bigfoot66
bigfoot66
Joined: Feb 5, 2010
  • Threads: 53
  • Posts: 1580
July 15th, 2016 at 2:42:11 PM permalink
Quote: GWAE

You owe taxes on the total amount on the w2g.

This has always been a problem. Say I play with 5k. I am down to my last dollar and hit 5k. I now pay taxes on 5k even though I have just broken even. So now the casino breaks even, the player breaks even (before taxes), and the government makes $1500 in taxes.

Of course you can write off loses on your taxes as long as you are not taking the standard deduction.



It's worse than that. If you are playing 5 coin $100 Jacks or Better and hit 3 OAK you are paid $1500 (your original $500 plus $1000) and receive a $1500 W2G thank you very much.
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Mooseton
Mooseton
Joined: Sep 6, 2010
  • Threads: 14
  • Posts: 597
July 15th, 2016 at 4:19:23 PM permalink
I recall on a different forum a story of a man who hit a w2g, had his machine locked up while the dice were 'hot', and he was swearing up a storm because he missed out on it.
$1700, 18, 19, 1920, 40, 60,... :/ Thx 'Do it again'. I'll try
DRich
DRich
Joined: Jul 6, 2012
  • Threads: 75
  • Posts: 7174
July 15th, 2016 at 4:52:00 PM permalink
Quote: bigfoot66

It's worse than that. If you are playing 5 coin $100 Jacks or Better and hit 3 OAK you are paid $1500 (your original $500 plus $1000) and receive a $1500 W2G thank you very much.



That's why I play Triple Double Bonus because it only pays $1000 on 3 of a kind. :)
Living longer does not always infer +EV
GWAE
GWAE
Joined: Sep 20, 2013
  • Threads: 93
  • Posts: 9854
July 15th, 2016 at 5:18:40 PM permalink
Quote: bigfoot66

It's worse than that. If you are playing 5 coin $100 Jacks or Better and hit 3 OAK you are paid $1500 (your original $500 plus $1000) and receive a $1500 W2G thank you very much.



How about this one. You bet $1500 on electronic BJ. You get a 20 and push. BAM 1500 w2g.

I am not sure if you can even bet that much.

However, I did witness the following about 4 years ago.

Guy bets 500 and splits. Ends up doubling each for 2k on the table. He won 1 and pushed the other and got a w2g on a push for 2k. He argued and their excuse was on thay paeticular hand he actually won 1k and didn't push. He basically cashed out and left after that.
Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW

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