Jmarch79
Jmarch79
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April 24th, 2018 at 3:20:31 PM permalink
Hi everyone,

Long time lurker, first time poster. Used the search feature to no avail.

If someone owes back federal (or state taxes for that matter) if they were to hit a W2G generating jackpot from slots or table games (progressive bets) would the casino hold the jackpot until the taxes were paid?

I know in New York racinos this is the case with NYS taxes owed because they post it everywhere.

Well not that I broke the ice, I will post around here more often.

Thanks

John
onenickelmiracle
onenickelmiracle
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April 24th, 2018 at 5:38:59 PM permalink
Probably state taxes. Don't think there is a law for federal, but the federal government has more power, they'll just drain your bank accounts and tax refunds etc.
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Nathan
Nathan
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April 24th, 2018 at 5:59:12 PM permalink
Quote: Jmarch79

Hi everyone,

Long time lurker, first time poster. Used the search feature to no avail.

If someone owes back federal (or state taxes for that matter) if they were to hit a W2G generating jackpot from slots or table games (progressive bets) would the casino hold the jackpot until the taxes were paid?

I know in New York racinos this is the case with NYS taxes owed because they post it everywhere.

Well not that I broke the ice, I will post around here more often.

Thanks



I've known it to be that whatever money you owe is paid with the gambling wins you get, say you owe $5,000 in back taxes and you hit a $8,000 jackpot and pay 33 percent in taxes on the win which leaves you with $5,360, which your $5,000 debt is paid off with your take home win, leaving you with only $360 in cash for yourself which is why so many people let friends that don't owe back taxes claim the win and they split the take home cash later. On a side note there is a very real, plausible risk that the friend who claims the win could end up being a backstabbing traitor who takes all of the $5360 for themselves and then cuts off all ties with the friend who actually won. It's very risky to do if the friend is not trustworthy. Not to mention it could look really bad in court if you try to sue the "Friend," for the $2,130 due to the fact that you attempted to circumvent not paying your back taxes.
In both The Hunger Games and in gambling, may the odds be ever in your favor. :D "Man Babes" #AxelFabulous "Olive oil is processed but it only has one ingredient, olive oil."-Even Bob, March 27/28th. :D The 2 year war is over! Woo-hoo! :D I sometimes speak in metaphors. ;) Remember this. ;) Crack the code. :D 8.9.13.25.14.1.13.5.9.19.14.1.20.8.1.14! :D "For about the 4096th time, let me offer a radical idea to those of you who don't like Nathan -- block her and don't visit Nathan's Corner. What is so complicated about it?" Wizard, August 21st. :D
DRich
DRich
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April 24th, 2018 at 7:52:44 PM permalink
Quote: onenickelmiracle

Probably state taxes. Don't think there is a law for federal, but the federal government has more power, they'll just drain your bank accounts and tax refunds etc.



I agree, I have never heard of federal taxes being taken out. State, depends on the state.

As a pragmatist, why are you gambling if you owe money?
At my age, a "Life In Prison" sentence is not much of a deterrent.
Jmarch79
Jmarch79
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April 24th, 2018 at 8:40:04 PM permalink
Quote: DRich

I agree, I have never heard of federal taxes being taken out. State, depends on the state.

As a pragmatist, why are you gambling if you owe money?



Thank you all for the info.

The question was hypothetical. I was playing at a casino where the Blazing 7's side bet on blackjack was +EV big time. There was a gentleman playing black and purple but refused to put the nickel on the progressive bet. We kept ribbing into him to bet it, and finally he said during a shuffle that he owed taxes and was afraid they'd take a large chunk of it if he won. I tried explaining I didn't think it was possible for that, but he refused.

Side note: he said he had a hand the weekend before that would have paid 10% of the progressive at that time but his tax fear shut him out. The guy was playing big enough that the 60K probably wouldn't have changed his life, but then again, if you have that much cash, pay your taxes.

JM
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