ChumpChange's Blog
Posted by ChumpChange
Apr 22, 2019
Apr 22, 2019
How to win big at the casino!
How to win big at the casino!Day 1: Win $1000
Day 2: Win $2000
Day 3: Win $4000
Day 4: Win $8000
Keep winning $8000 a day (no CTR's), or go bigger.
Day 5: Win $16K
Day 6: Win $32K
Day 7: Win $64K
Go to AC or LV for higher table maximums.
Day 8: Win $128K
Day 9: Win $256K
Keep winning $256K a day, or quit & pay your taxes.
Posted by ChumpChange
Apr 18, 2019
Apr 18, 2019
Tax Withholding unless you show your ID & SS card or fill out a Form W-9
Tax Withholding unless you show your ID & SS card or fill out a Form W-9(A completed and signed Form W-9 is acceptable as the non-photo form of identification.)
https://www.irs.gov/instructions/iw2g
https://wizardofvegas.com/forum/questions-and-answers/advice/31125-strange-request-at-cashier-for-w-9/9/
4. Poker Tournaments
File Form W-2G for each person to whom you pay more than $5,000 in winnings, reduced by the amount of the wager or buy-in, from each poker tournament you have sponsored. Winnings and losses of the participant from other poker tournaments you have sponsored during the year aren't taken into account in arriving at the $5,000 amount.
Withholding and backup withholding. If you file Form W-2G for the person to whom you pay more than $5,000 in net winnings from a poker tournament, and provide a copy of Form W-2G to such person, regular gambling withholding doesn't apply to the winnings. However, if the person who wins more than $5,000 doesn't provide a TIN, you must apply backup withholding to the full amount of the winnings from the tournament. The backup withholding rate is identical to the regular withholding rate of 24%. Net winnings of $5,000 or less aren't subject to reporting, withholding, or backup withholding.
Box 4
Enter zero as the amount, unless the winning person hasn't provided a TIN. If the winning person hasn't provided a TIN, enter the backup withholding amount.
Box 9
This is required information. Enter the TIN of the person receiving the winnings. For an individual this will be the social security number (SSN) or individual taxpayer identification number (ITIN). If the winner fails to give you a TIN, backup withholding applies. See Withholding and backup withholding,earlier.
Boxes 11 and 12
As verification of the name, address, and TIN of the person receiving the winnings, enter the identification numbers from two forms of identification. Acceptable forms of identification include a driver's license, social security card, or voter registration. Enter the number and the state or jurisdiction. In some instances, the number may be the same number as in box 9.
Boxes 13 Through 18
These boxes are provided for your convenience only and need not be completed for the IRS. See State Tax Information and Local Tax Information,earlier.
Box 13. Enter the abbreviated name of the state and your state identification number.
Box 14. Enter the amount of state winnings.
Box 15. Enter the amount of state income tax withheld.
Box 16. Enter the amount of local winnings.
Box 17. Enter the amount of local income tax withheld.
Box 18. Enter the name of your locality.
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3. Bingo, Keno, and Slot Machines
File Form W-2G for every person to whom you pay $1,200 or more in gambling winnings from bingo or slot machines, or $1,500 or more from keno after the price of the wager for the winning keno game is deducted. If the winnings aren't paid in cash, the FMV of the item won is considered the amount of the winnings. Total all winnings from all wagers made during a single bingo or keno game to determine whether the winnings are reportable. Winnings and losses from other wagering transactions aren't to be taken into account in arriving at the $1,200 or $1,500 figure.
Withholding
Regular gambling withholding doesn't apply to winnings from bingo, keno, or slot machines. However, if the recipient of reportable gambling winnings from bingo, keno, or slot machines doesn't provide a TIN, you must backup withhold. That is, if the winnings are at least $1,200 from bingo or slot machines or $1,500 from keno, backup withholding of 24% applies to the amount of the winnings reduced, at the option of the payer, by the amount wagered.
Boxes 11 and 12
As verification of the name, address, and TIN of the person receiving the winnings, enter the identification numbers from two forms of identification. Acceptable forms of identification include a driver's license, passport, social security card, military identification card, tribal member identification card issued by a federally recognized Indian tribe, voter registration card, or completed and unmodified Form W-9. Enter the number and the state or jurisdiction. In some instances, the number may be the same number as in box 9.
One of the two forms of identification that the recipient presents must include the recipient's photograph. Gaming establishments owned or licensed by a tribal government may waive the photo ID requirement for payees who are members of that federally recognized Indian tribe and present a tribal member identification card issued by the same tribal government.
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2. Sweepstakes, Wagering Pools, and Lotteries
File Form W-2G for each person to whom you pay $600 or more in gambling winnings from a sweepstakes, wagering pool, or lottery (including a state-conducted lottery) if the winnings are at least 300 times the amount of the wager. The wager must be subtracted from the total winnings to determine whether withholding is required and, at the option of the payer, to determine whether reporting is required. The wager must be subtracted at the time of the first payment.
The requirements in this section apply to church raffles, charity drawings, etc. In the case of one wager for multiple raffle tickets, such as five for $1, the wager is considered as $.20 for each ticket.
Withholding
You must withhold federal income tax from the winnings if the winnings minus the wager exceed $5,000. Withhold 24% of the proceeds (the winnings minus the wager). This is regular gambling withholding. If the winner of reportable gambling winnings doesn't provide a TIN, you must backup withhold on any such winnings that aren't subject to regular gambling withholding. that backup withholding rate is identical to the regular withholding rate of 24%. That is, backup withholding of 24% applies if the winnings are at least $600 but not more than $5,000 and are at least 300 times the wager. Figure backup withholding on the amount of the winnings reduced, at the option of the payer, by the amount wagered.
Installment payments of $5,000 or less are subject to regular gambling withholding if the total proceeds from the wager will exceed $5,000.
If payments are to be made for the life of a person (or for the lives of more than one person), and it is actuarially determined that the total proceeds from the wager are expected to exceed $5,000, such payments are subject to 24% regular gambling withholding. When a third party makes the payments, for example, an insurance company handling the winnings as an annuity, that third party must withhold.
When Paid
A payment of winnings is considered made when it is paid, either actually or constructively, to the winner. Winnings are constructively paid when they are credited to or set apart for that person without any substantial limitation or restriction on the time, manner, or condition of payment. However, if not later than 60 days after the winner becomes entitled to the prize, the winner chooses the option of a lump sum or an annuity payable over at least 10 years, the payment of winnings is considered made when actually paid. If the winner chooses an annuity, file Form W-2G each year to report the annuity paid during that year.
Box 4
Enter any federal income tax withheld, whether regular gambling withholding or backup withholding.
Boxes 11 and 12
Except for winnings from state lotteries, as verification of the name, address, and TIN of the person receiving the winnings, enter the identification numbers from two forms of identification. Acceptable forms of identification include a driver's license, passport, social security card, military identification card, tribal member identification card issued by a federally recognized Indian tribe, voter registration card, or completed and unmodified Form W-9. Enter the number and the state or jurisdiction. In some instances, the number may be the same number as in box 9.
One of the two forms of identification that the recipient presents must include the recipient's photograph. Gaming establishments owned or licensed by a tribal government may waive the photo ID requirement for payees who are members of that federally recognized Indian tribe and present a tribal member identification card issued by the same tribal government.
Posted by ChumpChange
Apr 06, 2019
Apr 06, 2019
Buy-In Balance with Odds
Buy-In Balance with OddsThis is for people betting in multiples of $5 who have 2 sets of chips in their rails, one for the PL (15 bets to start) and one for the odds bets (15 bets to start). I'd have 4 sets in my wallet because it probably is possible to lose 60 bets in 6 hours. I've skewed this table because of table minimums. I'm finding I need to prioritize getting to a higher table minimum over putting odds on bets at a lower minimum bet. If I could find $5 tables at any time, just divide the $50 table by 10, or by 5 if on $10 tables.
| 4 Sets | Balance | PL | Odds | Table |
|---|---|---|---|---|
| $300 | $75 | $5 | $0 | $5 |
| $600 | $150 | $10 | $0 | $10 |
| $900 | $225 | $15 | $0 | $15 |
| $1200 | $300 | $20 | $0 | $15 |
| $1500 | $375 | $25 | $0 | $25 |
| $2400 | $600 | $25 | $15 | $25 |
| $3600 | $900 | $30 | $30 | $25 |
| $4800 | $1200 | $40 | $40 | $25 |
| $6000 | $1500 | $50 | $50 | $50 |
| $7500 | $1875 | $50 | $75 | $50 |
| $9000 | $2250 | $50 | $100 | $50 |
| $12000 | $3000 | $50 | $150 | $50 |
| $15000 | $3750 | $50 | $200 | $50 |
| $18000 | $4500 | $50 | $250 | $50 |
| $24000 | $6000 | $50 | $350 | $50 |
| $30000 | $7500 | $50 | $450 | $50 |
Posted by ChumpChange
Apr 03, 2019
Apr 03, 2019
SLICES ON TAXES ON POKER, COMPS, CC REWARD POINTS, Bitcoins
U.S. Income Taxes re:Poker - 03-20-2010https://forumserver.twoplustwo.com/57/poker-legislation-amp-ppa-discussion-hosted-rich-muny/u-s-income-taxes-re-poker-740589/
Are comps taxable - 10-16-2007
https://forumserver.twoplustwo.com/57/poker-legislation-amp-ppa-discussion-hosted-rich-muny/comps-taxable-36513/
Are reward points taxable or not? Yes. - January 17, 2017
https://www.creditcards.com/credit-card-news/rewards-points-bonus-taxable.php
Where spending is required before points are awarded, the bonus then becomes a nontaxable rebate.
I am a tax attorney, here are my answers to the most common questions about the taxation of bitcoins - Last Edit: June 2017
https://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/?utm_content=buffer3ecdc&utm_source=buffer&utm_medium=twitter&utm_campaign=Buffer
ZenLedger Overview - YouTube https://www.youtube.com/watch?v=qAI_w7CpP28
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My post from page 33 of the Bitcoin thread where AxelWolf on page 32 asked if anyone else had to submit their bank login information to the Bitcoin exchange when setting up an account.
Zcore13 adds: Why should they get your login and password? PayPal transfers money back and forth to my bank accounts and credit cards. They don't need my bank password. My work pays me direct deposit. They don't need my password. The only reason they would need that is to download balance or transaction history. Bad news.
https://wizardofvegas.com/forum/gambling/online/13594-bitcoin/33/
CryptoCasey says they need your bank login information if you're using a bank to connect to your bitcoin. You could wire money, but then they'd want even more information. Better to use a credit card to fund your bitcoin. None of this is simple unless you are on the far end of the learning curve.
I don't trust PayPal and I'm glad e-bay let me buy something with a credit card recently. (Maybe it was the first week they allowed that?)
I'm bitcoin illiterate and I'm waking up far too late to this party.
Cryptocurrency Wallets for Beginners (Ultimate Step-by-Step Ledger & Trezor Guide) - YouTube Jan 6, 2018
https://www.youtube.com/watch?v=3GDYrrAcKzY
How to Buy Altcoins for Beginners (Ultimate Step-by-Step Guide) Pt 2 - YouTube Feb 6, 2018
https://www.youtube.com/watch?v=2AO7iSGjLZM
Using Trust Wallet to Store Ethereum and ERC 20 tokens - YouTube
https://www.youtube.com/watch?v=6YV6OD96svE
***
MyEtherWallet Review 2018 | Read This Before You Use It! https://www.abitgreedy.com/myetherwallet/
Ledger Nano S Hardware Wallet Review 2018 + List of Supported Coins https://www.abitgreedy.com/ledger-nano-s/
How to Set Up the Ledger Nano S - YouTube https://www.youtube.com/watch?v=t-gEp6iCXfc
Bitcoin: Buying from a Bitcoin ATM Machine using cash. https://youtu.be/OwAe42aYEQ4
The First Bitcoin ATM in Maryland??? We purchased some Bitcoin! - YouTube https://www.youtube.com/watch?v=PBOfa92pz5A
Looks like a 12% difference in price from what you buy bitcoin at and what the price is when you try to get your money back at that ATM. Kind of like those machines that take your loose change and keep 12% of it before they give you the receipt to take to the register.
How To Cash In $1000 In BitCoin For Less Than Average ATM Fee - Sep 13, 2017 https://youtu.be/mqj63bWbd_U
Bitpay Phases Out Crypto-Debit Cards for European Cardholders - Bitcoin News https://news.bitcoin.com/bitpay-phases-out-crypto-debit-cards-for-european-cardholders/
Shift Card Sunsets, Leaving US Crypto Card Users With Few Options - Bitcoin News https://news.bitcoin.com/shift-card-sunsets-leaving-us-crypto-card-users-with-few-options/
Changes to BitPay Card cash withdrawals and advances as of March 8, 2019 – BitPay Support https://support.bitpay.com/hc/en-us/articles/360024353032-Changes-to-BitPay-Card-cash-withdrawals-and-advances-as-of-March-8-2019
5 Ways to Buy Bitcoin with Credit Card or Debit Instantly (2019) https://www.buybitcoinworldwide.com/credit-debit-card/
Posted by ChumpChange
Mar 20, 2019
Mar 20, 2019
Win 1 set, Lose 2 Sets
If I roll for 500 PL bets, the square root of that is +/-22 bets, subtract 7 bets for HA, so I can expect to win up to 15 bets or lose up to 29 bets.I should check my daily strategy to Buy-In for 2 sessions of 15 bets each, and be able to make all that back from the last bet.
Comments
OnceDear
Mar 20, 2019
What's special about the last bet? Does it wear a yellow t-shirt saying ' Don't worry: this one will be a winner'
ChumpChange
Mar 20, 2019
WinCraps thinks so, today anyway.
ChumpChange
Mar 21, 2019
In between hot shooters killing my rail money I managed to win 9 Don't Pass Odds Bets in a row, 10 Don't Pass Odds Bets in a row, and 7 Don't Pass Odds Bets in a row. So WinCraps wasted a lot of my time going nowhere, then took me down to my last bet of my $4800 buy-in, and I won it back with $120 on the DP and $360 Don't Odds on an odds progressive of $360, $360, $360, $480, $600, $720, $720 until a loss. I can't really run a progressive on the Don't Pass bet itself because it gets mauled on the come-out rolls.
When I got to $7200, I raised my bets to $180 DP and $540 odds with an odds progression of $540, $540, $540, $720, $900, $1080, $1080 until a loss. WinCraps kept bringing me down with hot shooters when I raised my bets. They'd get 4 points, like 3 shooters in a row it seemed. So I'd have to crawl back to my raise balance several times. One time it put me on a win streak instead and I got to my next raise point of $10,800 where I doubled my original bet sequence. When I got to $15,600, I'd double my 2nd bet sequence. I'd just multiply my total DP & Odds bet before the progression by 5 to determine my next raise mark.
I'm going to try to limit my daily wins at the casino to 10-15 bets and come back another day.
Narrator: Who said he would see ANY upside, period!?
Edit: I'm going to play DP with odds until I get 2 losses on one shooter then turn it around and play PL progressive with static odds so I don't lose more than 3 odds bets per shooter. I'm up over 20 bets in 525 rolls with this strategy, this time.
Comments
Is this really true? Social Security Card and Jackpots | Page 8 | Vegas Message Board
https://www.vegasmessageboard.com/forums/index.php?threads/is-this-really-true-social-security-card-and-jackpots.721/page-8
Hello,
Bring your soc. sec. card, keep it locked in the hotel room safe, then if you win a jackpot, you will have it, and will just need to show it to the casino where you won the jackpot, so they will release the funds.
My husband works in the casino as a surveillance agent and he has to film this all the time. If you don't have your soc sec card, they will hold the funds until you can produce it. At least, those are the rules at the casino where he works here in Nevada.
Hope this helps.
K-9treatbaker
No, that isn't true. You don't need to have your social security card & can't be compelled to produce it. The back of the card literally says "do not carry this card on your person."
Also, why do people think that hotel room safes are...safe? The only people with access to your room are you & the hotel staff. And the staff knows how to reset the safe in case you leave & don't unlock it...
Back in the day, before Windows 95, I used to see old grannies win jackpots on the slots at an Indian casino and they dutifully showed their SS card to the handpay slot attendant who was filling out a tax form to go. What I'm learning this time around is that if you've never won a jackpot at a certain casino, you should bring your SS card if you expect to be paid for a jackpot on the same day. Once your number is in their system, the casino can refer to it for subsequent jackpots. The casino can refuse to pay, or use backup withholding of 24% without the SS card. Is verbally giving your SSN enough? I'm not so sure. Some players fill out a request to inform the casino of your tax ID number form, and that may or may not be enough but you might still be subject to backup withholding until that information clears.
I've never had the hassle of winning a jackpot, but I have my minimums. I'm curious about high limit players who can overide a handpay by punching in a PIN number for their slot card. They gave their SS number to the desk in association with their player's card. If someone has 50+ handpays in a day, how do you document your wins and losses for the day to figure your taxes?