You and the IRS

[jetset]

Well researched article here on US tax liabilities in relation to gambling; perhaps timely with the Superbowl this Sunday:

Old / Expired Link

 

[SlotsWizard]

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.

 

[hippo925]

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.

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.

Great article by the way... a nice summary of what is going on right now especially with superbowl coming up.

 

[winbig]

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

 

[RobWin]

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

I heard that !!...Faux News...

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:

 

[winbig]

I heard that !!...Faux News...

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:

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

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[RobWin]

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

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Yea Win, I agree with you about American Dad, that's one funny ass show there...got to love the satire !!

 

[Mousey]

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Can't remember if I've already seen that here or not. Anyway, here it is. LOL

 

[RobWin]

Oh yea, I like this part here...sounds like the Gestapo or something similar to secret state police....

The DOJ wants to know who has been gambling on the Internet, to scare them, and, more importantly, to see if they paid taxes on their winnings.

Jeeze...get the hell out of our personal lives !!!..

 

[mush]

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 ......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......

 

[winbig]

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 ......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......

That's why I love table games. Unless you're betting 5 figures a hand, you're safe.

 

[mush]

That's why I love table games. Unless you're betting 5 figures a hand, you're safe.

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

 

[winbig]

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

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.. The other row was filled with the overflow of green, along with mixed red/white chips 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!

https://www.casinomeister.com/forums/threads/cm-get-together-in-may-vegas.21896/

 

[RobWin]

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 ......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......

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...

 

[winbig]

Actually mush the threshole at most casinos in the US is $1,200.00 and above for slot jackpots where they will issue you a 1099 Form...that's why if you notice you will see a lot of the $1 and lower slot machines that have a maximum jackpot payout of $1,199.00...

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

 

[RobWin]

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

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...

 

[mush]

Sounds like my last run in Vegas back in December...I couldn't lose that week and took home over $5K.

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!

https://www.casinomeister.com/forums/threads/cm-get-together-in-may-vegas.21896/

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....

 

[winbig]

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...

Here you go, direct from the horse's mouth:

Generally, gambling winnings are reportable if the amount paid reduced, at the option of the payer, by the wager is (a) $600 or more and (b) at least 300 times the amount of the wager. However, these requirements do not apply to winnings from bingo, keno, and slot machines. Gambling winnings for these games are reportable if:

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, under the "Reportable Gambling Winnings" heading.

 

[RobWin]

Here's a cool little link about Vegas Jackpot Winnings:

Link Removed ( Old/Invalid)

 

[winbig]

GD double posts.

 

[mush]

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 1099 Form to sign...

i'm sure you are correct, but i'm 99.9% sure we won a couple of jackpots over $1,250.00 and didn't have to fill out the 1099. actually, now that i think about it more, i'm sure we left with only 3 1099's and we hit a total of 7 jackpots. it was a couple of years ago, but i know the other 4 were over $1250.00. i guess i should double check with my better half since he won at least 5 of the 7. i know i won 1 for sure b/c 1 of the 1099's was in my name. i need to find the pic of the big jackpot win.........it looks like the hubby is about to fall off of the stool b/c he was exhausted since he wouldn't get up from this machine that just kept spitting money out at him........the funny thing was that it was on the palms website for a long, long time and on a wall at the palms for some period of time......

 

[RobWin]

Here you go, direct from the horse's mouth:

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, under the "Reportable Gambling Winnings" heading.

Generally, gambling winnings are reportable if the amount paid reduced, at the option of the payer, by the wager is (a) $600 or more and (b) at least 300 times the amount of the wager. However, these requirements do not apply to winnings from bingo, keno, and slot machines. Gambling winnings for these games are reportable if:

Right...we both were right Win...lets celebrate our genius...

I was mainly answering to her husbands slot winnings where I believe you were answering to the table games...

 

[winbig]

Right...were both were right Win...lets celebrate our genius...

I was maining answering to her husbands slot winnings where I believe you were answering to the table games...

Actually, I think that applies to slots as well....weird

 

[RobWin]

This is from your link Win:

Reportable Gambling Winnings
Generally, gambling winnings are reportable if the amount paid reduced, at the option of the payer, by the wager is (a) $600 or more and (b) at least 300 times the amount of the wager. However, these requirements do not apply to winnings from bingo, keno, and slot machines. Gambling winnings for these games are reportable if:

The winnings (reduced by the wager) are $1,500 or more from a keno game,

The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine, or

The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament.

If you pay reportable gambling winnings, you must file Form W-2G with the IRS and provide a statement to the winner (Copies B and C of Form W-2G).

 

[peteyweestro]

i agree because at the horse races you have to report any winnings of over $600 for a $2 bet,right there on the spot and if it exceeds a certain amount they tax it right there and then and you gotta report it at the end of the year again