jerrysnj
jerrysnj
Joined: Jan 8, 2015
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April 24th, 2015 at 3:47:23 PM permalink
I can only hope this doesn't happen but the IRS is proposing the $1200 threshold for reporting slot wins be lowered to $600 along with other not mentioned, in the article, changes to gambling reporting.
http://www.pressofatlanticcity.com/news/breaking/casinos-warn-against-irs-changing-jackpot-treatment/article_f22404a8-eac5-11e4-ac23-8761a9e4c242.html?mode=jqm
surrender88s
surrender88s
Joined: Jun 23, 2013
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April 24th, 2015 at 4:10:40 PM permalink
That would mean many more hand pays, in other words, less revenue and more expenses for casinos.
"Rule No.1: Never lose money. Rule No.2: Never forget rule No.1." -Warren Buffett on risk/return
Ibeatyouraces
Ibeatyouraces
Joined: Jan 12, 2010
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April 24th, 2015 at 4:30:28 PM permalink
Why don't we just go to work and then give the government everything. We are all poker players and the IRS is the rake. Eventually they'll get it all.
DUHHIIIIIIIII HEARD THAT!
Mission146
Mission146
Joined: May 15, 2012
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April 24th, 2015 at 9:21:42 PM permalink
Perhaps you guys would enjoy the Article I wrote about this for this site:

http://wizardofvegas.com/articles/reduced-jackpot/
Vultures can't be choosers.
MrsHeartRN
MrsHeartRN
Joined: Nov 7, 2014
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April 25th, 2015 at 4:30:56 AM permalink
http://www.uspoker.com/blog/effects-of-irs-proposal-to-lower-taxable-amount-to-600/9808/

This is an interesting article on how lowering the threshold to $600 would effect play on machines and VP.



The other "not mentioned" changes would be a cumulative $600. They are looking into tracking smaller wins on the same machine. With today's technology and the ability to track a players sessions the IRS is looking into how to monitor sessions with smaller wins that total the $600 threshold. The only way around that would be not to use your players card. I don't think that would or could happen though.
You only go around once, but if you play your cards right, once is enough. ¯ Francis Albert
dave12038457
dave12038457
Joined: Aug 16, 2014
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April 26th, 2015 at 4:24:52 PM permalink
Since comps only cover at best what 20% of losses? Why risk giving 1/3rd of your wins to Uncle Sam?
If this happens it just may be worth ditching the card...
zoobrew
zoobrew
Joined: Jan 12, 2015
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April 26th, 2015 at 4:31:43 PM permalink
If the IRS wants this to happen they will require the slots to only operate with a players card. With the continued loss of privacy, it may not be very many years before this happens.
dave12038457
dave12038457
Joined: Aug 16, 2014
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April 26th, 2015 at 5:06:46 PM permalink
YIKES!!! A scary thought.
TomG
TomG
Joined: Sep 26, 2010
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April 26th, 2015 at 5:10:46 PM permalink
Quote: zoobrew

If the IRS wants this to happen they will require the slots to only operate with a players card. With the continued loss of privacy, it may not be very many years before this happens.



Wouldn't the loss of revenue to the casino that comes from that also mean loss of revenue to the IRS. . .
Intheknow
Intheknow
Joined: Jan 8, 2015
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April 26th, 2015 at 6:18:54 PM permalink
Yes. The government is very efficient and expedient when it comes to collecting taxes.

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