chkRsd
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January 13th, 2014 at 10:52:18 AM permalink
Please move if this is in the wrong forum.

Just made a nice amount in a free invite-only slot tournament and haven't picked up my cash prize yet. Was wondering as far as tipping, is it expected that I tip someone? I will be claiming the prize many days after the event, so would a tip even get to the coordinators/slot attendants that participated in the event?

Also, was wondering about amount. Recommended percent or flat amount to tip?

Finally, if anyone has any tax advice on this win, I would be open to hear it. This is my first cash in a slot tournament and have read that I will probably be issued a 1099 MISC instead of a W2G. Will they be withholding 25% right off the top? Anything I should prepare before I go pick up the prize?

Thanks!
1arrowheaddr
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January 13th, 2014 at 11:20:22 AM permalink
As long as you provide a SS number my understandings is that having the casino withhold for the IRS is optional. Of course, you are responsible for making an estimated tax payment to the IRS if required. There may be required state tax withholding depending on the state.

I don't feel like you have to tip and I doubt I would. If you are tipping, my rule of thumb would be to tip no more than one percent.
RogerKint
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January 13th, 2014 at 11:48:34 AM permalink
Congrats on the win. I've won two invitational slot tourneys and didn't tip a damn thing. At no point did anyone seem like they expected a tip. A gift for your host may be a good idea.

I don't recall the tax forms they used but they definitely did not withhold money.
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chkRsd
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January 13th, 2014 at 11:52:38 AM permalink
Quote: RogerKint

Congrats on the win. I've won two invitational slot tourneys and didn't tip a a damn thing. At no point did anyone seem like they expected a tip. A gift for your host may be a good idea.



OK good to know. Just want to make sure that the cage doesn't expect anything.

The last time I was contacted by a host may have been something like a year ago. Never used him for anything though.

I go to the casino maybe once every two months, and usually book rooms on my own. I am totally new to etiquette when interacting with a host. If I am introduced to one when picking up the cash, would he/she be expected a tip? I suppose I'm asking whether the promotions that show up in my rewards page is due to a computer auto categorizing me, or is there someone behind the curtain comping me free play and rooms.

Thanks!
RogerKint
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January 13th, 2014 at 12:06:11 PM permalink
Quote: chkRsd

I am totally new to etiquette when interacting with a host. If I am introduced to one when picking up the cash, would he/she be expected a tip?



Of course not, but I'm expecting a tip for answering this question ;)
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AxelWolf
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January 13th, 2014 at 12:22:35 PM permalink
No tipping is necessary, unless you want to. If the cashier is the one who pays you, It wont hurt to give the cashier $20, she will be happy getting anything. A change person of floor person will think that's cheap.

I was thinking the same thing as Roger, if you are going to tip someone a significant amount, let say $100 or more, I would make it a host. I would defiantly seek one out, tip or not. I have a feeling since you won a slot Tourney, they want some of that money back. A host might treat you better then your coin in warrants.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
onenickelmiracle
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January 13th, 2014 at 1:50:34 PM permalink
It's a good question. If it were me, I would just tip the cashier when redeeming the money and leave it at that.
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Boz
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January 13th, 2014 at 1:59:12 PM permalink
Put me in the no tipping column for this one and I try to tip for most anything.
beachbumbabs
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January 13th, 2014 at 2:46:33 PM permalink
I tip my host after finding out what he/she likes. My most recent one likes ancient coins, so that's what he gets. He takes very good care of me.

Being nice to the pit bosses (SUPERVISORS) tends to get me rated for higher play than I'm making, usually; sometimes double. Which leads to better comps. Being nice to the dealers tends to get noticed by the pit supes as well. I don't mind a bit being marked as a good tipper; it comes back to me tenfold in comps and service, let alone the entertainment value. The dealers were very appreciative, and a couple of decisions went my way that might have been resolved differently.

Biloxi was a very good example of that. I tipped 2/drink; I got service every 20 minutes, no matter where I was playing. I tipped 5/10 to the bellhops; they RAN to get me ice, happily put things in the car exactly where I wanted them to be, opened doors, etc. I tipped the free valets every time; car was never more than 1 minute away, and they skipped in the line to take my keys and give me a ticket immediately a couple of times. My 20 upgrade got us a minisuite on the concierge floor when I had a standard double reserved. The maid got 5/day, and we had piles of coffee, soaps, fresh towels, anything we wanted within her power to provide. And good tips in the grill along with repeat business got me special-ordered fries, the deluxe dessert for my mom from the closed restaurant, free beverages, fast and hot food. All of that stuff was comped or free anyway, but the people providing the service deserve to be acknowledged. I SEE them, too, which sometimes means more to them than the tip, because I've done every one of their jobs, (waitress/hotel maid/dealer/clerk/bartender/cocktail anyway; never been valet or bellhop) and I know how hard it is sometimes to keep smiling.
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rudeboyoi
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January 13th, 2014 at 2:55:57 PM permalink
Tipping the cashier would only be for a karmic reason. Theres nothing to gain from them. But if it makes you feel happy then whatever.
AxiomOfChoice
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January 13th, 2014 at 3:26:28 PM permalink
Quote: beachbumbabs

Being nice to the pit bosses (SUPERVISORS) tends to get me rated for higher play than I'm making, usually; sometimes double. Which leads to better comps.



How/when do you take care of the suits?
djatc
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January 13th, 2014 at 8:38:55 PM permalink
Quote: rudeboyoi

Tipping the cashier would only be for a karmic reason. Theres nothing to gain from them. But if it makes you feel happy then whatever.



I hate cashing tickets that can't be cashed at the machine. They see the amount and think omg you hit the jackpot! But they don't realize I lost a big amount and just decided to make a mega-ticket since I got tired of feeding $100s.
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Tomspur
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January 13th, 2014 at 8:45:47 PM permalink
In my opinion, if you have received good service albeit from the slot people or the cashier then a tip is in order. Obviously the person who made sure you were invited was your host. He/She should deserve a tip too, no doubt. Also you would get much more mileage out of tipping your hosts than you would tipping your cashier but it shouldn't diminish from the main reason you tip anybody.....SERVICE!

As far as the 1099 or W2 goes, it depends on State to state. In NV anything over $5,000 they HAVE to withold the tax (last I was involved in 2012) and anything under $5,000 you have to declare and pay provisional.

Things may have changed obviously.

Congrats for the win!
“There is something about the outside of a horse that is good for the inside of a man.” - Winston Churchill
AxelWolf
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January 13th, 2014 at 9:04:34 PM permalink
Quote: Tomspur

In my opinion, if you have received good service albeit from the slot people or the cashier then a tip is in order. Obviously the person who made sure you were invited was your host. He/She should deserve a tip too, no doubt. Also you would get much more mileage out of tipping your hosts than you would tipping your cashier but it shouldn't diminish from the main reason you tip anybody.....SERVICE!

As far as the 1099 or W2 goes, it depends on State to state. In NV anything over $5,000 they HAVE to withold the tax (last I was involved in 2012) and anything under $5,000 you have to declare and pay provisional.

Things may have changed obviously.

Congrats for the win!

In NV anything over $5,000 they HAVE to withold the tax (last I was involved in 2012) and anything under $5,000 you have to declare and pay provisional. ?????????????????????? Are you talking about if you are from a different country? Or did I miss something?

Also I don't like that you used the phrase a tip is in order A TIP IS NEVER IN ORDER do it because you want to. Worst then a non tipper, is someone who tells others how,when and where to tip. If you don't like or want to tip that's your business. Obviously if your non tipping makes me look bad, I will make up for it or avoid your company.

I do think all AP's should tip, so not to make all AP's look bad. If there is a good promotion going on and Pros are stiffing, only in this case would I really be upset and say something. Ploppies can stiff away.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
Tomspur
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January 13th, 2014 at 9:11:54 PM permalink
Quote: AxelWolf

In NV anything over $5,000 they HAVE to withold the tax (last I was involved in 2012) and anything under $5,000 you have to declare and pay provisional. ?????????????????????? Are you talking about if you are from a different country? Or did I miss something?

Also I don't like that you used the phrase a tip is in order A TIP IS NEVER IN ORDER do it because you want to.



As far as I was aware the casino only has to deduct from your winnings when you win more than $5,000 otherwise it is your choice. You may ask them to deduct or you can just pay the provisional tax of your own accord....obviously you can also not pay provisional tax and simply deal with it when tax season comes along, hoping you have enough losses.

My use of the English language may be different to yours so I choose to use the phrase "a tip is in order" when I explain that if the tip is earned, then it is warranted.
That leaves a huge amount open to interpretation as what is warranted to me may not be warranted to you.

I tip whenever I can when I feel like the service I received was up to snuff. If the service was not great I would still tip but much less.

This is the way I choose to live my life. I try to give to others as much as I can. That may not be the way you do things but that is cool, nobody expects everyone to be exactly the same do they?
“There is something about the outside of a horse that is good for the inside of a man.” - Winston Churchill
Buzzard
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January 13th, 2014 at 9:21:15 PM permalink
" No tipping is necessary, unless you want to. If the cashier is the one who pays you, It wont hurt to give the cashier $20, she will be happy getting anything. A change person of floor person will think that's cheap."

Josie was a cashier at the Silver Hawk for over a year. So I always tip the cashier. Nice to watch that surprised look turn into a smile. And a sincere thank you even if it's only a dollar !
Shed not for her the bitter tear Nor give the heart to vain regret Tis but the casket that lies here, The gem that filled it Sparkles yet
AxelWolf
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January 13th, 2014 at 9:31:07 PM permalink
Quote: Tomspur

As far as I was aware the casino only has to deduct from your winnings when you win more than $5,000 otherwise it is your choice. You may ask them to deduct or you can just pay the provisional tax of your own accord....obviously you can also not pay provisional tax and simply deal with it when tax season comes along, hoping you have enough losses.

My use of the English language may be different to yours so I choose to use the phrase "a tip is in order" when I explain that if the tip is earned, then it is warranted.
That leaves a huge amount open to interpretation as what is warranted to me may not be warranted to you.

I tip whenever I can when I feel like the service I received was up to snuff. If the service was not great I would still tip but much less.

This is the way I choose to live my life. I try to give to others as much as I can. That may not be the way you do things but that is cool, nobody expects everyone to be exactly the same do they?

I still have no clue what your talking about $5000. A tax form is generated at $1200 and has been that way since forever.

I would suspect I have tipped out far more then you have to the casino industry. I have given up to 50% on drawings. High hands and during other situations.
10% or more on royals. This is not the normal for me of course, I have been known to stiff as well. If I get the slightest hint someone is expecting a tip or they are not pleased this really pisses me off. Some Black Jack dealers expect tips anytime someone starts winning, even if you just lost your ass.

Sometimes I tip because I want to, sometimes I tip because I have to.

In the situation where a cashier has done nothing, but her job, why is she deserving of a tip? How is she different then the bank teller? or fast food worker who probably works harder for less money?

I just think far to many people tip because they think its something they have to do. The OP should not have to ask this question about casino tipping. There should be no standard or suggested amounts.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
Tomspur
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January 13th, 2014 at 9:37:09 PM permalink
Quote: AxelWolf

I still have no clue what your talking about $5000. A tax form is generated at $1200 and has been that way since forever.

IIn the situation where a cashier has done nothing, but her job, why is she deserving of a tip? How is she different then the bank teller?



I'm not talking about a tax form being generated but rather at which point the casino HAS to, by law collect the tax upfront and not give you a choice to do it yourself.

I understand tipping is a choice but why, if the cashier was friendly, took time out to congratulate you on the nice win and was warm and seemed caring in her/his service, why wouldn't you "consider" tipping them?

Again, service means many different things for many different people. If our OP thinks he got value for whatever service he was given then he has every right to tip, even if he has to seek out the people who gave him the service. If he doesn't then he refrains from tipping.

It really is that simple I think.
“There is something about the outside of a horse that is good for the inside of a man.” - Winston Churchill
EdgeLooker
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January 13th, 2014 at 9:43:11 PM permalink
Quote: Buzzard

Josie was a cashier at the Silver Hawk for over a year. So I always tip the cashier. Nice to watch that surprised look turn into a smile. And a sincere thank you even if it's only a dollar !



Just curious, did those tips have to go into a tip pool to be shared with everyone else on the casino floor?

It would be nice if there was a way to tip individual casino employees (and not have to have it added into a casinos tip pool).
Tomspur
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January 13th, 2014 at 9:47:28 PM permalink
Quote: EdgeLooker

Just curious, did those tips have to go into a tip pool to be shared with everyone else on the casino floor?

It would be nice if there was a way to tip individual casino employees (and not have to have it added into a casinos tip pool).



There is.....take them out to the parking lot, stuff the money in their hands, put your finger on your lips and say....."ssshhhhhhh"

Watch them FREAK OUT and run away :)
“There is something about the outside of a horse that is good for the inside of a man.” - Winston Churchill
EdgeLooker
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January 13th, 2014 at 9:54:31 PM permalink
Quote: Tomspur

There is.....take them out to the parking lot, stuff the money in their hands, put your finger on your lips and say....."ssshhhhhhh"

Watch them FREAK OUT and run away :)



It would almost feel like we would be doing something illegal, lol.

First time in the casino, I told the dealer that this tip was just for him, and for him to put it in his pocket He then laughed and said, "That's why we don't have any pockets." lol.
Buzzard
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January 13th, 2014 at 9:56:35 PM permalink
Quote: EdgeLooker

Just curious, did those tips have to go into a tip pool to be shared with everyone else on the casino floor?

It would be nice if there was a way to tip individual casino employees (and not have to have it added into a casinos tip pool).



No tip sharing in the cage. Most cashiers rarely get a tip. Josie always got $3-$10 a day in tips. Invested in a dollar slot machine at day's end. LOL

Josie also had to distribute paychecks to the employees. 1990 and trivia pursuit was hot. She would make them answer a question correctly before she would give them their check.

She also worked at Lady Luck at ice cream Parlor on second floor. Cashier cage was on 1st floor. She went to boss and said she had license and could make change upstairs. All well and good until a week later, she came downstairs to check out, cage boss was busy, said she'd have to wait until he was ready. She said bus came in 20 minutes and not another for an hour.

He said not his problem. She said if she missed the bus she would have to quit . He laughed. 10 minutes later she said " Bye I quit "
Gee, i love her !
Shed not for her the bitter tear Nor give the heart to vain regret Tis but the casket that lies here, The gem that filled it Sparkles yet
Beardgoat
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January 13th, 2014 at 10:11:11 PM permalink
When I worked in the cage 2005-2007 we pooled the tips. We received about $100-$120 average for 2 weeks. And I would estimate at least half of the tips we made came from the dealers cashing in their tokes and tipping the cashiers.
AxelWolf
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January 13th, 2014 at 10:14:21 PM permalink
Quote: Tomspur

I'm not talking about a tax form being generated but rather at which point the casino HAS to, by law collect the tax upfront and not give you a choice to do it yourself.

I understand tipping is a choice but why, if the cashier was friendly, took time out to congratulate you on the nice win and was warm and seemed caring in her/his service, why wouldn't you "consider" tipping them?

Again, service means many different things for many different people. If our OP thinks he got value for whatever service he was given then he has every right to tip, even if he has to seek out the people who gave him the service. If he doesn't then he refrains from tipping.

It really is that simple I think.

In Nevada If you are a U.S. citizen In most cases no matter what amount you hit they wont take any taxes out upfront. If you are a NON U.S. citizen anything $1200 or more they can with hold taxes up front.

They Almost always say congratulations when receiving any significant amount of money. Its almost ingrained into them and automatically comes out of their mouth. IE if you cash in 4 or 5 hundred downtown the cashier will congratulate you. WHY? is she congratulating me because I didn't lose ALL my money? What if I just lost 5k? It has happened to me many times and its almost annoying when, I lose and they congratulate me. I tell them, I LOST, and they obviously are not listening or care, because they will say things like....... Great! Face-palm*

I asked you If you tip your bank teller, when she is nice and friendly? If not why? She dose the same exact thing as the one at the casino and probably less.

I don't think you can get away with thinking the a cashier gives him any value for whatever service. If he did then he would not be asking this question. He just somehow thinks there is some standard like when dealing with a restaurant worker or something. He is just concerned he may make a mistake and be looked down on.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
AxiomOfChoice
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January 13th, 2014 at 10:22:14 PM permalink
Quote: EdgeLooker

Just curious, did those tips have to go into a tip pool to be shared with everyone else on the casino floor?

It would be nice if there was a way to tip individual casino employees (and not have to have it added into a casinos tip pool).



I have heard two things:

1. Anything that is not cash does not need to be shared. Winning sports tickets are great for this. Not sure about slot tickets (you can generate these by just putting some cash into the machine, then cashing out without playing)

2. Generally if you give someone an envelope, no one will ask to look inside. So you can put cash in an envelope and it will go directly to the person you give it to (and not shared).

I've never actually worked in a casino so I don't know how true any of this is.
onenickelmiracle
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January 13th, 2014 at 10:48:44 PM permalink
You can always send tips to their homes. I've heard many people doing so with hosts.
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Tomspur
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January 13th, 2014 at 11:00:24 PM permalink
Quote: onenickelmiracle

You can always send tips to their homes. I've heard many people doing so with hosts.



Just remember, and this is also applicable to Axiom's post above. A casino employee is not allowed to accept any tip, present, gift or anything of the like from a guest outside of the casino. in fact, that sort of thing will not only get you fired but it will also get your gaming card suspended or revoked.

Just a quick story involving the casino I work in currently. One of the dealers accepted a condo room from a guest as a thank you for being nice to him. He was a high roller and the room didn't cost him much, if anything. He also made sure the room was stocked with plenty of liquor as Koreans LOVE to drink. That night during the party the dealer in question got so drunk that he fell out of the window to his death........

Who is to blame, apart from the dealer who got drunk and fell of course? Is there a case for liability here by the dealers' parents against either the casino or the player?

Naturally this could have happened to the dealer even when he was at home or anywhere else, point being that he was on company property taking what was in effect a "tip" from a player which he wasn't allowed to do.

Just a horrible outcome all around.
“There is something about the outside of a horse that is good for the inside of a man.” - Winston Churchill
onenickelmiracle
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January 13th, 2014 at 11:36:22 PM permalink
Didn't know it, but hoping the few people whom claim to do so weren't breaking the laws.
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djatc
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January 14th, 2014 at 2:03:29 AM permalink
Just hit the biggest royal of my life and I tipped the cashier a $20. Felt it was something I wanted to do, not obligated to do. The guy was pretty happy.
"Man Babes" #AxelFabulous
chkRsd
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January 14th, 2014 at 9:30:17 AM permalink
Wow had no idea there were so many responses. Thanks all for the input. Ended up going and not tipping anyone. Noone from the event was there, and I was juggled between 4 cage people. Then donated 5% to the casino due to my degeneracy. Next time I'll just tip someone and walk out of there!
chkRsd
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January 14th, 2014 at 9:34:48 AM permalink
Also, this is a little OT for this thread. But, the casino did not withhold any of the money for taxes. Are these winnings taxed at a higher rate? Was told I would get a 1099 at the end of the year, so cannot offset other gambling via W2G? I'm planning to set aside a certain % for the tax man next year, but considering if I need more. This is specifically for NJ, if anyone can help. Thanks!
AxelWolf
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January 14th, 2014 at 10:21:16 AM permalink
Quote: chkRsd

Wow had no idea there were so many responses. Thanks all for the input. Ended up going and not tipping anyone. Noone from the event was there, and I was juggled between 4 cage people. Then donated 5% to the casino due to my degeneracy. Next time I'll just tip someone and walk out of there!

Not sure what tipping has to do with your degenerate behavior. Even if you tipped I have a feeling you would have played and lost.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
rudeboyoi
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January 14th, 2014 at 11:04:05 AM permalink
Its prob more likely someone will degen after tipping in this situation either because they just broke a large bill or trying to win back the money they just tipped.
AcesAndEights
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January 14th, 2014 at 1:24:14 PM permalink
Quote: chkRsd

Also, this is a little OT for this thread. But, the casino did not withhold any of the money for taxes. Are these winnings taxed at a higher rate?


No, they are not taxed at a higher rate.
Quote:

Was told I would get a 1099 at the end of the year, so cannot offset other gambling via W2G?


I don't quite understand your question here. A W-2G always shows a win paid to you, so you wouldn't "offset" anything with it. You use losses to offset winnings.

Any gambling winnings from W-2Gs go on Line 21 (Other income), and I'm pretty sure the same will be true of the 1099-MISC you get (there are specific instructions for all different kinds of 1099s on the Form 1040 instructions). Both contribute to your gross gambling win. You should keep a gambling diary for the rest of the year so you have an accurate number for other gross wins and gross losses. You can deduct gross losses on Schedule A to offset gross winnings.
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chkRsd
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January 14th, 2014 at 1:35:58 PM permalink
Quote: AcesAndEights

No, they are not taxed at a higher rate.

I don't quite understand your question here. A W-2G always shows a win paid to you, so you wouldn't "offset" anything with it. You use losses to offset winnings.

Any gambling winnings from W-2Gs go on Line 21 (Other income), and I'm pretty sure the same will be true of the 1099-MISC you get (there are specific instructions for all different kinds of 1099s on the Form 1040 instructions). Both contribute to your gross gambling win. You should keep a gambling diary for the rest of the year so you have an accurate number for other gross wins and gross losses. You can deduct gross losses on Schedule A to offset gross winnings.



Thank you for replying. I am fairly new to incorporating gambling details into taxes. My past years have been pretty standard turbo tax assisted filings.

Maybe I am talking about the wrong form. Casinos like the Borgata post some form on their website, which I have received a negative number on in the past. Thought this was a W-2G.

What level of detail does a gambling diary need to be? Do you have any samples? This will be an interesting as NJ has online gaming this year as well.
AcesAndEights
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January 14th, 2014 at 2:06:08 PM permalink
Quote: chkRsd

Thank you for replying. I am fairly new to incorporating gambling details into taxes. My past years have been pretty standard turbo tax assisted filings.

Maybe I am talking about the wrong form. Casinos like the Borgata post some form on their website, which I have received a negative number on in the past. Thought this was a W-2G.

What level of detail does a gambling diary need to be? Do you have any samples? This will be an interesting as NJ has online gaming this year as well.


That form you are remembering is a "win/loss statement" and can be used as a supporting document during an audit, but should NOT be your primary source of information. That primary source should be your gambling diary. There is some basic information from the IRS here, but really you should read Tax Help For Gamblers.

Be prepared to be annoyed. It's annoying.
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Tomspur
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January 14th, 2014 at 5:54:47 PM permalink
I was of the opinion and again, I could be wrong but the casinos have to issue you with a W-2G on the spot for any winnings over a certain amount?
The 1099 will be sent to your address on file at year end and I believe that includes all your winnings that is declarable for tax?

As I said earlier in the thread, I may be a little outdated as I left a few years ago.

Most important part is to keep an accurate diary of all your wins and losses. Anytime you can have proof on hand such as a winning or losing sports bet ticket or even bank slips of withdrawals made inside a casino as long as the dates correspond to your losses I believe the IRS is good with it.

Win/Loss statements should be available anytime at the Players club desk or online.
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AxelWolf
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January 14th, 2014 at 6:01:56 PM permalink
Quote: Tomspur

I was of the opinion and again, I could be wrong but the casinos have to issue you with a W-2G on the spot for any winnings over a certain amount?
The 1099 will be sent to your address on file at year end and I believe that includes all your winnings that is declarable for tax?

As I said earlier in the thread, I may be a little outdated as I left a few years ago.

Most important part is to keep an accurate diary of all your wins and losses. Anytime you can have proof on hand such as a winning or losing sports bet ticket or even bank slips of withdrawals made inside a casino as long as the dates correspond to your losses I believe the IRS is good with it.

Win/Loss statements should be available anytime at the Players club desk or online.

Nothing has changed for in years in NV. $1200 is the amount.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
chkRsd
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January 14th, 2014 at 6:36:57 PM permalink
Quote: Tomspur

I was of the opinion and again, I could be wrong but the casinos have to issue you with a W-2G on the spot for any winnings over a certain amount?
The 1099 will be sent to your address on file at year end and I believe that includes all your winnings that is declarable for tax?

As I said earlier in the thread, I may be a little outdated as I left a few years ago.

Most important part is to keep an accurate diary of all your wins and losses. Anytime you can have proof on hand such as a winning or losing sports bet ticket or even bank slips of withdrawals made inside a casino as long as the dates correspond to your losses I believe the IRS is good with it.

Win/Loss statements should be available anytime at the Players club desk or online.



I've read elsewhere that winnings on this type of no buyin invite only slots tourney does not qualify since no wager was made, so 1099 instead of w2g.
Tomspur
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January 14th, 2014 at 6:42:23 PM permalink
Quote: chkRsd

I've read elsewhere that winnings on this type of no buyin invite only slots tourney does not qualify since no wager was made, so 1099 instead of w2g.



That could be true but I don't know the answer.

Perhaps a quick trip to a tax attorney may be the right move here, especially if the amount of money is substantial. Also you want to be sure what you can and cannot deduct from these winnings come year end?

I don't know the answer to any of these questions :)
“There is something about the outside of a horse that is good for the inside of a man.” - Winston Churchill
Beardgoat
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January 14th, 2014 at 6:51:31 PM permalink
A 1099 is given for promotional drawings or entries for the value of any winnings over $600. Win a brand new tv that is worth $800... You get a 1099 based on that value. Win a slot tournament for $10,000 you get a 1099 for that value.

1099 is different than a W2G you get for gambling income/ winnings

W2G provided on any slot win over $1199. A us citizen is not required to have taxes withheld.
onenickelmiracle
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January 14th, 2014 at 8:15:07 PM permalink
Just an idea you might very well be able to contest the value of free play less than the face value somewhere between 83% and 90% would probably be reasonable. Was it free play or cash?
I am a robot.
chkRsd
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January 15th, 2014 at 12:45:23 PM permalink
Quote: onenickelmiracle

Just an idea you might very well be able to contest the value of free play less than the face value somewhere between 83% and 90% would probably be reasonable. Was it free play or cash?



Cash in excess of 10k.
Decided that its time to get a tax guy instead of flubbing this up on my own. Appreciate everyones response!
tournamentking
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January 15th, 2014 at 1:38:50 PM permalink
I've won or come in the money (taxable) in numerous slot tournaments (one this week for $1500) and it's like most said here, a 1099. As for tipping, not at all. I've never done it in tournaments, and I've never tipped a cashier. I tip floor people once in a while, but cashiers are off limits for me.
mickeycrimm
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January 15th, 2014 at 2:54:06 PM permalink
Quote: tournamentking

I've won or come in the money (taxable) in numerous slot tournaments (one this week for $1500) and it's like most said here, a 1099. As for tipping, not at all. I've never done it in tournaments, and I've never tipped a cashier. I tip floor people once in a while, but cashiers are off limits for me.



The problem with a 1099 is you are stuck for all the tax. You can't write losses off against it.
"Quit trying your luck and start trying your skill." Mickey Crimm
AcesAndEights
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January 15th, 2014 at 3:38:24 PM permalink
Quote: mickeycrimm

The problem with a 1099 is you are stuck for all the tax. You can't write losses off against it.


After my reply, I actually thought of this. Yeah, sucks.
"So drink gamble eat f***, because one day you will be dust." -ontariodealer
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