High limit slot win

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February 18th, 2014 at 2:38:51 PM permalink
BTLWI
Member since: Nov 6, 2013
Threads: 0
Posts: 41
Quote: gpac1377
Yes, you're correct. It's a scheme that could only be conceived by a politician or bureaucrat.


No, no, no.

The "bad states for gambling" have the schemes thought up by those groups. We cannot deduct losses.

That's right, whatever amount is on your W2G is what you're taxed on for the state. Win $2000 today, lose $2000 tomorrow and repeat for the whole year and you'll owe roughly $36,000 on your $0 winnings.

http://www.revenue.wi.gov/taxpro/fact/gambling.pdf

The taxpayer then reports the net gains from all winning sessions for the year in Wisconsin taxable income if the winning sessions have a situs in Wisconsin.
If the taxpayer has losing sessions, the net losses from those sessions are not deductible for Wisconsin income tax purposes.
February 18th, 2014 at 2:56:08 PM permalink
AcesAndEights
Member since: Jan 5, 2012
Threads: 49
Posts: 3260
Quote: BTLWI
No, no, no.

The "bad states for gambling" have the schemes thought up by those groups. We cannot deduct losses.

That's right, whatever amount is on your W2G is what you're taxed on for the state. Win $2000 today, lose $2000 tomorrow and repeat for the whole year and you'll owe roughly $36,000 on your $0 winnings.

http://www.revenue.wi.gov/taxpro/fact/gambling.pdf

The taxpayer then reports the net gains from all winning sessions for the year in Wisconsin taxable income if the winning sessions have a situs in Wisconsin.
If the taxpayer has losing sessions, the net losses from those sessions are not deductible for Wisconsin income tax purposes.

The states that do this just absolutely boggle the mind. How/why hasn't there been legal action against these state governments? It's just a completely untenable position. I'm just sitting here steaming at my desk thinking about it, since it's a possibility in the midterm future that I might be moving to Massachusetts, which is one of the stupid states.
"Hello, Adam and Eve: meet that old serpent, seven out." -MrV
February 18th, 2014 at 3:00:51 PM permalink
gpac1377
Member since: Apr 7, 2013
Threads: 8
Posts: 676
Quote: BTLWI
The "bad states for gambling" have the schemes thought up by those groups. We cannot deduct losses.

It makes my blood boil, and I'm a Nevada resident, so I'm not even affected. A couple days back, someone on vpFREE summarized the ridiculous federal situation, then went on to describe state taxes:

Quote: <vpFREE>
For state tax purposes, the situation is far worse, to the point of being sadistically punitive, in a growing number of states that don't allow the deduction of ANY losses on Schedule A, or that limit the deduction. For gamblers in those states, it doesn't pay to wake up in the morning.

Disgusting.
"Scientists tell us that the fastest animal on earth, with a top speed of 120 feet per second, is a cow that has been dropped out of a helicopter."
February 18th, 2014 at 6:37:47 PM permalink
beachbumbabs
Administrator
Member since: May 21, 2013
Threads: 36
Posts: 3461
It definitely pays to live in no-state-tax states. In the last 30 years, I was in SD, Wash and Florida, (all no tax) with 3 years in SC (which did tax). I worked in Oregon for 4 of those years even living in Wash, so had to pay them (bleah). A couple of the guys at PDX I worked with filed for a 50% exemption on their state taxes, because 1/2 our airspace and several airports were in Washington. That got them red-flagged and audited for years after that by Oregon. Again bleah.
"If the house lost every hand, they wouldn't deal the game."
March 3rd, 2014 at 7:30:51 PM permalink
Dobrij
Member since: Jun 6, 2012
Threads: 5
Posts: 33
Hello 4 all !

Tell me please, how much bet in win-bank (win) ?

Here talking about ..
June 8th, 2014 at 6:21:31 PM permalink
RaleighCraps
Member since: Feb 20, 2010
Threads: 65
Posts: 2032
Well, for you regular video players this is not a big win, and certainly not a High Limit slot win, but the machine I was playing at Harrah's Cherokee was in the High Limit room, so I'm claiming it. :-) And I got a damn W2G

I was on a 2 day heater, had won 4 out of 4 craps sessions, two for two on BlackJack sessions, and even won some money on a $.01 slot killing time with my bride. So we headed off to the High Limit room, where I found a $1, 3 play Ultimate X video poker game. Put in $300, and hit this after about 10 minutes.

This pretty much guarantees that I will be a life time winner at Video Poker, as I rarely play, and I can't see me ever running $2,400 dollars into them in the future.

BTW, held the 2nd and 4th Aces........

Always borrow money from a pessimist; They don't expect to get paid back ! Be yourself and speak your thoughts. Those who matter won't mind, and those that mind, don't matter!
June 8th, 2014 at 6:55:12 PM permalink
beachbumbabs
Administrator
Member since: May 21, 2013
Threads: 36
Posts: 3461
Quote: RaleighCraps
Well, for you regular video players this is not a big win, and certainly not a High Limit slot win, but the machine I was playing at Harrah's Cherokee was in the High Limit room, so I'm claiming it. :-) And I got a damn W2G

I was on a 2 day heater, had won 4 out of 4 craps sessions, two for two on BlackJack sessions, and even won some money on a $.01 slot killing time with my bride. So we headed off to the High Limit room, where I found a $1, 3 play Ultimate X video poker game. Put in $300, and hit this after about 10 minutes.

This pretty much guarantees that I will be a life time winner at Video Poker, as I rarely play, and I can't see me ever running $2,400 dollars into them in the future.

BTW, held the 2nd and 4th Aces........



VERY nice, Raleigh! Sweet when it all comes together.
"If the house lost every hand, they wouldn't deal the game."
June 8th, 2014 at 10:47:11 PM permalink
djatc
Member since: Jan 15, 2013
Threads: 56
Posts: 1898
That 6 needs to look like a 4 amirite?
https://www.youtube.com/watch?v=jxJHcwlBcmU
June 9th, 2014 at 2:22:09 AM permalink
RS
Member since: Feb 11, 2014
Threads: 8
Posts: 615
First time I got a W2G....I saw a UTX machine and didn't know how they worked other than the bits I read online. Its a quarter machine so I figure what the hell, I'll give her a shot. Game is fun but I notice it's lots of slow losing then a chunky hit for $50 or $100 sometimes. I'm almost done playing since I'm almost tapped out.....and low and behold, I get dealt AAA. I hold it thinking it's just keeping me alive. I hold AAA hit draw and machine locks up I'm like WTF! I usually play JoB and not DDB....turns out I hit four A's with a deuce on the multiplier hand (I think it was 4x?)...for about $2,000 total. Sad part is I left multipliers behind, on accident.

I wasn't even vulturing the damn game, just wanted to learn how it works!
June 9th, 2014 at 10:15:59 AM permalink
odiousgambit
Member since: Nov 9, 2009
Threads: 227
Posts: 4756
Quote: BTLWI
The "bad states for gambling" have the schemes thought up by those groups. We cannot deduct losses.


How many are asking "is my state one of the bad ones?" [g] I googled and came up with this.

Quote: the link
Somes states either don't allow a deduction for gambling losses or don't allow itemized deductions. The result in those states is that for state tax purposes, you are taxed on gambling gains without any offset for losses. Those states include:

Connecticut*
Illinois*
Indiana*
Louisiana (Itemized Deduction Limitation)
Massachusetts*
Michigan*
Minnesota (State AMT Impacts Amateurs)
Mississippi (allows a deduction only for losses in Mississippi)
New Hampshire (10% Gambling Tax)
New York (Itemized Deduction Limitation)
Ohio (Anticipatedto change in 2013)
West Virginia*
Wisconsin*

__________________________________________________________
*Those states do not allow gambling losses as an itemized deduction.


https://ttlc.intuit.com/questions/1528811-can-you-deduct-gambling-losses
"Baccarat is a game whereby the croupier gathers in money with a flexible sculling oar, then rakes it home. If I could have borrowed his oar I would have stayed." Mark Twain
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