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hydra
hydra
Joined: Jun 19, 2012
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September 28th, 2012 at 9:49:51 PM permalink
Let's assume that IGT's game, Texas Hold'em Heads Up Poker, is treated the same as a regular video poker game as far as the IRS is concerned. The IRS' website states:

"Report gambling winnings on Form W-2G if: The winnings (not reduced by the wager) are $1,200 or more from a bingo game or slot machine."

The Heads Up Poker machine allows you to select what stakes to play at, with the highest being $20/$40. Suppose I buy-in for $300 (note: a tiny buy-in for those stakes) and I play it set to $20/$40 stakes. Let's say I win $900, so now my credits in the machine reach $1200 ($300 original buy-in + $900 winnings). I decide to cash out and the machine prints me a $1200 voucher. My question is, will I be getting a W-2G form as a result? Am I interpreting the IRS' explanation on reported gambling winnings correctly?
Ibeatyouraces
Ibeatyouraces
Joined: Jan 12, 2010
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September 29th, 2012 at 6:34:12 AM permalink
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DUHHIIIIIIIII HEARD THAT!
bigpete88
bigpete88
Joined: Mar 8, 2011
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September 29th, 2012 at 8:05:52 AM permalink
The blackjack machines in Florida are a problem with big bets. Any bet over $600 and a payoff will trigger a W2G.

Also, if you bet $500 and get a blackjack, you get a W2G.

I would advise checking with the floor personnel on this issue for that particular game. They should know as I have seen them issue W2G's repeatedly.
Ibeatyouraces
Ibeatyouraces
Joined: Jan 12, 2010
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September 29th, 2012 at 8:11:10 AM permalink
deleted
DUHHIIIIIIIII HEARD THAT!
hydra
hydra
Joined: Jun 19, 2012
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September 29th, 2012 at 8:43:17 PM permalink
Quote: Ibeatyouraces

The win itself has to be $1200 or more. Say I'm playing $1 Double Double Bonus Spin Poker with max bet of $45. I get dealt three 2's, draw and hit the fourth one for three 4 of a kinds, no kicker and no other wins. Each 4 oak pays $400 for a total win of $1200. This will generate a W-2G even though I technically only won $1155. Now if I build up $1200 in credits without a single win $1200 or more, there will be no W-2G.


Ok, thanks for the info.
JIMMYFOCKER
JIMMYFOCKER
Joined: Jan 24, 2011
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August 25th, 2013 at 9:17:03 PM permalink
With a W2-G, just write off the win, or most of it with your losses.
GWAE
GWAE
Joined: Sep 20, 2013
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September 20th, 2013 at 8:39:39 PM permalink
Quote: JIMMYFOCKER

With a W2-G, just write off the win, or most of it with your losses.



However, some states require you to pay a percentage to them as well and some states do not allow you to write off loses.
Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW
lojo
lojo
Joined: Jun 24, 2013
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September 20th, 2013 at 8:51:11 PM permalink
Where was it the other day, Cosmo? No, SPIN at aria. My player card asked for more info at the desk. Machine spit 4k and 5k wins without a hand pay or any paperwork. Autogenerating G, go figger.
lojo
lojo
Joined: Jun 24, 2013
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September 20th, 2013 at 8:58:23 PM permalink
I kinda don't want to take the time to explain taxes here? Are there standard links where these repetitive questions can be answered and then maybe discussions when stuff changes? I actually did an emptier with coins last time I played anything but tito, and that is passe and not relevant now. Just use your players card and your host will walk you through it no matter where you are
tringlomane
tringlomane
Joined: Aug 25, 2012
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September 20th, 2013 at 11:02:50 PM permalink
Quote: GWAE

However, some states require you to pay a percentage to them as well and some states do not allow you to write off loses.



For the machine in question though, he wouldn't have to worry about state income tax unless he is talking about the Heads-Up Hold'em machines at Kansas Speedway (the only US machines outside of Nevada). Now I am starting to itch knowing those machines are within 4 hours of where I live...lol

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