SOOPOO
SOOPOO
Joined: Aug 8, 2010
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February 2nd, 2019 at 9:20:07 AM permalink
The OP sounds like he played at a site which is legal. What about the majority of Americans who have played at sites which are illegal in this country? I assume the illegal sites do not do any reporting? meaning no W-2Gs? It seems like the advantage of the illegal casinos must be huge if you live in one of the states that taxes winnings without allowing you to deduct losses.
Reason number 286 why I avoid on line casinos.....
ChumpChange
ChumpChange
Joined: Jun 15, 2018
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February 2nd, 2019 at 9:41:23 AM permalink
When you buy-in and cash-out of the online casino with Bitcoin, I don't see a financial transaction there since Bitcoin is property and not money (but some state will decide to call it money any day now, who knows).
TigerWu
TigerWu
Joined: May 23, 2016
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February 2nd, 2019 at 9:45:16 AM permalink
Quote: SOOPOO

The OP sounds like he played at a site which is legal. What about the majority of Americans who have played at sites which are illegal in this country? I assume the illegal sites do not do any reporting? meaning no W-2Gs? It seems like the advantage of the illegal casinos must be huge if you live in one of the states that taxes winnings without allowing you to deduct losses.
Reason number 286 why I avoid on line casinos.....



This whole thread has me questioning whether I ever want to wager more than $25 a hand at anything.... haha...

I never thought about the tax implications I could get myself mixed up in if I start betting blacks or purples on a regular basis.
ChumpChange
ChumpChange
Joined: Jun 15, 2018
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February 2nd, 2019 at 9:52:36 AM permalink
You start loading up the Roulette betting field with $35 bets, you can expect big wins that trigger a $1200 W-2G! That doesn't happen in a brick & mortar casino. #Triggered
BV3273
BV3273
Joined: Jan 31, 2019
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February 2nd, 2019 at 10:09:26 AM permalink
In hindsight itís all 20-20. I just didnít equate that a hand of blackjack would register as slot play. Itís completely rediculous to categorize a blackjack win as a slot win.

I hope someone spares themselves the nonsense by reading this thread and bets in a way not to trigger these wins. I know I wish I had before I played last August.

As far as not reporting the whole amount on the W2G Iíll look into it, but as of now I am going to report it. Iím going to call the gamblers accountant again and get his take on it before I file.
SOOPOO
SOOPOO
Joined: Aug 8, 2010
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February 2nd, 2019 at 10:15:46 AM permalink
BV, you are relatively new here, so we really do not know much about you. It doesn't 'sound' like you are independently wealthy, but were willing to risk $1,000 + on a single online blackjack hand. I am sort of wealthy by most standards, but couldn't even fathom pushing that button! You may want to keep it private, which is of course ok, but can you share how you got to be playing $1,000+ hand blackjack online?
MichaelBluejay
MichaelBluejay
Joined: Sep 17, 2010
  • Threads: 29
  • Posts: 791
February 2nd, 2019 at 10:29:14 AM permalink
Quote: ChumpChange

When you buy-in and cash-out of the online casino with Bitcoin, I don't see a financial transaction there since Bitcoin is property and not money (but some state will decide to call it money any day now, who knows).

The IRS does consider Bitcoin to be property, but that doesn't mean it's not a transaction. After all, stocks are property but buying and selling them is certainly a transaction, with gains becoming taxable. It makes no difference whether you win property or cash, it's still a win (as I say in the very first bullet point in my article.

Quote: BV3273

Iím going to call the gamblers accountant again and get his take on it before I file.

Good idea. Be sure to refer the accountant to my article. Once s/he sees the tax court case I cite that says you report session wins and not W-2G wins, s/he may have a different opinion on the matter.
Last edited by: MichaelBluejay on Feb 2, 2019
FinsRule
FinsRule
Joined: Dec 23, 2009
  • Threads: 119
  • Posts: 3667
February 2nd, 2019 at 10:31:23 AM permalink
Quote: SOOPOO

BV, you are relatively new here, so we really do not know much about you. It doesn't 'sound' like you are independently wealthy, but were willing to risk $1,000 + on a single online blackjack hand. I am sort of wealthy by most standards, but couldn't even fathom pushing that button! You may want to keep it private, which is of course ok, but can you share how you got to be playing $1,000+ hand blackjack online?



Iím comfortable playing $10 blackjack. Letís say my annual income is around 150. That would mean i would need an annual income of 15 mil to play $1000 a hand. Sounds about right.
odiousgambit
odiousgambit
Joined: Nov 9, 2009
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February 2nd, 2019 at 10:32:07 AM permalink
It was online!! I missed that. That makes a difference, no wonder they are looking at those "table games" as something that isn't really a table game. I'm not saying I agree with them, I'm 'just saying'
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: ďThanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!Ē She is, after all, stone deaf. ... Arnold Snyder
ChumpChange
ChumpChange
Joined: Jun 15, 2018
  • Threads: 16
  • Posts: 461
February 2nd, 2019 at 10:50:35 AM permalink
I've got a BJ strategy where I buy-in for $450 and bet $45 a hand. If I raise my bets every 5 hands I'm ahead, I'll be betting $900 a hand by the time I'm ahead 50 hands at $15,000+. I haven't seen any banks of slot Blackjack machines at the casino where I can do this in 2 hours (and not get a bunch of W-2G's for my efforts).

The slot Blackjack machines I saw 20 years ago, that were the slower dollar denomination would never let me win to more than 3 hands ahead; but the quarter slot BJ machines I had a big run on for awhile until everybody noticed that the casino had tightened the machines up like they were supposed to payout 86% instead of near even money.

Just saw somebody playing a single-user multi-player BJ machine on YT. Can bet either $1 or 25 cents, but you play 7 different hands against the dealer simultaneously. It says you can bet up to 350 credits, so I'm assuming it's up to 50 credits per hand before splits and double downs. You'll win if you're in when the dealer busts, but you'll get crushed by a bus when the dealer blackjacks.
Last edited by: ChumpChange on Feb 2, 2019

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