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apparently the bastards are trying

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reno cool

reno cool

Fuck You Mocha Joe
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to make $600 payoffs on slot machines a tax form. currently $1200.

the bastards do nothing except sit around trying to figure out who they can squeeze a couple more bucks out of. Apparently the piss poor gambler who's donating his money to begin with is the latest bright idea. Will need to present id, fill out forms on the rare occasion he gets a lousy $600 of his loses back :sparesomecutter:
 
I dont get it. You have to declare every $ payout from gambling anyway. FW i dont think thats true of mich... Im pretty sure you have to pay taxes on every single $ of winnings...

So youre upset about filling out a form?


OH! I think i get it, y'all are upset that its now harder to commit gambling based tax fraud!
 
Boner_18
I dont get it. You have to declare every $ payout from gambling anyway. FW i dont think thats true of mich... Im pretty sure you have to pay taxes on every single $ of winnings...

So youre upset about filling out a form?


OH! I think i get it, y'all are upset that its now harder to commit gambling based tax fraud!
Click to expand...

lolz... bonebone, no ...

Reportable Gambling Winnings

The Internal Revenue Service (IRS) requires certain gambling winnings to be reported on Form W-2G if:

1. The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine.
2. The winnings (reduced by the wager) are $1,500 or more from a Keno game.
3. The winnings (reduced by wager or buy-in) are more than $5,000 from a poker tournament.
4. The winnings (except winnings from bingo, slot machines, keno and poker tournaments)
reduced, at the option of the payer, by the wager are:
a. $600 or more, and
b. At least 300 times the amount of the wager, or
5. The winnings are subject to federal income tax withholding (either regular gambling withholding or backup withholding).
 
Boner_18
I dont get it. You have to declare every $ payout from gambling anyway. FW i dont think thats true of mich... Im pretty sure you have to pay taxes on every single $ of winnings...

So youre upset about filling out a form?


OH! I think i get it, y'all are upset that its now harder to commit gambling based tax fraud!
Click to expand...

Technically yes, you are supposed to claim all winnings in mich, but you can claim up to that amount of winnings with losing tickets. Michigan gives you the w-2 on lottery winnings of $600 +. You have to go to a state lottery office to cash the ticket, not a local merchant. That's where they get you.
 
Great cut and paste Ray but you missed the point. That's "reportable gambling winnings" a noun defined in the code as requiring a W2-G. The examples you gave require a form, that doesn't preclude the requirement to report all other income. Every dollar of income, from whatever source derived has to be reported on your taxes.

You net $1 on a slot machine it has to be declared as income to the IRS. You may have an offsetting deduction from losses, and nobody really does anyway. The obligation to declare gambling proceeds exists in the code, just that few people do it though unless they get the form - what reno is complaining about.
 
Boner_18
I dont get it. You have to declare every $ payout from gambling anyway. FW i dont think thats true of mich... Im pretty sure you have to pay taxes on every single $ of winnings...

So youre upset about filling out a form?


OH! I think i get it, y'all are upset that its now harder to commit gambling based tax fraud!
Click to expand...

Well obviously irs figure they would theoretically get more revenue this way. At whose expense? Somebody who's funding this cash cow industry and loosing bunch of money in the 1st place.

You think 99% of gamblers even think about reporting every dollar they bet or won? Gamblers aren't usually accountants. Most people end up paying on their taxables, perhaps writing off loses to offset. But they know that some people wont write them off etc.

Also it is a delay and a pain. At $600 it is gonna be way too common.

Point is the fuckers are greedy and they will tighten the screws until they kill the goose that laid the golden egg. typical American business model.
 
Just claim your losses up to the amount of your winnings Reno. Easy. Keep all losing tickets, slips, etc....the casinos have win/loss statements than can provide if necessary. Unless it's an outrageous amount, IRS will assume that most recreational gamblers are losers anyway, so unless you have a shit load of 1099 Gs, it won't get you flagged if you claim the offset.
 
It is about you. It's a completely transparent complaint about pro gamblers (you) having to be held accountable for paying their fair share - the taxes they all would NOT claim as per your post in #10.

What's the big picture? You think this will kill the casino industry? The pro gambler industry?

I get the delay. That sucks. But really do you think 1) the casino cares about inconveniencing +ev players - obviously not and 2) do you think the looming possibility is going to deter rec players?

The only people who should give a shit about this are pro gamblers who commit tax fraud. Plain and simple.
 
And for the record. I get it, it sucks. I hope they don't close down all the loopholes I use. But i don't see some grandiose societal benevolence in your complaint. The gov't just took some of your money. I'd be pissed too.
 
th



:mudcat:
 
Boner_18
It is about you. It's a completely transparent complaint about pro gamblers (you) having to be held accountable for paying their fair share - the taxes they all would NOT claim as per your post in #10.

What's the big picture? You think this will kill the casino industry? The pro gambler industry?

I get the delay. That sucks. But really do you think 1) the casino cares about inconveniencing +ev players - obviously not and 2) do you think the looming possibility is going to deter rec players?

The only people who should give a shit about this are pro gamblers who commit tax fraud. Plain and simple.
Click to expand...

The only reason I know about this is because casino sent out letters urging gamblers to oppose this proposition, write congressmen etc.. Don't assume my motives because everyone you deal with is a douche.
Yes, the casinos oppose it for obvious reasons.
Yes, it might be a negative for me personally because it will likely lead to changes in the casino and waste time.
But what irritates me is that this is an obvious attempt to milk the cattle further. The poor, withered cattle that has already paid for everything. But some shmos are up there getting paid millions to figure out new ways to squeeze. And that does piss me off :robyn:
 
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