vigarceau
vigarceau
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February 18th, 2023 at 10:30:30 AM permalink
Welcome to the debate about the advantages and disadvantages of online casinos! The gambling industry has relocated online as the globe becomes more digital, giving customers a simple and accessible way to play their preferred casino games. The possible risks associated with this convenience, meanwhile, include addiction, fraud, and illegal gambling. Yet, there are advantages to playing at online casinos as well, including a wider variety of games, higher payout percentages, and the convenience of playing at home. Let's discuss this issue constructively and examine both the advantages and disadvantages of online casinos. What do you think about and have you done with internet gambling?
ChumpChange
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February 18th, 2023 at 10:49:45 AM permalink
Watching big bettors on YouTube racking up tax forms for every $600 bet they win on online BJ is utterly disgusting, but so is winning $1500 on $100 VP at the B&M.
Mental
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February 18th, 2023 at 12:35:05 PM permalink
Quote: ChumpChange

Watching big bettors on YouTube racking up tax forms for every $600 bet they win on online BJ is utterly disgusting, but so is winning $1500 on $100 VP at the B&M.
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Who gets tax forms for $600 BJ bets? If you mean they win $1200 playing blackjack, that does not trigger tax reporting in the US.

On the other hand, I have bet $1500 per game on an online slot game trying to get multiple jackpots and I triggered tax a tax form for a $1250 win. The 'win' was less than my bet.
This forum is more enjoyable after I learned how to use the 'Block this user' button.
Dieter
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Dieter
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February 18th, 2023 at 1:15:24 PM permalink
Quote: Mental

Quote: ChumpChange

Watching big bettors on YouTube racking up tax forms for every $600 bet they win on online BJ is utterly disgusting, but so is winning $1500 on $100 VP at the B&M.
link to original post

Who gets tax forms for $600 BJ bets? If you mean they win $1200 playing blackjack, that does not trigger tax reporting in the US.

On the other hand, I have bet $1500 per game on an online slot game trying to get multiple jackpots and I triggered tax a tax form for a $1250 win. The 'win' was less than my bet.
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The tax reporting is different for table games played with chips (cheques) and for games played on machines.
May the cards fall in your favor.
Mental
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February 18th, 2023 at 1:52:26 PM permalink
I have plenty of online wins on UTH and BJ that exceed $1200. I am not getting W-2Gs.

Also, hybrid craps which is played in B&M casinos at consoles with electronic credits does not generate tax reports for wins over $1200.
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DRich
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February 18th, 2023 at 2:04:03 PM permalink
Quote: Mental

Quote: ChumpChange

Watching big bettors on YouTube racking up tax forms for every $600 bet they win on online BJ is utterly disgusting, but so is winning $1500 on $100 VP at the B&M.
link to original post

Who gets tax forms for $600 BJ bets? If you mean they win $1200 playing blackjack, that does not trigger tax reporting in the US.

On the other hand, I have bet $1500 per game on an online slot game trying to get multiple jackpots and I triggered tax a tax form for a $1250 win. The 'win' was less than my bet.
link to original post



If you play at a legal U.S. online casino you should be getting tax forms for BJ wins of $1200 or more because online gaming is considered an Electronic Gaming Machine, just like a slot machine, and $1200 wins are required to be reported.
At my age, a "Life In Prison" sentence is not much of a deterrent.
Mental
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February 18th, 2023 at 2:48:51 PM permalink
Quote: DRich

If you play at a legal U.S. online casino you should be getting tax forms for BJ wins of $1200 or more because online gaming is considered an Electronic Gaming Machine, just like a slot machine, and $1200 wins are required to be reported.
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Okay, I play at multiple legal U.S. online casinos and have not been getting tax forms for BJ or UTH wins of $1200 or more.

I trust that they know the rules. It would be odd that I have hundreds of W-2Gs for slot play and none from table games (live dealer or not).

Are you and Dieter basing your positions on a theoretical understanding of tax law or have you personally done the experiment and received the forms?
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DRich
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February 18th, 2023 at 3:03:33 PM permalink
Quote: Mental

Quote: DRich

If you play at a legal U.S. online casino you should be getting tax forms for BJ wins of $1200 or more because online gaming is considered an Electronic Gaming Machine, just like a slot machine, and $1200 wins are required to be reported.
link to original post

Okay, I play at multiple legal U.S. online casinos and have not been getting tax forms for BJ or UTH wins of $1200 or more.

I trust that they know the rules. It would be odd that I have hundreds of W-2Gs for slot play and none from table games (live dealer or not).

Are you and Dieter basing your positions on a theoretical understanding of tax law or have you personally done the experiment and received the forms?
link to original post



In my case, I have read many accounts of people in New Jersey getting W2's for BJ play online. It is possible that it has changed but that would definitely surprise me.
At my age, a "Life In Prison" sentence is not much of a deterrent.
ChumpChange
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February 18th, 2023 at 3:05:46 PM permalink
Earlier posters said they got the tax forms from the online casino early in the year for tax filing season, and they were never expecting it. So you could play all year and never see the forms until about this time of year.
Mental
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February 18th, 2023 at 3:17:57 PM permalink
Quote: ChumpChange

Earlier posters said they got the tax forms from the online casino early in the year for tax filing season, and they were never expecting it. So you could play all year and never see the forms until about this time of year.
link to original post

Most online casinos allow you to see a list of the tax forms you have received. Others actually stop your play until you acknowledge that you just generated a tax form. It is hard for me to miss dozens of tax forms.

Is it possible that people are getting them for table game wins over $5000 or some other higher number?

Most hearsay information is pretty worthless.

I will wait until someone posts a redacted picture of an online W-2G or an online casino sends me one.
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DRich
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February 18th, 2023 at 3:52:51 PM permalink
Quote: Mental

Quote: ChumpChange

Earlier posters said they got the tax forms from the online casino early in the year for tax filing season, and they were never expecting it. So you could play all year and never see the forms until about this time of year.
link to original post

Most online casinos allow you to see a list of the tax forms you have received. Others actually stop your play until you acknowledge that you just generated a tax form. It is hard for me to miss dozens of tax forms.

Is it possible that people are getting them for table game wins over $5000 or some other higher number?

Most hearsay information is pretty worthless.

I will wait until someone posts a redacted picture of an online W-2G or an online casino sends me one.
link to original post



I can not vouch for the accuracy of this but it was discussed in forum.

https://forumserver.twoplustwo.com/228/nj-partypoker-com/beware-if-you-play-blackjack-here-w2g-1506396/
At my age, a "Life In Prison" sentence is not much of a deterrent.
ChumpChange
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February 18th, 2023 at 4:15:11 PM permalink
So can you get excel spreadsheets of each session of BJ or whatever? Play 2,500 hands and get the results for 2,500 hands and explain your losses for about 1,250 hands to offset the about 1,250 W-2G's for winning/pushing.
Mental
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February 18th, 2023 at 4:40:40 PM permalink
Quote: ChumpChange

So can you get excel spreadsheets of each session of BJ or whatever? Play 2,500 hands and get the results for 2,500 hands and explain your losses for about 1,250 hands to offset the about 1,250 W-2G's for winning/pushing.
link to original post

I keep session records and I pay taxes on my net wins and free slot play. I have never been questioned on my gambling records. The IRS is probably deliriously happy with the amount I send them.

I can get detailed records of every bet and win at most properties. However, most casinos do not make it easy to download complete records. I spend a lot of time gathering and keeping records of my play. The only one that allows me to download a CSV file is the casino I play at the least.
This forum is more enjoyable after I learned how to use the 'Block this user' button.
ChumpChange
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February 18th, 2023 at 4:51:14 PM permalink
I used to use an X-Box screen recording feature with my old GeForce video card before it died. Re-watching and documenting hundreds or thousands of hands of whatever game I'm playing would be necessary if I was trying to document real online play for the taxman. Of course, if I'm not generating W-2G's while playing online because my stakes are too low, will the IRS still be alerted?
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