tsmith
tsmith
Joined: Jan 15, 2010
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April 21st, 2012 at 2:47:15 PM permalink
I see now where I misunderstood the W2G requirements. I was going by what someone on another site said, but according to the IRS website:

Reportable Gambling Winnings
Report gambling winnings on Form W-2G if:

1. The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine,

2. The winnings (reduced by the wager) are $1,500 or more from a keno game,

3. The winnings (reduced by the wager or buy-in) are more than $5,000 from a poker tournament,

4. The winnings (except winnings from bingo, slot machines, keno, and poker tournaments) reduced, at the option of the payer, by the wager are:

a. $600 or more, and

b. At least 300 times the amount of the wager, or

5.The winnings are subject to federal income tax withholding (either regular gambling withholding or backup withholding).


When you don't have those kinds of wins you tend to forget the rules. :)
silversonic2006
silversonic2006
Joined: May 12, 2010
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April 21st, 2012 at 3:04:49 PM permalink
Quote: MrRalph

Anytime you win over $1200 on a single spin you get the W-2G. If you get really curious about higher denomination slots you could try the $1000 per spin at the Bellagio. They are 3 reel and 2 coin max I believe. A single cherry will get you the W-2G there. I have yet to see anyone playing them. I think they have two of them.



Is that to say they do a W2-G for every such spin, or only when you try to cash out? I would never play a $100 per coin machine, but that seems terribly inefficient to do it that way.
Doc
Doc
Joined: Feb 27, 2010
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April 21st, 2012 at 3:11:39 PM permalink
Quote: silversonic2006

I would never play a $100 per coin machine, but that seems terribly inefficient to do it that way.


If you were willing to keep shoving $1,000 credits into a slot machine (or maybe even the $100 credits), the casino would probably be willing to assign a staff member to stand next to you and fill out a form for each spin with a payout. They could probably pre-print a stack of forms with all of the personal info and just fill in the amount of the payout each time.
MrV
MrV
Joined: Feb 13, 2010
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April 21st, 2012 at 3:30:06 PM permalink
Quote: MrRalph

If you get really curious about higher denomination slots you could try the $1000 per spin at the Bellagio. They are 3 reel and 2 coin max I believe. I have yet to see anyone playing them.



Or this one on the Red White and Blue machine in the high limit room at Aria ...

Zounds!
"What, me worry?"
kenarman
kenarman
Joined: Nov 22, 2009
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April 21st, 2012 at 6:11:18 PM permalink
Ask already mentioned that is not correct. Next time you have a chance and see someone settled in at the $100 (or higher) slots you will usually see someone ready to fill out the forms nearbye. If they are a real high roller you will see a form filler, host, waitress and security all standing and watching, ready to meet all the needs instantly so they don't have an excuse to leave the area.
Be careful when you follow the masses, the M is sometimes silent.
MrRalph
MrRalph
Joined: Jun 8, 2011
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April 22nd, 2012 at 7:37:54 AM permalink
I personally do not really play slots let alone that denomination, but yes, there is a person right there with the proper forms so you can keep right on spinning. I have a freind who likes to play in the high limit slot area and I have watched him play and there are lots of W-2G's being written. I was at the high limit in Ceasars and I watched these three women play three coin $25 machines all weekend. They even brought them food. They had plenty of W-2G's at $75 per pull. On one occasion she hit for $12,000 and got up and started screaming at the machine " I got you you bastard" my best geuss is she was still down.
MrV
MrV
Joined: Feb 13, 2010
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April 22nd, 2012 at 7:47:34 AM permalink
I wonder how a player on a $500 or higher denomination feeds his bet into the machine?

Handling $100 bills would seem cumbersome: my guess is they pre-pay at a cashier and use a ticket (?).

FWIW, I like to play high limit slots, as a break from craps, but my losing streak is beginning to disabuse me of the notion.

It's one thing to be able to afford it, it's another to actually experience the sinking feeling of losses.

Bah.
"What, me worry?"
rainman
rainman
Joined: Mar 28, 2012
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April 22nd, 2012 at 7:53:41 AM permalink
Yes pre purchase ticket.
Switch
Switch
Joined: Apr 29, 2010
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April 22nd, 2012 at 8:27:15 AM permalink
Quote: MrV

I wonder how a player on a $500 or higher denomination feeds his bet into the machine?



A friend of mine gets $200,000 in $10,000 tickets and puts them in the machine. He plays anything up to $5,000 a spin so is constantly filling out forms and waiting for the machine to be reset. Yes, he does have a host and person filling the forms for him.
Juyemura
Juyemura
Joined: Apr 8, 2012
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April 22nd, 2012 at 9:11:41 AM permalink
Do you prepuchase these tickets at the casino cage? I am guessing you can use a line of credit for this puchase?

How bad is the paperwork going to be with the IRS at the end of the year. Does the casino send you one summary statement with your total win/loss for these high limit players?
Lottery:  A tax on people who are bad at math.

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