Poll

11 votes (55%)
9 votes (45%)

20 members have voted

marksolberg
marksolberg
Joined: Nov 14, 2009
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March 21st, 2012 at 10:57:49 AM permalink
If you won a promotional prize and were offered either $1000 in cash or $1000 in slot free play which would you choose? The $1000 cash will definitely be reported on a 1099M form. I'm not sure if the $1000 free play is reportable.

Mark
pokerface
pokerface
Joined: May 9, 2010
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March 21st, 2012 at 11:09:58 AM permalink
I voted for free play because I love free play offer and know it's real from my experience.
While cash offer would be better, but I've never seen it, so it doesn't count.
winning streaks come and go, losing streak never ends.
bigfoot66
bigfoot66
Joined: Feb 5, 2010
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March 21st, 2012 at 11:19:43 AM permalink
I would take the freeplay because of the tax implications. Even if I ended up with less than [$1000 - taxes] from the freeplay, I would much rather the generous casino get to keep it than the government use the money to imprison my friends for smoking dope or killing brown people overseas.
Vote for Nobody 2016!
EvenBob
EvenBob
Joined: Jul 18, 2010
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March 21st, 2012 at 12:24:48 PM permalink
Quote: bigfoot66

than the government use the money to imprison my friends for smoking dope or killing brown people overseas.



Smoking dope isn't illegal, possessing it is. Brown people
being killed by the US isn't a sin or even illegal, whats your
problem. Obama doesn't have a problem with it.
"It's not enough to succeed, your friends must fail." Gore Vidal
teddys
teddys
Joined: Nov 14, 2009
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March 21st, 2012 at 12:42:07 PM permalink
Freeplay. Has about the same utility as cash to me. If I could be certain there would be no tax implications, though, I would take the cash.
"Dice, verily, are armed with goads and driving-hooks, deceiving and tormenting, causing grievous woe." -Rig Veda 10.34.4
Triplell
Triplell
Joined: Aug 13, 2010
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March 21st, 2012 at 12:42:07 PM permalink
Quote: EvenBob

Smoking dope isn't illegal, possessing it is. Brown people
being killed by the US isn't a sin or even illegal, whats your
problem. Obama doesn't have a problem with it.



(You have to posses it to smoke it ;)...)

I thought we were just fighting a war, I didn't realize we were targeting "brown people"...

Also, since when did casino's quit paying taxes? You know that they are taxed on their earnings as well...
Ayecarumba
Ayecarumba
Joined: Nov 17, 2009
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March 21st, 2012 at 12:43:52 PM permalink
Quote: marksolberg

If you won a promotional prize and were offered either $1000 in cash or $1000 in slot free play which would you choose? The $1000 cash will definitely be reported on a 1099M form. I'm not sure if the $1000 free play is reportable.

Mark



Why not take the cash? Wouldn't the gain from this "promotion" be reported as gambling income, and only require a W-2G (and itemized deduction of gambling losses at the end of the year to offset)?
America is all about speed. Hot, nasty, bad-ass speed. - Eleanor Roosevelt, 1936
DanMahowny
DanMahowny
Joined: Feb 25, 2012
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March 21st, 2012 at 12:50:07 PM permalink
Gambling losses can be deducted if the gambling winning were reported via W-2G. However, I doubt you can deduct gambling losses against a 1099-Misc. Of course, I'm not a CPA or tax attorney, but I did stay at a Holiday Inn Express once.
"I don't have a gambling problem. I have a financial problem."
marksolberg
marksolberg
Joined: Nov 14, 2009
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March 21st, 2012 at 12:57:24 PM permalink
Quote: Ayecarumba

Why not take the cash? Wouldn't the gain from this "promotion" be reported as gambling income, and only require a W-2G (and itemized deduction of gambling losses at the end of the year to offset)?



Let's assume that this was a ticket drawing. In that case it's not a W2G, it's reported on a 1099-MISC to the IRS. If by "gain" you mean the whatever you won by playing $1000 in free play then technically yes, you as the individual taxpayer are suppose to be report it. But we all know that doesn't happen.

Mark
DJTeddyBear
DJTeddyBear
Joined: Nov 2, 2009
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March 21st, 2012 at 1:00:00 PM permalink
Getting a 1099-M (or W2-G) doesn't bother me.

My concern is if there are any limitations on the free play.

If the free play is "as good as cash", then I'll take it. If not, gimme cash.
Superstitions are silly, childish, irrational rituals, born out of fear of the unknown. But how much does it cost to knock on wood? Note that the same could be said for Religion. I.E. Religion is nothing more than organized superstition.

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