FleaStiff
FleaStiff
Joined: Oct 19, 2009
  • Threads: 265
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March 31st, 2018 at 2:30:37 PM permalink
Roulette ... on a dare.

Jake Cody instead of saying ALL IN said ALL ON BLACK for his $60,000 poker winnings. ONE roll, casino manager watching with bated breath.... the ball fell into a red slot then bounced one and landed in a black one where it remained.

PS: April 3 thru 18 (2018) has a three million dollar poker event at Seminole Hard Rock in Fort "liquordale" Florida.
ThatDonGuy
ThatDonGuy
Joined: Jun 22, 2011
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March 31st, 2018 at 2:40:33 PM permalink
Hmmm...did he actually get the money and then make the bet, or did he ask the casino if he could make it "double or nothing" on black?

If the latter, he might have avoided a W-2G (almost said 1099-G there, which is a state income tax refund, which I didn't get for the second year running, cheap lousy ripoff California Franchise Tax Board), since it is issued for a poker win of $5000 or more after the buy-in is subtracted, but not on an even-money roulette bet.

Of course, since it was over $10,000, he still has to go through RICO processing, so there's a Federal record of the transaction, not to mention the fact that, even though he may not have gotten a W-2G, his winning was widely advertised, so it would be an easy matter of the IRS calling him to the carpet if he forgot to declare it.
OnceDear
Administrator
OnceDear
Joined: Jun 1, 2014
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  • Posts: 5148
March 31st, 2018 at 2:53:47 PM permalink
Quote: ThatDonGuy

Hmmm...did he actually get the money and then make the bet, or did he ask the casino if he could make it "double or nothing" on black?

If the latter, he might have avoided a W-2G (almost said 1099-G there, which is a state income tax refund, which I didn't get for the second year running, cheap lousy ripoff California Franchise Tax Board), since it is issued for a poker win of $5000 or more after the buy-in is subtracted, but not on an even-money roulette bet.

Of course, since it was over $10,000, he still has to go through RICO processing, so there's a Federal record of the transaction, not to mention the fact that, even though he may not have gotten a W-2G, his winning was widely advertised, so it would be an easy matter of the IRS calling him to the carpet if he forgot to declare it.


He did it in the UK. There is no tax to worry about here.
He had the management accept his trophy as a virtual chip. The casino manager spun the ball for him. It's all on youtube.
Take care out there. Spare a thought for the newly poor who were happy in their world just a few days ago, but whose whole way of life just collapsed..
TigerWu
TigerWu
Joined: May 23, 2016
  • Threads: 21
  • Posts: 4022
March 31st, 2018 at 2:55:06 PM permalink
Quote: FleaStiff


Jake Cody instead of saying ALL IN said ALL ON BLACK



Good advice...
Mosca
Mosca
Joined: Dec 14, 2009
  • Threads: 179
  • Posts: 3815
March 31st, 2018 at 3:21:12 PM permalink
Quote: ThatDonGuy

Hmmm...did he actually get the money and then make the bet, or did he ask the casino if he could make it "double or nothing" on black?

If the latter, he might have avoided a W-2G (almost said 1099-G there, which is a state income tax refund, which I didn't get for the second year running, cheap lousy ripoff California Franchise Tax Board), since it is issued for a poker win of $5000 or more after the buy-in is subtracted, but not on an even-money roulette bet.

Of course, since it was over $10,000, he still has to go through RICO processing, so there's a Federal record of the transaction, not to mention the fact that, even though he may not have gotten a W-2G, his winning was widely advertised, so it would be an easy matter of the IRS calling him to the carpet if he forgot to declare it.



Itís not RICO. Itís Form 8300.
NO KILL I

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