Are $600 hand pays in the future?
April 24th, 2015 at 3:47:23 PM
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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
http://www.pressofatlanticcity.com/news/breaking/casinos-warn-against-irs-changing-jackpot-treatment/article_f22404a8-eac5-11e4-ac23-8761a9e4c242.html?mode=jqm
April 24th, 2015 at 4:10:40 PM
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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
April 24th, 2015 at 4:30:28 PM
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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!
April 24th, 2015 at 9:21:42 PM
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Perhaps you guys would enjoy the Article I wrote about this for this site:
https://wizardofvegas.com/article/reduced-jackpot/
https://wizardofvegas.com/article/reduced-jackpot/
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
April 25th, 2015 at 4:30:56 AM
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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.
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
April 26th, 2015 at 4:24:52 PM
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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...
If this happens it just may be worth ditching the card...
April 26th, 2015 at 4:31:43 PM
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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.
April 26th, 2015 at 5:06:46 PM
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YIKES!!! A scary thought.
April 26th, 2015 at 5:10:46 PM
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Quote: zoobrewIf 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. . .
April 26th, 2015 at 6:18:54 PM
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Yes. The government is very efficient and expedient when it comes to collecting taxes.
April 26th, 2015 at 6:41:37 PM
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Quote: TomGWouldn't the loss of revenue to the casino that comes from that also mean loss of revenue to the IRS. . .
Why would there be a loss of revenue to the casino? Casinos are always saying that changes (non-smoking areas/total bans, no free drinks, etc.) will cause less gambling, but the total amount gambled in the US has been increasing for years. Gamblers will gamble, and the most important issues are not smoking, booze, game rules or taxes, but availability and personal income.
April 26th, 2015 at 7:39:15 PM
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If it makes filing more complicated that's reason alone to write your congressman(woman) and complain.
So, does it?
So, does it?
There's no secret. Just know what you're talking about before you open your mouth.
April 26th, 2015 at 7:49:34 PM
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Quote: rxwineIf it makes filing more complicated that's reason alone to write your congressman(woman) and complain.
So, does it?
Unless you send them a check for more than six figures, they don't give a $h!t about you or I.
DUHHIIIIIIIII HEARD THAT!
April 27th, 2015 at 1:41:33 AM
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I would like to see a poll of the general public of how many think that this proposal would be a good thing. It's gotta be a single digit percentage. If this proposal passes it's just another fine example out of control government and not much you can do but take it.
$1700, 18, 19, 1920, 40, 60,... :/ Thx 'Do it again'. I'll try
April 27th, 2015 at 2:19:23 AM
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I couldn't care less (did I use that phrase properlyz?) about the paperwork or accounting or taxes or whatever -- just deduct/write-off losses against the wins. Doesn't matter if a W2G is at $1200 minimum, $600, $5K, or $100 -- it's all being reported. I don't do my own taxes, either.
I'd be pissed if they lowered it to $600. I fvcking hate hitting hand-pays because it slows down my play and half the time it's not my own card I'm using anyway. Although granted I do like winning money.
I'd be pissed if they lowered it to $600. I fvcking hate hitting hand-pays because it slows down my play and half the time it's not my own card I'm using anyway. Although granted I do like winning money.
April 27th, 2015 at 4:10:48 AM
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Quote: zoobrewWhy would there be a loss of revenue to the casino? Casinos are always saying that changes (non-smoking areas/total bans, no free drinks, etc.) will cause less gambling, but the total amount gambled in the US has been increasing for years. Gamblers will gamble, and the most important issues are not smoking, booze, game rules or taxes, but availability and personal income.
You hit the nail on the head when you said gambling is up in the US. That's just it, when it was just Atlantic City and Las Vegas and a few Indian casinos here and there, I think the IRS thought that lowering the threshold would be a pimple on their ass, it might be a boil now but a very profitable boil.
Now that gambling has been approved in so many states with so many casino's around the country, the IRS sees this as a cash cow. Almost every state has a casino if not multiple casinos.
You only go around once, but if you play your cards right, once is enough.”
¯ Francis Albert
April 27th, 2015 at 7:22:02 AM
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Such a waste of time taxing gambling wins... I am glad, in general, the UK and Canada don't tax winnings. When they changed the rules to tax bookmakers overall profits in the UK, there was a surge in gambling take overall, as the game got fairer for punters.
"Then you can admire the real gambler, who has neither eaten, slept, thought nor lived, he has so smarted under the scourge of his martingale, so suffered on the rack of his desire for a coup at trente-et-quarante" - Honore de Balzac, 1829
April 27th, 2015 at 7:28:52 AM
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As usual, an out of control government agency trying to find more ways to tax us without adding fairness of any kind to the equation. Provide W-2's for EVERY win but let us itemize EVERY loss without having to document it as meticulously as they now require.
--Accept casino won/loss statements
--Make log detailing simpler...I took $1000 and left with $800...including the $600 hand pay
--Accept casino won/loss statements
--Make log detailing simpler...I took $1000 and left with $800...including the $600 hand pay
April 27th, 2015 at 9:21:12 PM
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Quote: RSI couldn't care less (did I use that phrase properlyz?) about the paperwork or accounting or taxes or whatever -- just deduct/write-off losses against the wins. Doesn't matter if a W2G is at $1200 minimum, $600, $5K, or $100 -- it's all being reported. I don't do my own taxes, either.
That doesn't work for everyone, for many casual gamblers, and others, the standard deduction will still be better than itemizing losses.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
